EV Test Equipment Market worth $105 million by 2026

The report “EV Test Equipment Market by Vehicle Type (Passenger Car and Commercial Vehicle), by Electric Vehicle Type (BEV and HEV), by Equipment Type, by Application (EV Component and Drivetrain, EV Charging, and Powertrain), Region – Global Forecast to 2026 ” The global EV test equipment market size is projected to grow from USD 42 million in 2021 to reach USD 105 million by 2026, at a CAGR of 20.1%.

The increasing demand for alternative fuel vehicles has fueled 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 favorable 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

Download PDF Brochure @ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=194816929

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.

Asia Pacific is expected to be the largest market in the forecast

The Asia Pacific is projected to be the largest market for electric vehicle testing equipment during the forecast period. The Asia Pacific region is considered for China, Japan, South Korea, and India. This is due to the early adoption of public EVs in the Asia Pacific region leading to an increase in the demand for EV test equipment. Due to the increase in the sales of EVs in the region, especially in China, there is an increase in the demand for EV test equipment. The high preference for EVs, coupled with the increasing focus of governments on the adoption of EVs are expected to drive the growth of the market in the region.

Europe is expected to be the second-largest market during the forecast

Europe has implemented stringent emission regulation standards to cope with the rising emission levels. Several countries in the region are promoting electric vehicles by offering significant incentives. The demand for electric vehicle test equipment has increased significantly due to the rising use of low-emission vehicles in the region. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2050 and has created a roadmap for the same. Governments of various countries in Europe are subsidizing electric vehicle infrastructure and the focus is expected to be on electric vehicles in the long run. This is expected to lead to the high growth of the EV test equipment market in the region.

Request Free Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=194816929

The HEV segment is expected to be the largest segment in the forecast

The HEV segment is projected to lead the electric vehicle segment of the EV test equipment market during the forecast period. As of 2021, HEV is certainly the most feasible and option due to the scarcity of charging stations and the high cost of BEVs, especially in cost-sensitive countries in the Asia Pacific. The BEV segment is projected to grow at a higher CAGR due to the regulations, subsidies, and zero-emission operation. Various test equipment providers are offering test systems such as e-axle, e-drive, and battery test systems for BEVs.

Key Market Players:

The EV test equipment market is dominated by established players such as AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan).

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=194816929 

Comments

Post a Comment

Popular posts from this blog

Automotive Camera Market by Application, View Type, Technology and Region – Global Forecast to 2025

The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for the active safety system. The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments...
Read more

Occupant Classification System Market Latest Trends and Forecast Growth Report to 2025

The global Occupant Classification System Market is projected to grow at a CAGR of 6.80% from 2018 to 2025, to reach USD 3.17 billion by 2025. The increasing awareness about safety in a vehicle has increased the demand for active and passive safety systems. As a result, the automotive industry has witnessed the increasing adoption of active and passive safety systems in a vehicle.  Passive safety systems inside the vehicle include airbags, seatbelts, whiplash protection system, and occupant classification system. Occupant protection system features such as airbags and seatbelts reduce the probability of death or severe injuries in a traffic mishap. Airbags in a vehicle have significantly improved the safety of occupants. Occupant classification system manufacturers utilize a good portion of their engineering resources to develop new products or improve existing passive safety systems for the automobile. All these developments are primarily focused on improving the overall sa...
Read more

Automotive Actuators Market to Surpass $29.3 Billion by 2030

The Automotive Actuators Market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period. Automakers are highly focused on developing new and improved components to increase the fuel efficiency of vehicles owing to growing concerns over environmental changes. Automotive actuators play a significant role in reducing emissions and enhancing vehicle efficiency. Electric actuators, also known as smart actuators, replace hydraulic and pneumatic actuators due to their several benefits, like compact and lightweight design, more energy efficient, and less expensive, making it ideal for various applications. Smart actuators can perform diagnostics and include learning capabilities and memory functions. Electric actuators are typically installed in engines that open and close different valves, which is also anticipated to fuel the overall market growth. “Electric Actuators will be the dominating actuation...
Read more