PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532845
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532845
Battery Test Equipment Market size was valued at USD 546.6 Million in 2023, expanding at a CAGR of 5.50% from 2024 to 2032.
Battery testing equipment is an electronic instrument used to determine battery life and voltage capacity. The device gives the user statistics and charts on battery storage capacity, output voltage, and condition. The technology ranges from the currently available cell voltage to more modern and thorough testing methods, including charge accumulation, EV drive cycle simulations, dynamic stress tests, and others.
Battery Test Equipment Market- Market Dynamics
Demand for Portable Devices Boosting Global Market
The rapid growth of the electronics industry is likely to drive up demand for battery testing equipment. The growth of current electrical technologies has resulted in wireless electronics items. Electronic gadgets are in high demand worldwide because they provide users with ease and novelty. Consumers are drawn to sleeker, smaller, more portable technological items. As a result, the demand for batteries with a longer lifespan is highlighted. As a result, electronic manufacturing businesses work on creating more efficient portable devices, such as batteries. As the need for speed and convenience develops in the electronics industry, so will the necessity for effective battery testing solutions.
Battery Test Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.50% over the forecast period (2024-2032)
Based on Product segmentation, portable battery testing equipment was predicted to show maximum market share in the year 2023
Based on Function segmentation, Cell testing was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Battery Test Equipment Market is segmented based on Product, Function, Application, and Region.
The market is divided into two categories based on Product: Stationary Battery Testing Equipment and Portable Battery Testing Equipment. The portable battery testing equipment segment will dominate the global battery testing market in 2024. Portable testing equipment is in high demand due to its ease and lightweight design. In addition, portable battery testers are in high demand from industries such as electronics and automobiles.
The market is divided into three categories based on Function: Cell Testing, Module Testing, and Pack Testing. Cell testing functionality holds the largest market share and is the most widely used feature in the electronic goods industries due to its rising market potential. The proliferation of electronic battery cell manufacturing can be attributed to three primary mechanisms. 35% to 45% went toward making electrodes, 25% to 35% went into assembling and finishing cells, and the remaining 30% to 35% was needed for cell testing.
Battery Test Equipment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America will be the largest revenue holder in the global market. North America is gradually expanding, with a well-established battery manufacturing industry fueled by the demand for electric vehicles and energy storage systems. Stringent safety and performance standards, backed by government initiatives, encourage renewable battery solutions to boost the region's industry growth.
The Asia Pacific battery testing equipment market share is expected to develop significantly due to the increased involvement of many small players providing battery test services and features. Furthermore, growing competency and global demand for EVs in the low to mid-range segments are expected to increase the opportunities for gaining market share. China, Japan, and other major competitors in the industry are expected to expand significantly, with potential investments and research into battery technology advances.
The battery test equipment market is highly competitive, with leading companies fighting for market share. Keysight Technologies, Arbin Instruments, Megger Group Limited, Chroma Systems Solutions, and Maccor Inc. are among the industry's leading participants. These companies are well known for their unique battery testing solutions, which meet the different needs of manufacturers and developers in the portable device and automobile industries. Competition in the market is severe, with competitors focused on creating cutting-edge technologies, boosting testing accuracy, and increasing battery testing efficiency. Partnerships, acquisitions, and product releases are frequent strategies used by these firms to increase their market position and remain competitive in the Battery Test Equipment environment.
In April 2023, Saraswati Dynamic (Sdyn), an Indian test equipment company, introduced its latest vibration test solution for batteries and other modules with a power rating of 27kVA.
GLOBAL BATTERY TEST EQUIPMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
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)
Others