Report : Asia Pacific EV Testing Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Vehicle Type (Passenger Car, Commercial Vehicle, and Low Speed Electric Vehicles), Equipment Type (Battery Test Equipment, Motor Test Equipment, Engine Dynamometer, Chassis Dynamometer, Transmission Dynamometer, Fuel Injection Pump Tester, Inverter Tester, EV Drivetrain Test, On-Board Charger, and AC/DC EVSE), Application (EV Component and Drivetrain System, EV charging, and Powertrain), and End Users (OEMs, Tier 1 Suppliers, Research and Academics, and Others)
At 21.1% CAGR, the Asia Pacific EV Testing Equipment Market is speculated to be worth US$ 71,202.88 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific EV testing equipment market was valued at US$ 19,691.70 million in 2021 and is expected to reach US$ 71,202.88 million by 2028, registering an annual growth rate of 21.1% from 2021 to 2028. Smart charging and connected infrastructure and advancing integration of new technologies.
The accelerated technological development of next-generation electric vehicles and their supporting components and the evolution of charging technology providers lead to rapid advancements in EV charging technology. The operations of electric vehicle charging stations are transforming due to the rising penetration of artificial intelligence (AI), the internet of things, and cloud computing, as major players in the EV test equipment market are beginning to shift their focus toward the development of smart testing protocols, which enables data connection between stations and EVs. Many technology providers, including ABB, Delta Electronics, and Enel X, focus on next-generation EV testing technology to integrate cloud connectivity, AI, access via smartphone, and real-time simulation in their infrastructure. Furthermore, the emergence of new software solutions, such as cloud-based digital solutions for real-time fleet management and acceleration in electrification, is shaping the EV test equipment market. For instance, the charging management software offered by EVBox enables users to track, manage, and optimize their EV driving experience. Hence to monitor this, AI integrated efficient testing solutions will be in major demand over the forecast period.
On the contrary, expensive cost of EV testing equipment hurdles the growth of Asia Pacific EV testing equipment market.
Based on vehicle type, the Asia Pacific EV testing equipment market is segment into passenger car, commercial vehicle, and low speed electric vehicles. The passenger car segment held 59.0% market share in 2021, amassing US$ 11,626.05 million. It is projected to garner US$ 43,707.64 million by 2028 to expand at 21.8% CAGR during 2021–2028.
Based on equipment type, the Asia Pacific EV testing equipment market is segmented into battery test equipment, motor test equipment, engine dynamometer, chassis dynamometer, transmission dynamometer, fuel injection pump tester, inverter tester, EV drivetrain test, on-board charger, AC/DC EVSE. The battery test equipment segment held 20.8% market share in 2021, amassing US$ 4,146.54 million. It is projected to garner US$ 16,682.18 million by 2028 to expand at 23.0% CAGR during 2021–2028.
Based on application, the Asia Pacific EV testing equipment market is categorised into EV component and drivetrain system, EV charging, and powertrain. The powertrain segment held 47.7% market share in 2021, amassing US$ 9,401.98 million. It is projected to garner US$ 33,870.43 million by 2028 to expand at 21.0% CAGR during 2021–2028.
Based on End Users, the Asia Pacific EV testing equipment market is categorised into OEMs, tier 1 suppliers, research and academics, and others. The tier 1 suppliers segment held 45.3% market share in 2021, amassing US$ 8,971.37 million. It is projected to garner US$ 31,919.68 million by 2028 to expand at 28.0% CAGR during 2021–2028
Based on country, the Asia Pacific EV testing equipment market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 65.1% market share in 2021. It was assessed at US$ 12,825.48 million in 2021 and is likely to hit US$ 45,712.25 million by 2028, exhibiting a CAGR of 20.9% during the forecast period.
Key players dominating the Asia Pacific EV testing equipment market are National Instruments Corporation; Horiba Ltd.; Arbin Instruments; Maccor Inc.; Keysight Technologies, Inc.; Froude, Inc.; Dynomerk Controls; Durr Group; Tüv Rheinland; Intertek Group Plc.; Toyo system co., ltd.; and Toyo System Co., Ltd. among others.
- In July 2021, HORIBA Europe GmbH has completed the acquisition of BeXema GmbH. HORIBA integrates electric power technology within its internal supply chain through this purchase.
In November 2021, Keysight Technologies, Inc. and Proventia Oy have teamed together to develop battery test solutions for electric vehicles (EVs). The partnership between Keysight and Proventia results in a location-independent, safe test facility that can be implemented quickly.
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