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 Research. 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.
Adoption of TIC services is increasing in the automobile manufacturing industry owing to marketing benefits these services open up, which is expected to drive market revenue growth during the forecast period. TIC evaluates conformance, interoperability, and electromagnetic capability of electric vehicles, which ensures a longer and healthier lifespan of product. This allows manufacturers of electric vehicles to market their products across multiple markets worldwide.
The Global Electric Vehicle Testing, Inspection, and Certification Market Report provides an exhaustive study of the Electric Vehicle Testing, Inspection, and Certification market, along with an analysis of the subjective analysis to provide critical business insights to the readers. the report also gives an insight into product portfolios, costs, sales, production capacities, and market players. Raw materials, demand analysis, product flow, and distribution channels have been studied and surveyed extensively in this research report. The key growth trends and opportunities are offered through a thorough investigation and examination of the market.
The report examines the global Electric Vehicle Testing, Inspection, and Certification market depending on the segments, including product types, applications, and end-user industries. It includes an elaborate analysis given by industry experts, with insights into the market depending on the different market aspects including, size, CAGR, market share, and the rates of production and consumption. It assesses the factors propelling the growth of the global Electric Vehicle Testing, Inspection, and Certification sector
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In market segmentation by manufacturers, the report covers the following companies-
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.
The Electric Vehicle Testing, Inspection, and Certification market report undertakes a thorough assessment of the major companies operating in the business to understand the major developments and notable events recorded by these companies, along with their gross revenue, company profiles, and the market shares held by them in the global market share. Several market aspects of the Electric Vehicle Testing, Inspection, and Certification business, such as the current market scenario, business standards, import/export status, drivers, and restraints existing in the global Electric Vehicle Testing, Inspection, and Certification market.
Emergen Research has segmented the global electric vehicle testing, inspection, and certification market on the basis of application, service types, sourcing, and region:
Application Outlook (Revenue, USD Million, 2018–2028)
Safety and Security
Electric Vehicle (EV) Charging
Service Types Outlook (Revenue, USD Million, 2018–2028)
Conditions in Testing
Sourcing Outlook (Revenue, USD Million, 2018–2028)
The evaluation also includes the rates of production and consumption, gross revenue, and average product price and market shares of key players. The information gathered is further broken down by including regional markets, production plants, and product types available in the market. Other key points, like competitive analysis and trends, concentration rate, mergers & acquisitions, expansion tactics, which are vital to establishing a business in the sector, have also been included in the report.
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According to the regional analysis, the market is primarily spread over key geographical regions as follows:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Highlights of the Electric Vehicle Testing, Inspection, and Certification Market:
A comprehensive understanding of the Electric Vehicle Testing, Inspection, and Certification market backed by the overall growth, drivers, constraints, opportunities, and technological advancements.
A concise Electric Vehicle Testing, Inspection, and Certification Market study that highlights the leading regions and major countries.
Analysis of the evolving market trends in addition to an extensive study of the existing Electric Vehicle Testing, Inspection, and Certification market segments.
Moreover, the report emphasizes the distinct aspects of the Electric Vehicle Testing, Inspection, and Certification market, such as the technological developments, financial standing, drivers, restraints, opportunities, threats, and emerging sectors observed in the study. The report draws accurate market estimations for the Electric Vehicle Testing, Inspection, and Certification industry for the forecast duration from 2021 to 2028.
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.
The report concludes with an extensive view of the Electric Vehicle Testing, Inspection, and Certification market, including a descriptive assessment of the parent market backed by information relating to leading players in the industry, present, past, and speculated trends in the industry, which serves as a database of all the relevant information to help both companies and individuals get ahead in the competition.
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