Electric Vehicle Test Equipment Market Driven by Strict Emission Regulations, expected to Reach US$ 870.0 Million by 2034 at 10.8% CAGR: Insights by TMR

The rising demand for EVs due to environmental concerns and government incentives is a primary driver. More EVs on the road necessitate comprehensive testing to ensure safety, performance, and compliance with regulations.

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research Inc. - , July 04, 2024 (GLOBE NEWSWIRE) -- The electric vehicle test equipment market was projected to attain US$ 270.0 million in 2023. It is likely to garner a 10.8% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 870.0 million. 

There is a significant focus on battery performance, life cycle, and safety testing, which requires advanced test equipment, as the battery is a critical component of EVs. The evolution of wireless charging technology for EVs is creating a new segment in testing equipment to ensure safety, efficiency, and interoperability. 

Collaborations between automakers, testing labs, and equipment manufacturers can lead to the development of innovative testing solutions and the establishment of standard testing protocols.

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Electric Vehicle Test Equipment Market: Key Players

The electric vehicle test equipment market is characterized by the presence of numerous established players and emerging companies. The competitive landscape is influenced by factors such as technological innovation, product quality, pricing strategies, and strategic partnerships. 

The following companies are well known participants in the electric vehicle test equipment market:

• ALL-TEST Pro LLC
• Arbin Instruments
• AVL
• CALTEST Instruments
• Chen Tech Electric
• Chroma ATE Inc.
• DEKRA
• DENSO CORPORATION
• FEV Group GmbH
• HORIBA
• Intertek Group plc
• KUKA AG
• MAXEYE TECHNOLOGIES
• Microtest Corporation
• National Instruments Corp.
• Softing AG
• Teamtechnik GmbH
• TÜV Rheinland

Key Developments

• In 2023, Unico unveiled its new Unico Quantum Drive Platform at the International Battery Seminar. This ground-breaking platform is designed to assist companies in the development and validation of electric vehicle batteries while also reducing installation costs and ongoing operational expenses.

Key Findings of the Market Report

• Subsidies and initiatives promoting EV adoption encourage manufacturers to expand their EV portfolios, increasing the need for extensive testing during development and production phases.
• Expanding EV charging infrastructure requires reliable test equipment to ensure efficiency, safety, and compatibility, thus driving market growth.
• The incorporation of AI and machine learning in test equipment helps in predictive maintenance, enhanced diagnostics, and automated testing processes, making testing more efficient and reliable.
• With the push towards reducing charging times, test equipment needs to evaluate the performance and safety of fast-charging systems, leading to the demand for specialized equipment. 

Market Trends for Electric Vehicle Test Equipment

• By equipment type, the battery test equipment segment is expected to boost the growth of the electric vehicle test equipment market.
• As the adoption of EVs continues to rise, the demand for reliable and efficient batteries grows. This necessitates comprehensive testing of batteries to ensure performance, safety, and longevity, driving the need for advanced battery test equipment.
• By component, the hardware segment is anticipated to propel the market growth.
• The hardware components in EVs, such as LiDAR, RADAR, cameras, and ultrasonic sensors, are becoming more sophisticated. This complexity requires advanced test equipment to ensure all components function correctly and integrate seamlessly.

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Global Market for Electric Vehicle Test Equipment: Regional Outlook

North America

• Significant investments in EV charging infrastructure across North America enhance the feasibility and convenience of owning EVs.
• The region is a hub for automotive and technology innovation, with significant R&D investments in EV technologies. 

Asia Pacific

• Significant investments in expanding EV charging infrastructure across the region increase the feasibility of EV adoption.
• Substantial investments in research and development, as well as the establishment of new manufacturing facilities for EV components, drive the need for advanced test equipment.

Electric Vehicle Test Equipment Market Segmentation 

Equipment Type

• AC/DC EVSE ATS
• Battery Test Equipment
• Cell Battery Testing
• Module/Pack Testing
• Ultra High Precision Testing
• Auxiliaries
• Central Data Solutions
• Central Monitor and Control Solutions
• Battery Test System Software
• Opal-RT Real-time BMS HIL
• Motor Test Equipment
• Motor Stator Testing Systems
• Motor Rotor Testing Systems
• Deenergized Motor Circuit Analysis (MCA) Test Equipment
• Megohmmeters
• Resistance Testers
• RCL Testers
• Chassis Dynamometers
• Inverter Testers
• On-board Charger ATS
• EV Drivetrain Tests
• Real-time Simulation Systems
• Semiconductor Test Systems (STS)
• Compact DAQ Measurement Bundles
• Others

Component

• Hardware
• LiDAR
• RADAR
• Camera
• Ultrasonic Sensor
• Others
• Software
• Others (HIL-SIL Simulation, Connectivity, etc.)

Technology

• Adaptive Cruise Control
• Lane Keep Assist & Lane Departure Warnings
• Tire Pressure Monitoring Systems
• Blind Spot Detection
• Adaptive Front Light Systems
• Night Vision Systems
• Park Assist Systems
• Automatic Emergency Braking
• Forward Collision Systems
• Pedestrian Detection Systems
• Road Sign Recognition
• Traffic Jam Assist
• Driver Monitoring Systems/Drowsiness Monitor Systems
• Others

Application

• Battery Systems
• Electric Motor and Motor Controllers
• Charging Systems
• Power Electronics
• Vehicle Control Systems
• Traction Control
• Regenerative Braking
• Stability Control
• Others
• Others

Vehicle Type

• • Two Wheelers
    • E-Bikes
    • E-scooters/Mopeds
  • Passenger Vehicles
    • Hatchbacks
    • Sedans
    • SUVs
  • Light Commercial Vehicles
  • Heavy Duty Trucks
  • Buses and Coaches
  • Others

Electric Vehicle Type

• Battery Electric Vehicles (BEV)
• Hybrid Electric Vehicles (HEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• Fuel Cell Electric Vehicles (FCEV)

Service Type

• Outsource
• In-house

End User

• OEMs
• Tier 1 Suppliers
• Research and Academics
• Others

Region

• North America
• South America
• Europe
• Asia Pacific
• Middle East & Africa

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