The global EV equipment market size was US$ 40.7 million in 2021. The global EV equipment market size is estimated to reach US$ 278.0 million by 2030, growing at a compound annual growth rate (CAGR) of 23.8% during the forecast period from 2022 to 2030.
EV test equipment is an instrument that is utilized to study various elements of electric vehicles, like a motor, battery, and others, so that the vehicle components remain forward of the contest, give a certified performance, and deliver client satisfaction and safety. It is used to assess power electronics testing, total automobile performance, charger testing, and motor and dynamometer testing. In addition, it protects the back-office methods to convey with one another, called conformance testing or interoperability.
Factors Influencing Market Growth
? The rising need for electric vehicles, improvements in battery technologies, and strict vehicular emission rules and restrictions drive the expansion of the overall market.
? The high price of improved technology tools and the decrease in EV subsidies are the elements anticipated to hinder the overall market expansion.
? Improvements in EV charging stations and bold government ambitions for the promotion of EVs are some elements anticipated to drive the expansion of the overall market growth.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. Governments of various areas have declared a complete lockdown and provisional shutdown of industries, thereby negatively impacting overall sales and production. It also resulted in travel bans, flight cancellations, and quarantines, which led to a huge slowing of the supply chain and logistics movements around the globe. In addition, the need for alternate parts has also reduced since less maintenance is needed at the point because all the individuals are functioning from home.
Asia Pacific had the highest growth of the overall market during the analysis period. The rising need for electric vehicles, improvements in battery technologies, and strict vehicular emission rules and restrictions drive the expansion of the overall market.
The prominent players in the global EV equipment market are:
? Maccor Inc
? Kuka AG
? KEYSIGHT TECHNOLOGIES
? Dynomerk Controls
? Arbin Instruments
? Blum-Novotest Gmbh
? Burke Porter Group
? Chroma Ate
? Comemso electronics GmbH
The global EV equipment market segmentation focuses on Propulsion Type, Vehicle Type, Vehicle Top Speed, Vehicle Class, Application, and Region.
Segmentation on the basis of Propulsion Type
Segmentation on the basis of Vehicle Type
? Passenger Car
? Commercial Vehicle
Segmentation on the basis of Vehicle Top Speed
? Less Than 100 MPH
? 100 to 125 MPH
? More Than 125 MPH
Segmentation on the basis of Vehicle Class
Segmentation on the basis of Application
? EV Component
? EV Charging
Segmentation on the basis of Region
? North America
? The U.S.
? Western Europe
? The UK
? Rest of Western Europe
? Eastern Europe
? Rest of Eastern Europe
? Asia Pacific
? Australia & New Zealand
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Rest of South America