Electric Vehicle Testing, Inspection, and Certification Market Overview Highlighting Major Drivers, Trends, Growth and Demand Report 2020- 2028
Increasing number of EVs and increasingly stringent regulatory standards in the automotive industry are some of the key factors driving market revenue growth
The global Electric Vehicle (EV) Testing, Inspection, and Certification (TIC) market size is expected to reach USD 1,938.4 Million in 2028 and register a revenue CAGR of 14.2% over the forecast period, according to the latest report by Emergen. Increasing demand for EVs in countries across the globe and need for improvement of manufacturing standards are other factors driving need for EV testing, inspection, and certification.
Electric vehicle Testing, Inspection, and Certification (TIC) is a set of services that help to improve standards of manufacturing and quality of EVs in a specific region as per regional statutory regulatory bodies. TIC ensures safety of users, equipment, infrastructure, and environment as well. As a result, governments of various countries are implementing stringent regulatory norms related to electric vehicle testing. This is expected to continue to boost electric vehicle testing, inspection, and certification market revenue growth during the forecast period.
Factors such as varying regulations and standards in different regions, decline in sales of EVs, and time consuming overseas qualification tests is hampering market revenue growth. In spite of these challenges, the global electric vehicle testing, inspection, and certification market is expected to register stable revenue growth during the forecast period owing to factors such as increasing demand in emerging economies, Periodic Technical Inspection (PTI) mandates of electric vehicles, rising concerns regarding environmental pollution, and untapped market opportunities.
Some Key Highlights From the Report
- In August 2021, South Korean multinational automotive manufacturer, Hyundai Motor has partnered with global safety science leader, UL, for safe deployment and use of a Second-Life Battery Energy Storage System (SLBESS). This collaboration is expected to increase safe deployment of key renewable, zero-emission energy resources, and improve safety testing and evaluation process.
- Safety and security segment accounted for a significantly large revenue share in 2020 owing to rising concerns regarding a pollution-free environment and safety and enhanced consumer welfare. Security checks help in reducing CO2 emissions and driving further R&D and technological advancements, which also lead to consumer satisfaction. Revenue from the safety and security segment is expected to increase significantly during the forecast period.
- Testing segment registered a significantly large revenue share in 2020 due to increasing number of EVs in countries across the globe. Testing is the process of determining one or more characteristics of an object to assess its conformity, following some fixed procedures. Rising concerns over quality and safety analysis of EVs is expected to support steady revenue growth of this segment during the forecast period.
- Mechanical testing parameters segment accounted for largest revenue share in 2020 owing to rising demand among electric vehicle manufacturers. Testing and investigation of mechanical behavior of EVs ensures longer durability of different components and enables manufacturers to market their products showcasing these benefits. Hence, increasing demand for TIC services among manufacturers, buyers, and sales channels is expected to drive the segment revenue growth during the forecast period.
- Major players in the market report include DEKRA SE, TÜV SÜD, SGS Group, Applus Services S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific, British Standards Institution, TUV Rehinland Group, and Norges Elektriske Materiellkontroll.
Contact for more Information: https://www.emergenresearch.com/press-release/global-electric-vehicle-testing-inspection-and-certification-market