With reach US$ 682.98 Million, Battery Testing Equipment Market shares overview with 4.7% CAGR by 2028 - The Insight Partners

Battery Testing Equipment Market: Key Insights

According to our latest market study on "Battery Testing Equipment Market Forecast to 2028 - COVID-19 Impact and Global Market Analysis - by Product Type, Application, and End User," the battery testing equipment market is projected to reach US$ 682.98 million by 2028 from US$ 494.33 million in 2021; it is expected to grow at a CAGR of 4.7% during 2021-2028.

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Industries such as aerospace and defense, automotive, and healthcare are heavily investing in advanced technologies to strengthen their capabilities with advanced machinery and offer enhanced services to customers. Companies in the US, France, Sweden, the UK, and other countries are developing advanced battery testing equipment for their global customers. The rising procurement of advanced batteries by the US Army is also supporting the market growth. Furthermore, the development of eVTOLs and initiatives taken by governments of countries such as Germany, the UAE, and Singapore for developing urban air mobility infrastructure in these countries is expected to drive the growth of the battery testing equipment market players.

Elevating defense expenditure in countries such as the US, China, India, and others is expected to drive the growth of the battery testing equipment market in the coming years. Developing countries, such as India, China, and Indonesia, focus on strengthening their military capabilities due to rising clashes across the borders shared with neighboring countries. The expanding manufacturing sectors in countries such as China and India are further propelling the battery testing equipment market growth.

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Growing Demand for Transportation to Drive the

Due to the increasing disposable income of people in developing economies, such as China, India, South Korea, and others, the demand for vehicles has increased. According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India increased by 26.45% from September 2019 to September 2020. Factors such as increasing investments by prominent vehicle manufacturing companies and favorable government norms regarding vehicle manufacturing across the Asia Pacific are expected to drive the growth of the battery testing equipment market in the region. Further, initiatives undertaken by the governments of countries such as Vietnam to expand its automotive industry are also expected to drive the battery testing equipment market size.

Battery Testing Equipment Market: Competitive Landscape and Key Developments

Arbin Instruments, Century Yuasa Batteries Pty Ltd., Chroma Systems Solutions, Inc., DV Power, Extech Instruments, Megger, Midtronics, Inc., Storage Battery Systems, LLC, and Xiamen Tmax Battery Equipments Limited are among the key players in the ecosystem that were profiled during this market study.

Players operating in the battery testing equipment market are mainly focused on the development of advanced and efficient products and collaborations.

1. In 2021, Keysight Technologies, Inc. and Proventia Oy collaborated to improve electric vehicle (EV) battery test solutions.

2. In 2021, Chroma launched an E-Scooter fast charging testing system to help CHAdeMO Association check electric vehicle charging interface stimulators. In line with the EV industry's international growth, it will also help define the Protocol Check Sheet for fast charging test standards for two-wheeled EVs.

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