According to the report, the global EV Test Equipment market size is projected to reach USD 150.13 million by 2028. This information is published by Fortune Business Insights in its report, titled “EV Test Equipment Market, 2021-2028.” The report further mentions that the market stood at USD 33.78 million in 2020 and is projected to exhibit an exceptional CAGR of 21.46% between 2021 and 2028. Supportive government policies and the increasing focus on establishing advanced electric vehicle (EV) charging infrastructure will boost the product’s demand in the forthcoming years. For instance, in India, Goods and Services Tax (GST) on electric vehicles and chargers was reduced to 5% from 12% and 18%, respectively.
The global pandemic has led to a major downturn in the operations of several industries. Although disruption in the supply chain and raw materials has impacted several sectors, the food and beverage industry is anticipated to garner considerable growth in the forthcoming years. Owing to the huge demand for essential services such as food products, the market is anticipated to remain positive during the global pandemic.
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Top Key Players:
- Chroma ATE
- TUV Rheinland
- Schneider Electric
- Arbin Instruments
Supportive Government Policies to Develop Electric Infrastructure to Propel Demand
In June 2021, the Statue of Unity Area Development and Tourism Governance Authority (SOUADTGA) announced its plan to develop India’s first-ever electric vehicles-only area in Kevadia, Gujarat. The increasing focus on lowering the carbon emission levels has propelled the government authorities worldwide to develop advanced electric infrastructures. Moreover, rapid-paced urbanization has led to the rise in the number of smart cities that will favor the adoption of advanced electric vehicle charging infrastructure. These factors are expected to favor the global EV test equipment market growth in the forthcoming years.
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Asia-Pacific – The region is expected to dominate and hold the highest position in the market for EV test equipment during the forecast period. This is owing to the increasing focus on developing smart cities that will boost the demand for advanced mobility in countries such as China and India. The region stood at USD 13.29 million in 2020.
Global EV Test Equipment Market Segmentation:
By Propulsion Type:
- EV Component & Drivetrain
- EV Charging, Powertrain
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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