The global battery testing equipment market, valued at USD 500 million in 2021, has grown to an estimated USD 520 million in 2022. It is expected to reach USD 770 million by 2032, with a moderate CAGR of 4% over the forecast period from 2022 to 2032. This growth is fueled by the expanding automotive industry, increased investments from leading car manufacturers, and supportive government policies.
Technological innovations are also boosting demand, particularly for portable products like power tools. Enhanced battery testing equipment now includes advanced computerized features for improved performance. User-friendly upgrades, such as touch screen controls, are further driving the market’s expansion.
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
- Portable
Battery Testing Equipment Market by Capacity:
- Below 400 V
- From 401-800 V
- Above 800 V
Battery Testing Equipment Market by End User:
- Automotive
- End Uses
- Electronics and Telecommunications
- Medical Industry
- Grid & Renewable Energy
- Military/Aerospace
- Other End Uses
Battery Testing Equipment Market by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/battery-testing-equipment-market
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