The global EV Test Equipment Market size is projected to grow from USD 79 million in 2022 to reach USD 242 million by 2027, at a CAGR of 25.2%.
The increasing demand for alternative fuel vehicles has increased the growth of the market for electric vehicles. To reduce crude oil consumption, automotive emissions, and air pollution, governments around the world have adopted and implemented favourable policies which promote the use of electric vehicles. The increasing demand for electric vehicles is expected to fuel the growth of the market for electric vehicle testing equipment and related components.
Due to the increasing focus on the development of innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data is rising.
US is expected to be the largest market in North America during the forecast Period
The US accounts for the largest share of electric vehicle sales in North America. The US automotive industry has a higher focus on innovations, technology, and the development of safe and comfortable automobiles. The increasing production of electric vehicles such as BEVs, PHEVs, and HEVs is expected to drive the market for EV charging stations in the country. The government offers various incentives and rebates for both, EV buyers and EV and EV-related equipment manufacturers. To support the fast-paced acceptance of EVs, the governments of various US states have collaborated with EV manufacturers to enhance commercial vehicle electrification, support the purchase of EVs, increase charging points across their states, offer incentives to EV manufacturers to increase growth, and support innovations in EV technology.
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Europe is expected to be the second-largest market during the forecast
The European EV test equipment market is expected to grow at a high rate with countries such as France, Germany, Italy, Spain, and the UK leading the trend in the faster adoption of EVs. Currently, Germany, France, and the UK are among the most EV-ready countries in Europe. By the end of the forecast period, Germany and the UK are expected to move towards their goal of phasing out fossil fuel vehicles as planned by these European countries. Spain and France are expected to be the fastest-growing markets for EV test equipment in the region due to strong government support for the growth of EVs and related industries in their countries.
The EV Charging segment is expected to have significant market during the forecast period
There have been some path-breaking developments in the field of EV charging. For instance, a Level 3 or Level 4 charger can charge a vehicle in less than an hour, which is expected to enable the vehicle to run for more than 200 km. On-board charger and AC/DC EVSE ATS are the latest developments in EV charging-related test equipment. The on-board charger has an integrated power factor corrector, galvanic isolation, a wide range of input and output voltages, and adjustable current limits, while AC/DC EVSE ATS provides testing for measurements including current, voltage, temperature, speed, and mileage.
Key Market Players
The EV test equipment market is dominated by established players such as AVL (Austria), TUV Rheinland (Germany), Durr Group (Germany), Chroma ATE (Taiwan), and HORIBA LTD.(Japan).
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