The global electric vehicle testing, inspection, and certification market is expected to expand at a double-digit CAGR from 2021 to 2026. The rapid development of electric vehicles and stringent regulatory standards laid down by the governments of multiple countries are some of the factors driving the demand for global electric vehicle testing, inspection, and certification market.
The widespread adoption of electric vehicles globally implies the need for stringent testing, inspection, and certification of electric vehicles. The demand has also increased because of the increasing need for reducing emissions contributing to global warming. Electric vehicle manufacturers and component suppliers have to ensure that the product meets the global and regional standards and regulatory requirements, making inspection, testing, and certification a critical step.
Global Electric Vehicle Testing, Inspection, and Certification Market by 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.
Global Electric Vehicle Testing, Inspection, and Certification Market by 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; and 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.
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Global Electric Vehicle Testing, Inspection, and Certification Market by Region
The regional segmentation of the EV testing, inspection, and certification market is done on the basis of North America, South America, Europe, China, 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.
Key Market Players and Competition Synopsis
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.
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:
o Product offerings, including (Service Type and Sourcing)
o 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?
How This Report Can Add Value:
Market by Product, Analysis, and Forecast: The segment gives a brief overview of the service portfolio of different companies and the market presence of different services existing in the market. The market can be addressed into three categories of services: Testing, Inspection, and Certification. The product segment also includes the market by sourcing mainly segmented into in-house and outsourcing.
About BIS Research:
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