The EV testing equipment market in North America is expected to grow from US$ 6,113.60 million in 2021 to US$ 19,224.78 million by 2028; it is estimated to grow at a CAGR of 18.7% from 2021 to 2028.
The rising concern regarding the transportation sector's impact on the environment led to an unprecedented 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, especially in strong economies such as the US. The share of new passenger EVs has risen at an average of nearly 50% per year since 2015. In 2021, the sales of electric vehicles surged by 160%. 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, vehicle electronic components, and improved charging stations in electric vehicles as of 2021, driving the 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, likely contributing to market growth.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America EV testing equipment market at a substantial CAGR during the forecast period.
North America EV Testing Equipment Market Segmentation
The North America EV testing equipment market is segmented on the basis of vehicle type, equipment type, application, and country. Based on vehicle type, the market is segmented into passenger car, commercial vehicle, and low speed electric vehicles. In 2021, the passenger car segment held the largest market; and it is expected to register the highest CAGR during the forecast period. Based on equipmenmt 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, and AC/DC EVSE. In 2021, the battery test equipment segment held the largest market share; and it is also expected to register the highest CAGR in the market during the forecast period. Based on application, the market is segmented into EV component and drivetrain system, EV charging, and powertrain. In 2021, the powertrain segment held the largest market share;. Based on end-users, the market is segmented into OEMs, tier 1 suppliers, research and academics, and others. In 2021, the tier 1 suppliers segment held a larger share of the market; and it is also expected to register a higher CAGR during the forecast period. Based on country, the North America EV testing equipment market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest market share.
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 Wonik Pne Co., Ltd. are among some of the leading companies in the North America EV testing equipment market.