The global electric vehicle testing, inspection, and certification market is projected to reach $1.4 billion by 2026, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 14.26% during the forecast period 2021-2026.
The swift development of electric vehicles and their widespread adoption has increased the need for stringent regulatory standards. Therefore, the requirement for strict testing, inspection, and certification of electric vehicles is a necessity. Electric vehicle manufacturers and component suppliers must ensure that the product meets the global and regional standards and regulatory requirements, making inspection, testing, and certification a critical step. Further, the increasing need for reducing emissions contributing to global warming has caused governments to take initiatives for promoting electric vehicles (EVs), causing a surge in demand.
The detailed study is a compilation of 52 Market Data Tables and 36 Figures spread through 132 Pages and in-depth TOC on "Global Electric Vehicle Testing, Inspection, and Certification Market – Analysis and Forecast, 2021-2026"
Analyst's take on the market
According to Ajeya Saxena, Principal Analyst, BIS Research, "With the growth in regulations pertaining to harmful emissions and other environmental concerns, the demand for alternative fuel vehicles has taken a strong leap of growth over the years. With the constant growth of the electric vehicles market, the demand for the testing, inspection, and certification of these vehicles has also witnessed an upsurge. Testing, inspection, and certification of electric vehicles ensure that the vehicle is safe to use and has been examined as per the regulations and standards in place."
Key companies operating in the market
The key companies operating in the market include DEKRA SE, TUV SUD, SGS Group, Applus Services S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific, British Standards Institution, Rina S.P.A., TUV Rehinland Group, Norges Elektriske Materiellkontroll, NSF International, Lloyd's Register Group Limited, UL LLC, and Element Materials Technology.
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How can market intelligence on electric vehicle testing, inspection, and certification market add value to an organization's decision-making process?
Growth/Marketing Strategy
- Business and Corporate Strategies: The global electric vehicle testing, inspection, and certification market is poised to grow over time, compelling companies to develop collaborative strategies to sustain in the intensely competitive market. Companies with identical product portfolios, with a need for additional resources, often partner, which helps them gain access to one another's resources and facilitates them to achieve their objectives faster.
Global Electric Vehicle Testing, Inspection, and Certification Market Segmentation
- Application: The application segment of the EV testing, inspection, and certification market is segmented into safety and security, connectors, communication, and EV charging. Most of the regulatory standards that are in place across major countries are mainly focused on improving the safety of electric vehicles.
- Product: The product segment of the EV testing, inspection, and certification market is segmented into service type and sourcing. The service type is further categorized into testing, inspection, and certification. The sourcing segment is further categorized into in-house and outsourcing. Among these, testing accounted for the largest market share in 2020 and is expected to dominate the market in the given forecast period as well, driven by stringent government regulations and standards.
- Region: The regional segmentation of the EV testing, inspection, and certification market is done for regions, namely North America, South America, Europe, China, the U.K., Middle East, and Africa, and Asia-Pacific and Japan. Europe held the largest share in terms of value generation in FY2020. This is primarily due to the growth of the electric vehicle market in the region and the presence of various testing, inspection, and certification providers in the region.
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Key Questions Answered in the Report
- What are the key trends, market drivers, and opportunities in the market pertaining to electric vehicle testing, inspection, and certification?
- What are the major restraints inhibiting the global electric vehicle testing, inspection, and certification market growth?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in demand-generating developing and developed countries?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- How much revenue each of the segments is expected to record during the forecast period along with the growth percentage? Following are the segments:
- Product offerings, including service type and sourcing
- Application, including Safety and Security, Connectors, Communication, and EV Charging
- Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
- Which type of players and stakeholders are operating in the market ecosystem of electric vehicle testing, inspection, and certification, and what is their significance in the global market?
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