The global electric vehicle (EV) test equipment market is anticipated to grow at an exponential CAGR of 22.3% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles in the market. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for electric vehicles in the past few years, which has also increased the demand for EV test equipment which is necessary for checking the functioning of the vehicle, and its components. These are highly used in the manufacturing and servicing of the vehicle. For instance, as per the data of the International Energy Agency (IEA) 2020, the sales of EV cars increased by more than 40% as compared to the sales of EV cars in 2019.
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Impact of COVID-19 Pandemic on Global Electric Vehicle (EV) Test Equipment Market
COVID-19 pandemic had impacted most the industries including the global automotive industry significantly owning to the lockdown in most the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. As the restriction was implemented the production, and supply chain got disturbed which declined the market in the initial months of the pandemic. However, the electric vehicle market showed exponential growth as the market normalized. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which is 40.8% more than the sales of electric cars in 2019.
Segmental Outlook
The global electric vehicle (EV) test equipment market is segmented based on the vehicle type, propulsion type, and application. Based on the vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Based on the propulsion type, the market is segmented into battery electric vehicles (BEV), and hybrid electric vehicles (HEV). Based on the application, the market is sub-segmented into the EV component and drivetrain system, EV charging, and powertrain. The above-mentioned segments can be customized as per the requirements. Based on propulsion type, battery electric vehicle is anticipated to grow at the fastest rate in the market owing to the high demand for BEV in the market while based on vehicle type, passenger vehicle holds the prominent share during the forecast period due to the high usability, and a large number of consumers across the globe.
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Market Coverage
- Segment Covered-
o By Vehicle Type
o By Propulsion Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including AVL group, Chroma ATE Inc., HORIBA, Ltd., teamtechnik Maschinen und Anlagen GmbH, TÜV Rheinland Group, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Vehicle (EV) Test Equipment Market Report Segment
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
By Application
- EV Component and Drivetrain System
- EV Charging
- Powertrain
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