Market Size – USD 682.0 Million in 2020, Market Growth – at a CAGR of 14.2%, Market Trends – High demand from European region
The 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.
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 Research Report published by Emergen Research is furnished with the latest information about product specifications and portfolio, technological advancement, product type, and manufacturing. Major factors such as revenue, costs, and gross margin are taken into consideration while formulating this report. The report provides extensive data concerning the key market players along with their SWOT analysis, financial standing, technological and product development, and recent strategic business expansion plans.
The extensive assessment of real-time data on the business environment offers a more specialized view of threats and challenges companies are likely to face in the years to come. In addition, the unique expertise of the researchers behind the study in strategic growth consulting enables product owners identifies important definition, product classification, and application.
Some of the key participants in this industry 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.
Key Highlights
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.
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.
Regional Overview:
The global Electric Vehicle Testing, Inspection, and Certification market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Electric Vehicle Testing, Inspection, and Certification market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
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
Connectors
Communication
Electric Vehicle (EV) Charging
Service Types Outlook (Revenue, USD Million, 2018–2028)
Testing
Testing Parameters
Mechanical
Temperature
Electrical
Conditions in Testing
Inspection
Certification
Sourcing Outlook (Revenue, USD Million, 2018–2028)
In-House
Outsourcing
Objectives of the Report:
Study of the global Electric Vehicle Testing, Inspection, and Certification market size by key regions, types, and applications with reference to historical data and forecast (2020-2028)
Industrial structure analysis of the Electric Vehicle Testing, Inspection, and Certification market by identification of various sub-segments
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