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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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.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
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
Global Electric Vehicle (EV) Test Equipment Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric vehicle (EV) test equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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