The EV Test Equipment market report by Nova one advisor provides unique insights into major growth drivers and barriers. The research highlights some of the most common techniques used by industry competitors to acquire a competitive advantage.
According to Nova one advisor, a major research and consulting group, the global EV Test Equipment market will grow at a rate of 21.3 percent per year through 2027 and Demand for EV Test Equipment will reach US$ 41 million in 2020. It is projected to reach US$ 109 million by 2027. Irrespective of unexpected consequences of the COVID-19 outbreak, businesses operating in the market will continue gaining momentum as investment is gradually recovers across industries.
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The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries.For the purpose of the study, the market has been segmented in terms of (segment 1), (segment 2), (segment 3), and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on EV Test Equipment Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the EV Test Equipment market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the EV Test Equipment market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments
The expansion of various industries across India, China, Brazil, and other emerging countries will help the EV Test Equipment market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the EV Test Equipment market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the EV Test Equipment market.
Challenge: Lack of compatibility and standardization
The lack of standardization in EV components and charging stations might be a challenge in the EV test equipment market. Companies offer different types of electric vehicle charging stations, E-Axle/E-Drive, batteries, and other electronic components. Thus, it is not possible to have common testing platforms/systems for components of different component manufacturers and suppliers. For instance, a test stand manufacturer requires modifying test software and hardware to be compatible with different types of charging stations. Lack of compatibility can hamper the growth of EV test equipment, as customized test equipment systems are expected to require high development costs. Certain EV charging station test equipment may only be compatible with certain types of charging stations and limited voltage. Countries have their own standards for fast charging. Japan uses CHAdeMO; Europe, the US, and Korea use CCS; and China uses GB/T. Lack of standardization across countries is expected to curtail the growth of the market.
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List of key players:
such as AVL (Austria), TUV Rheinland (Germany), teamtechnik (Germany), Chroma ATE (Taiwan), and HORIBA (Japan)
A total of 26 major company profiles covered and provided
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on the vehicle type:
- Passenger Car
- Commercial Vehicle
Based on the electric vehicle type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
Based on the equipment type:
- AC/DC EVSE ATS
- Battery Test Equipment
- Motor Test Equipment
- Engine Dynamometer
- Chassis Dynamometer
- Transmission Dynamometer
- Fuel Injection Pump Tester
- Inverter Test
- On-Board Charger ATS
- Ev Drivetrain Test
Based on the application:
- EV Component And Drivetrain System
- EV Charging
- Powertrain
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Findings of the EV Test Equipment Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for EV Test Equipment.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s EV Test Equipment market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- EV Test Equipment Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- EV Test Equipment Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global EV Test Equipment market is segmented in terms of (segment 1), (segment 2), (segment 3), and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the EV Test Equipment market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Obtain Premium Research Report Details, Considering the impact of COVID-19 @ https://www.novaoneadvisor.com/report/checkout/4428
About Us
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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