Global Battery Testing Equipment Market Forecast 2021-2028
The global battery testing equipment market is estimated to project a CAGR of 4.55% during the forecast period, 2021-2028. The major growth drivers include the rising demand from the battery market and regulatory standards concerning various batteries.
Battery testing is a type of automotive testing instrument for determining the battery’s charge rate. It is majorly used to test the battery’s condition and malfunctions to ensure the security and safety of the device.
Battery manufacturers across the globe have to comply with a large number of battery standards. The US, Japan, the European countries, etc., all have their own standards. At the same time, equipment manufacturers have additional internal standards and specifications. These are implemented to enhance protection for their brand and consumers.
While some regulations are statutory requirements, others are guidelines. In addition, some are not at all necessary yet are needed if the company sells their product to a device manufacturer or retailer who needs all components to be safety listed. Moreover, companies send battery testing equipment to battery testing labs to get their product approved by respective authorities. Compliance with such varied standards is one of the key growth drivers of the global battery testing equipment market. However, the market growth is restrained by high costs and technical complexities.
The global battery testing equipment market growth analysis includes the assessment of Asia-Pacific, Europe, North America, and Rest of World. With the rising disposable incomes driving the sales of mobile phones and tablets, Asia-Pacific is set to be the dominating region in the global market.
The high industry rivalry is attributed to the key parameters the companies compete on. These include price, precision, and innovation. Some eminent companies in the market include Arbin Instruments, DV Power, Chroma Systems Solutions Inc, Chauvin Arnoux, etc.
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