EV test equipment are used to check different components of EV such as battery, motor, and others so, that the automotive parts stay ahead of competition, give guaranteed performance, provide customer safety, and satisfaction. EV test equipment market has seen a rising number of innovations the reason being increasing demand of electric vehicle. The demand of alternative fuel for vehicles to reduce the pollution caused by the fossil fuels and the aim to make the environment cleaner and greener has driven the growth of electric vehicle (EV). To reduce the consumption of crude oil, automotive emission and air pollution, government across the globe have adopted policies and to promote the use of electric vehicles. The increasing demand of electric vehicles is expected to fuel the growth of EV test equipment market. Moreover, the increasing focus on development of new innovative battery technology having longer battery life, demand for new electric functions & features and stringent emission standards are increasing the demand of EV test equipment. Also, the introduction of autonomous and semi-autonomous vehicles is further going to boost the growth of EV test equipment.
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Companies covered: Arbin Instruments, Atesteo Gmbh, AVL List Gmbh, Blum-Novotest Gmbh, Burke Porter Group, Chroma Ate, Dewesoft, FEV group Gmbh, Horiba Ltd, Kuka Ag
COVID-19 Impact Analysis:
COVID-19 pandemic has affected the global economy in various countries since, the lockdown has caused travel bans and business shutdowns, affecting the global supply chain of EV test equipment market. The lockdown and government restrictions imposed has impacted the service, repair, and overhaul operations thus, reducing the requirements of EV test equipment. Also, due to lockdown and social distancing norms the companies are experiencing disruption in their production. Moreover, the demand for replacement parts has also declined since less maintenance is required at the moment because all the people are working from home. COVID-19 had a positive impact on the electric vehicles market since the sales of electric vehicles has increased than the previous year. After the pandemic, the need of EV test equipment will increase again since the market of EV also growing.
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Top Impacting Factors
Advancements in battery technologies, extensive use of vehicle electronics and increasing demand for electric vehicles drives growth of the market.
However, higher cost of advanced technology equipment and reduction in EV subsidies is expected to hamper growth of the market.
Moreover, advancements in EV charging stations, technological improvements in test equipment and increasing demand for onboard diagnostic tools acts as an opportunity for growth of EV test equipment market.
Market Trends
Increasing demand for electric vehicles
The increasing demand for alternative fuel vehicles has fuelled the demand for battery-operated and hybrid vehicles. In addition, to reduce crude oil consumption, automotive emissions, and air pollution, governments authorities across the world have adopted and implemented favourable policies which promote the use of electric vehicles. For instance, Canadian government provides an incentive of $2,500 to $5,000 under the Federal ZEV purchase incentive program while purchasing the EVs.
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Moreover, the stringent regulations imposed by governments to reduce the negative environmental impact has forcing the automotive manufacturers to develop and promote electric vehicles which is further expected to boost the demand for electric vehicle test equipment. For instance, the federal government of Canada has announced that 10% of the new passenger cars sold in 2025 should be zero-emission in 2025, 30% by 2030 and 100% by 2040. Thus, the increasing demand for electric vehicles is expected to drive the growth of the EV testing equipment market.
Key Benefits of the Report:
This study presents the analytical depiction of the EV test equipment market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the EV test equipment market.
The current market is quantitatively analyzed from 2020 to 2028 to highlight the EV test equipment market growth scenario.
The report provides detailed EV test equipment market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the EV test equipment market research report:
Which are the leading market players active in the EV test equipment market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the EV test equipment market?
What are the projections for the future that would help in taking further strategic steps?
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