Report : North America 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 18.7% CAGR, the North America EV Testing Equipment Market is speculated to be worth US$ 19,224.78 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America EV testing equipment market was valued at US$ 6,113.60 million in 2021 and is expected to reach US$ 19,224.78 million by 2028, registering an annual growth rate of 18.7% from 2021 to 2028. Raising support from governments and growing production and sales of EVs.
The region has adopted numerous regulations that drive the EV test equipment market in the region. These regulations include CO2 emissions performance standards for cars and vans, alternative fuels infrastructure directive, and the energy performance of buildings directive, creating huge investment grounds for major EV test equipment players in the market. The government and private players are contributing heavily in the infrastructure building activities for the smooth functioning of electronic vehicles across the region. Such factors are likely to contribute to the growth of the EV testing equipment market. Furthermore, according to the International Energy Association (IEA), governments worldwide spent USD 14,000 million on direct purchase incentives and tax exemptions for electric vehicles in 2020. Furthermore, several governments responded to the economic slowdown brought by the COVID-19 epidemic with incentive programs and tax concessions that helped boost electric vehicle sales. For example, in India, GST (goods and services tax) and chargers on these vehicles decreased to 5% from 12% and 18%. The electric vehicle test equipment market is growing due to the aforementioned factors.
On the contrary, higher cost of ev testing equipment hurdles the growth of North America EV testing equipment market.
Based on vehicle type, the North America EV testing equipment market is segment into passenger car, commercial vehicle, and low speed electric vehicles. The passenger car segment held 58.8% market share in 2021, amassing US$ 3,593.26 million. It is projected to garner US$ 11,750.99 million by 2028 to expand at 19.4% CAGR during 2021–2028.
Based on equipment type, the North America 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$ 1,274.62 million. It is projected to garner US$ 4,484.82 million by 2028 to expand at 20.6% CAGR during 2021–2028.
Based on application, the North America EV testing equipment market is categorised into EV component and drivetrain system, EV charging, and powertrain. The powertrain segment held 46.5% market share in 2021, amassing US$ 2,844.95 million. It is projected to garner US$ 8,728.24 million by 2028 to expand at 18.3% CAGR during 2021–2028.
Based on End Users, the North America 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$ 2,769.38 million. It is projected to garner US$ 8,613.71 million by 2028 to expand at 17.6% CAGR during 2021–2028
Based on country, the North America EV testing equipment market has been segmented into US, Canada, and Mexico. Our regional analysis states that the US captured 74.8% market share in 2021. It was assessed at US$ 4,575.13 million in 2021 and is likely to hit US$ 14,303.23 million by 2028, exhibiting a CAGR of 18.6% during the forecast period.
Key players dominating the North America EV testing equipment market are National Instruments Corporation; Horiba Ltd.; Arbin Instruments; Maccor Inc.; Keysight Technologies, Inc.; Froude, Inc.; Comemso electronics GmbH; Durr Group; Tüv Rheinland; Intertek Group Plc.; and Toyo System Co., Ltd. among others.
- 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.
In December 2020, Machine and system builder Durr acquired a 75% stake in Teamtechnik. This acquisition also brings in a significant contract with one of the world’s largest e-mobility OEMs to provide test benches for electric drives..
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