Battery Test Equipment Market Size [2023-2030] Exhibits 5.0% CAGR to Reach USD 739.8 Million by 2030 | Battery Test Equipment Industry Report 2023
Battery Test Equipment Market to Reach USD 739.8 Million by 2030; Electric Vehicle Surge and Battery Innovations Fuel Market Expansion: Fortune Business Insights™
Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) — The global battery test equipment market size was valued at USD 503.6 million in 2022. The market is projected to grow from USD 525.3 million in 2023 to USD 739.8 million by 2030, exhibiting a CAGR of 5.0% during the forecast period.
The global battery test equipment market is booming due to the rapid growth of electric vehicles and evolving battery technologies. Supportive government policies, resource constraints, and research advancements drive innovation and growth opportunities for battery test equipment manufacturers.
Fortune Business Insights presents this information in their report titled “Battery Test Equipment Market, 2023 – 2030.”
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5 % |
| 2030 Value Projection | USD 739.8 million |
| Base Year | 2022 |
| Battery test Equipment Market Share in 2022 | USD 503.6 million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | By Product Type, Function Type, Application, and Region |
| Battery test Equipment Market Growth Drivers | Technological Advancements and Increasing Battery Testing Demand across EVs to Drive Market Growth |
| Adoption of Electric Vehicles and Portable Testing Solutions to Support Green Change |
Report Coverage
The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Key Industry Development
May 2023: NI introduces a software-defined battery lab solution tailored for electric vehicle battery validation, encompassing the entire sustainable battery lifecycle from R&D to production, validation, second manufacturing, and recycling.
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List of Major Players Profiled in the Report:
-
- Arbin Instruments (U.S.)
- Chroma Ate Inc. (Taiwan)
- National Instruments (U.S.)
- Ametek Inc. (U.S.)
- Megger (U.S.)
- Neware Battery Testers (China)
- Cadex Electronics Inc. (Canada)
- Hioki (Japan)
- Midtronics (U.S.)
- DIGATRON (Germany)
Drivers and Restraints
Government Initiatives and Post-Pandemic EV Demand Fuel the Market Expansion
Government regulations, subsidies, and increased consumer demand for electric vehicles post-pandemic are boosting the market growth. The demand for smart testing solutions, advanced software, and centralized data storage in battery testing is driving market revenue and growth in the battery test equipment industry.
However, the battery test equipment market growth could be limited due to low investments and high costs of battery testing equipment.
Segments:
Compact Battery Requirements Drive Stationary Test Equipment as the Leading Product
By product type, the market is split into stationary and portable. Increasing demand for efficient batteries has driven lithium-ion battery usage in electric drive units, spurring the demand for cells and modules. Compact batteries require precise testing, elevating stationary test equipment as the dominant product type growing with the highest CAGR over the forecast period.
Cell Testing Segment Ascends Owing to Surge in Production of Electric Battery Cells
By function type, the market is trifurcated into cell testing, module testing, and pack testing. The cell testing segment held the largest market share in 2022. The segment’s growth is driven by the escalating production of electric battery cells and growth opportunities for electronic goods sectors.
Automotive Industry’s Growth Driven by Lithium Battery Demand in Mobility Solutions
By application, the market is segregated into automotive, industrial, electronics & telecommunication, medical, grid & renewable energy, and others (logistics). Growing demand for lithium batteries in mobility, driven by e-commerce growth and intelligent mobility solutions due to higher oil prices and potential savings, dominates the use of test equipment in the automotive industry.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Regional Insights
Asia Pacific to Dominate the Market Share amidst Involvement of Small Players
Asia Pacific is projected to significantly expand its battery test equipment market share due to increasing involvement of small players offering battery testing services and features. The region’s market share is further boosted by rising competence and global electric vehicle demand in the compact to mid-range segments.
The North America market is growing due to strong EV and energy storage demand, supported by safety standards and renewable battery initiatives.
Competitive Landscape
Intricate Test Offerings Expand Market Potential as Prominent Participants Leverage Organic Sales Strategies
Prominent participants in the market command a substantial market share, driven by their robust organic sales strategies. The availability of intricate test offerings is broadening the market’s potential. Additionally, market players provide resilient and trustworthy testing solutions, elevating the demand for complex battery test equipment. Moreover, these entities are pursuing agile product diversification approaches to extend sales and global outreach, effectively expanding the market share.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Battery Test Equipment Key Players Market Share/Ranking, 2022
- Global Battery Test Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Stationary
- Portable
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Application
- Automotive
- Industrial
- Electronics & telecommunication
- Medical
- Grid & renewable energy
- Others (logistics, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Battery Test Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Stationary
- Portable
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Application
- Automotive
- Industrial
- Electronics & telecommunication
- Medical
- Grid & renewable energy
- Others (logistics, etc.)
- By Country (USD)
- U.S.
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Canada
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Mexico
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- U.S.
- Europe Battery Test Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Stationary
- Portable
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Application
- Automotive
- Industrial
- Electronics & telecommunication
- Medical
- Grid & renewable energy
- Others (logistics, etc.)
- By Country (USD)
- U.K.
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Germany
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- France
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Italy
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Russia
- By Function Type
- Cell Testing
- Module Testing
- Pack Testing
- By Function Type
- Rest of Europe
- U.K.
- Asia Pacific Battery Test Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
To be Continue…
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