The global battery testing equipment market is projected to have a moderate-paced CAGR of 4% during the forecast period. The current valuation of the market is US$ 520 million in 2022. The market value of the global battery testing market is anticipated to reach a high of US$ 770 million by the year 2032.
The base year accounted for a valuation of US$ 500 million. This growth is supported by:
- Increased expenditures by notable vehicle manufacturing businesses and favorable government regulations governing vehicle production.
- Rising procurement of advanced batteries by the U.S. Army is likely to foster the advancement of the battery testing equipment market.
- Development of urban mobility infrastructure is a key factor bolstering the market growth during the forecast period.
- Widespread industry of automotive using rechargeable batteries in hybrid electric vehicles is expected to make a significant contribution to the growth.
However, it is identified that the high maintenance and expenditure on component replacement are some factors that are most likely to impede the expansion of the forum in the long run.
Identifying the Market Dynamics in Developing Regions
In the base year, the Asia Pacific region accounted for a market valuation of US$ 110.60 million and is projected to record a CAGR of 5.8% during the forecast period. This growth can be attributed to the growing investment by prominent vehicle manufacturing firms and favorable government norms regarding vehicle manufacturing across the region. Furthermore, there is a rise in the development of green vehicles and electric vehicles, stirring up the dynamics for the Asia Pacific.
Furthermore, The European region is anticipated to advance at a steady pace through the forecast period as it is identified that U.K. and Germany are creating a diverse range of battery testing equipment, coupled with the development of eVTOLs. Government initiatives are being undertaken, which are likely to further propel the growth and strengthen the foothold of the manufacturers in this region.
Developments Giving a New Dimension to the Market
The expert analysts at FMI have revealed that the new entrants and the prevailing manufacturers of the battery testing equipment market are continually developing products for more adoption by the different industry verticals across the globe. The competitive analysis unravels the fact that numerous developments are being undertaken by prominent players, as well as start-up companies in this sphere.
Recently, Keysight Technologies, Inc. has collaborated with Proventil Oy for improving electric vehicle battery test solutions. Batron Energi, a start-up firm is developing an LFP Lithium battery that provides boat operators and the marine sector with a green alternative for powering their vehicles. Besides this, Batron Aqua is a meticulously built demanding application. It is an IP67-rated performance battery to reliably powers electric motors and is estimated to have a much higher energy capacity than conventional batteries.
Therefore, with all the technological advancements and innovations going on, it is anticipated that the battery testing equipment market is likely to have significant growth during the forecast period.
The growing disposable income of citizens in developing economies such as China, India, South Korea, and others has raised the demand for automobiles. Factors such as increased expenditures by notable vehicle manufacturing businesses and favorable government regulations governing vehicle production in Asia Pacific are likely to support the region’s battery testing equipment market expansion.
There are two types of battery testing equipment stationary and portable. Furthermore, various pieces of equipment can be categorized based on their function, such as cell testing, module testing, and pack testing. They find widespread application in the automotive, electronics, and telecommunications sectors.
Which are Some Prominent Drivers Spearheading Battery Testing Equipment Market Growth
Technological improvements have increased demand for portable items like powered tools, etc., which is indirectly boosting the need for battery testing equipment. Battery testing equipment with highly computerized characteristics, as well as current and user-friendly features like touch screen control, is becoming available on the market.
Consumers are more proud of their personalized electronics, and the availability of personalized battery testing equipment reflects this trend of complexity. The massive number of wearable device launches in the market is driving the demand for portable battery testing equipment.
The automobile industry’s impending electric future is projected to have the greatest influence on the growth of the battery testing equipment market. Battery testing is done for a long time in the automobile industry to provide a valid basis for battery life warranty. As a result, high-precision battery testing equipment shortens this period, resulting in the early conception and production of electric cars.
What are the Challenges Faced by the Battery Testing Equipment Industry
The high maintenance and component replacement costs expected by industrial battery testing equipment pose a global growth barrier to the global battery testing equipment market.
Why is Asia-Pacific emerging as an Opportunistic Battery Testing Equipment Market?
China, as an electronics manufacturing powerhouse, dominates the battery testing equipment industry. Because of its developed electronics and telecommunications industries, the Asia Pacific market is predicted to grow rapidly after China throughout the projection period. Rising defense spending in nations such as China, and India, among others, is likely to boost the battery testing equipment market in the coming years.
Due to escalating confrontations across shared borders with neighboring nations, developing countries such as India, China, and Indonesia are focusing on upgrading their military capabilities. The growing industrial sectors in countries such as China and India are driving the growth of the battery testing equipment market.
Market Competition
The market for battery testing equipment is developing in places such as South East Asia, where there is a lack of convenient charging infrastructure and the market is not yet equipped to support the expansion of electric vehicles (EVs). Many new businesses are beginning to set up battery testing and charging rooms. With only a few large manufacturers meeting this demand, there are several chances for global businesses to profit from the battery testing equipment market in this area.
