Report : South & Central 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 9.9% CAGR, the South & Central America EV Testing Equipment Market is speculated to be worth US$ 1,364.72 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America EV testing equipment market was valued at US$ 704.41 million in 2021 and is expected to reach US$ 1,364.72 million by 2028, registering an annual growth rate of 9.9% from 2021 to 2028. Fostering production and sales of EVs and smart charging and connected infrastructure.
The rising concern regarding the transportation sector's impact on the environment has led to an unprecedented the requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector. The rising concerns about the adverse impact of transportation-related emissions and the shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the region. Additionally, the constantly rising demand for electric vehicles is fueled by huge investments made by automotive giants in the research and development, and production of electric vehicles. For instance, General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have collectively invested approximately US$ 150 billion in manufacturing electric vehicles and launched new models throughout 2020–2021. Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in various countries, subject to countries’ overall economic growth and policy support from the government. The growing demand for battery-powered and hybrid vehicles drives market expansion. Battery testing, e-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems are all types of EV test equipment. Original equipment manufacturers (OEMs) have included numerous battery packs and vehicle electronic components, as well as improved charging stations, in electric vehicles as of 2021, driving market growth. Advanced testing equipment/platforms for EV charging stations are offered by DEKRA, TUV Rheinland, and Intertek. Apart from the rising production of electric vehicles, autonomous vehicle testing has increased rapidly, which is likely to contribute to the market growth.
On the contrary, excessive cost of EV testing equipment hurdles the growth of South & Central America EV testing equipment market.
Based on vehicle type, the South & Central America EV testing equipment market is segment into passenger car, commercial vehicle, and low speed electric vehicles. The passenger car segment held 58.9% market share in 2021, amassing US$ 414.77 million. It is projected to garner US$ 834.58 million by 2028 to expand at 10.5% CAGR during 2021–2028.
Based on equipment type, the South & Central 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 20.9% market share in 2021, amassing US$ 147.09 million. It is projected to garner US$ 320.32 million by 2028 to expand at 11.8% CAGR during 2021–2028.
Based on application, the South & Central America EV testing equipment market is categorised into EV component and drivetrain system, EV charging, and powertrain. The powertrain segment held 56.7% market share in 2021, amassing US$ 399.69 million. It is projected to garner US$ 764.37 million by 2028 to expand at 9.7% CAGR during 2021–2028.
Based on End Users, the South & Central America EV testing equipment market is categorised into OEMs, tier 1 suppliers, research and academics, and others. The tier 1 suppliers segment held 45.6% market share in 2021, amassing US$ 321.35 million. It is projected to garner US$ 613.59 million by 2028 to expand at 9.7% CAGR during 2021–2028
Based on country, the South & Central America EV testing equipment market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 80.9% market share in 2021. It was assessed at US$ 569.72 million in 2021 and is likely to hit US$ 1,125.08 million by 2028, exhibiting a CAGR of 10.2% during the forecast period.
Key players dominating the South & Central America EV testing equipment market are National Instruments Corporation; Horiba Ltd.; Arbin Instruments; Maccor Inc.; Keysight Technologies, Inc.; Froude, Inc.; 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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