Global EV Testing Equipment Market Seen Soaring 18.76% Growth to Reach USD 316.55 Million by 2030, Projects Univdatos Market Insights
- Himanshu Patni
- November 17, 2023
- HEALTHCARE, NEWS
- EV Testing Equipment Market, EV Testing Equipment Market Share, EV Testing Equipment Market Size
- 0 Comments
According to a new report by Univdatos Market Insights, the Global EV Testing Equipment Market, is expected to reach USD 316.55 Million in 2030 by growing at a CAGR of 18.76%. The global landscape has witnessed a significant surge in the adoption of electric vehicles. This proliferation can be attributed to the critical role that electric vehicle testing equipment plays in safeguarding equipment such as batteries, motors, power electronics, etc. of an electric vehicle, minimizing equipment failures, and ensuring the reliability and operational safety of electric vehicles. As countries globally are moving towards sustainability and carbon neutrality there is a growing need for new energy vehicles, where electric vehicles are clearly dominating the market with high adoption rate, and along with electric vehicle everything has a critical role to play in the development of an electric vehicle infrastructure will also grow at a remarkable growth rate, and electric vehicle testing equipment is one such crucial piece of the ecosystem.
Access sample report (including graphs, charts, and figures) – https://univdatos.com/get-a-free-sample-form-php/?product_id=47066
The report suggests that the Continuous Development of technology in the electric vehicle segment is one of the major factors driving the Electric Vehicle Testing Equipment Market during the forthcoming years. Furthermore, as the world is shifting towards environmentally friendly transportation options, electric vehicles (EVs) have emerged as a popular choice. However, designing and manufacturing EVs requires careful consideration of numerous factors, including safety, performance, and durability. Electric vehicle testing equipment plays a critical role in ensuring that EVs meet these criteria and provide a comfortable and enjoyable driving experience, and with the global phenomenon of exponentially growing electric vehicle demand, the demand for electric vehicle testing equipment is also anticipated to grow significantly.
Figure 1: Monthly New Electric Cars Registration in China, 2020-2023
Apart from this, the increasing integration of autonomous driving systems into electric vehicles comes with new testing challenges. Manufacturers need to develop and implement robust testing protocols to ensure the safety and reliability of ADAS, further augmenting the demand for electric vehicle testing equipment, with all the new launches, capacity expansions, or technological advancements the demand for electric vehicle testing equipment is only going to show significant growth. A wide range of investments, and product launches, have adopted strategic alliances in this area, thus suggesting huge potential in this area. Some of the recent strategic alliances, product launches, or investments are:
· In 2023, Tesla Inc. recently launched its Model Y SUV, which is positioned below the Model X in its lineup. The Model Y has a range of up to 310 miles on a single charge and starts at USD 39,990.
· In 2020, Waymo, Google’s self-driving car division, partnered with Fiat Chrysler Automobiles (FCA) to integrate its Level 4 autonomy system into select FCA vehicles. This partnership marks the first time Waymo’s technology has been integrated into production vehicles outside of its own fleet.
Several big companies are seeing a golden opportunity for growth in this field due to these factors and launching their products catering to the increased demand that’s been generated due to increased electric vehicle demand even in this high-interest rate and high investment scenario. For example, as per Cox Automotive, U.S. EV sales surged in 2022, despite high prices, as new models and keen interest propelled sales volumes above 800,000 for the first time. This marked a significant increase of 65% compared to 2021 and pushed the share of the total market to 5.8%, up from 3.2% in 2021.
Decreasing Battery Prices and Increasing Battery Density Globally is Generating Maximum Traction for the Electric Vehicles in the Market
The biggest barrier to the widespread adoption of EVs has been the higher cost of batteries compared to traditional internal combustion engine vehicles. However, in recent years, battery prices have come down dramatically, due to economies of scale and advances in technology. For example, the cost of lithium-ion batteries has fallen by over 50% since 2010, making them more affordable for consumers and OEMs. Furthermore, significant progress has been made in developing new materials and designs that improve the energy density of the batteries, allowing for longer ranges and reduced charging times. Moreover, the development of advanced BMS systems, increased usage of AI to optimize performance, and experimentation with different materials such as supercapacitors and advanced thermoelectric materials, is further boosting the demand for electric vehicle testing equipment, as the development of new technology requires rigorous and multiple testing processes at every stage of the development, which are happening at large scale all across the globe, thus driving the growth of the segment in the forthcoming years. For instance,
• For instance, in August 2023, Contemporary Amperex Technology Co. Limited, (CATL), announced the launch of a new fast-charging battery that can add up to 400 km of range in 10 mins of charging. Furthermore, CATL, among other things plans to build high-density condensed matter batteries for airplanes and to mass-produce EV batteries from sodium instead of Lithium.
• For instance, in August 2023, Toyota, one of the largest carmakers in the world, announced new electric vehicle technology capable of a 900-mile driving range. Furthermore, the company also shared its plan for new solid-state battery technology, which the company plans to roll out by 2025, and claims to extend the driving range by up to 20%.
GOVERNMENT COMMITMENTS
r Chinese Government announced a USD 72.3 billion package of tax breaks for over 4 years for electric vehicles and other new energy vehicles in order to boost sales growth.
r In the USA federal agencies acquired 13,000 light and medium-duty zero-emission vehicles (ZEV) in FY23, about 4 times that of FY22. President Biden’s Federal Sustainability Plan ordered federal agencies to transition the largest fleet in the world to all-electric by acquiring 100 percent light-duty ZEVs annually by 2027 and acquiring 100 percent medium- and heavy-duty ZEVs annually by 2035.
r The federal agency of the USA has announced the deployment of an additional 24000 charging stations at federal agencies by the next financial year.
Recent Launches by the Giants
Ø BMW and Mercedes are initiating their biggest push into electric cars to counter the rising competition from Chinese players and Tesla.
Ø In September 2023, Mercedes-Benz launched its concept CLA class electric vehicle, which is built on a whole new architecture, with a range of up to 750 kilometers and 400 km of range with just 15 mins of charging.
Ø On the same day, BMW unveils its “Vision Neue Klasse”, also an electric concept car highlighting the company’s electric vehicle vision.
Click Here To View the Report Description & TOC – https://univdatos.com/report/ev-testing-equipment-market/
Conclusion
The global electric vehicle testing equipment market has been growing rapidly over the past few years. The market has been driven by the rapid expansion of metropolitan cities in nations such as China, India, and Indonesia, which will lead to an increase in mobility, thereby necessitating emission-free transportation. This, in turn, will create a higher demand for electric vehicle testing equipment to ensure this sustainable operation. Furthermore, the fast urbanization and industrialization happening globally have led to increased income and affordability of the populace with rising employment, hence driving up the demand for electric vehicles. This has created a huge demand for electric vehicle testing equipment which is critical for safeguarding such high-priced assets from damage. Overall, the global electric vehicle equipment market is expected to continue to grow in the coming years, driven by the increasing focus on sustainability by businesses, investors, and regulators.
