The global battery testing equipment market is predicted to reach a valuation of USD 770 Million in 2032 with sales growing at an intermediate CAGR of 4% over the forecast period of 2022 to 2032. Valued at USD 500 Million in 2021, the battery testing equipment market has scaled up to an estimated USD 520 Million in 2022. Expanding automobile sector, escalating investment by major vehicle manufacturers, and favorable government policies are promoting the overall growth of the battery testing equipment market over this period of observation.
Technological advancements have led to a swell in the demand for portable products such as powered tools. This indirectly bolsters the sales of battery testing equipment. In addition to this, the integration of advanced computerized properties into battery testing equipment results in better output. The introduction of user-friendly features like touch screen control is augmenting the demand for battery testing equipment in the market.
The rising electronic goods sector along with increasing consumer spending on these goods also contributes to the market expansion of battery testing equipment. Again, prevailing personalization trends- of electronic goods as well as of battery testing equipment- further propels the battery testing equipment market. The growing interest in wearable devices and their numerous market releases is compounding the demand for battery testing equipment.
The most important factor positively influencing this market is the automobile sector and its electric future. The battery testing process takes a long time in the automobile sector as it determines the warranty period of battery life. The application of precision battery testing equipment in this aspect lessens the time taken to test the automobile battery. This results in a shorter manufacturing period for electric cars. Thus, all of these factors promote an environment of growth for the battery testing equipment market over the projected period.
“Rising demand for precision battery testing along with the advancing automobile and electronic goods sectors are expected to promote the market growth of battery testing equipment over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing investment by major vehicle manufacturers is likely to boost market possibilities.
- High maintenance and component replacement costs may impede market growth.
- The Asia Pacific is predicted to emerge as a highly lucrative market for battery testing equipment.
- The battery testing equipment market in Europe will undergo impressive growth over the assessment period.
Competitive Landscape:
AVL List GmbH, Storage Battery Systems, LLC, Chen Tech Electric., Chroma Systems Solutions, Inc., Megger Group Limited, Greenlight Innovation, Intertek Group plc, Chauvin Arnoux Metrix, FLIR Systems, and others are some of the major players in the battery testing equipment market that are profiled in the full version of the report.
Major market players are keen on penetrating new markets that are not yet completely feasible for electric vehicle market expansion. Many of these organizations are introducing battery testing and charging rooms to gain a competitive advantage.
Testing Equipment Market Segmentation Analysis:
Battery Testing Equipment Market by Product Type:
- Stationary Battery Testing Equipment
- Portable Battery Testing Equipment
Battery Testing Equipment Market by Capacity:
- Battery Testing Equipment below 400 V
- Battery Testing Equipment from 401-800 V
- Battery Testing Equipment above 800 V
Battery Testing Equipment Market by End User:
- Battery Testing Equipment for Automotive
- Battery Testing Equipment for Industrial End Uses
- Battery Testing Equipment for Electronics and Telecommunications
- Battery Testing Equipment for Medical Industry
- Battery Testing Equipment for Grid & Renewable Energy
- Battery Testing Equipment for Military/Aerospace
- Battery Testing Equipment for Other End Uses
Battery Testing Equipment Market by Region:
- North America Battery Testing Equipment Market
- Latin America Battery Testing Equipment Market
- Western Europe Battery Testing Equipment Market
- Eastern Europe Battery Testing Equipment Market
- Asia Pacific Battery Testing Equipment Market
- Japan Battery Testing Equipment Market
- Middle East and Africa Battery Testing Equipment Market
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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