Press Release Description

Global Electric Vehicle Testing, Inspection, and Certification Market to grow at a CAGR of 15.21% in the forecast period of 2021-26

According to MarkNtel Advisors research report, the Global Electric Vehicle Testing, Inspection, and Certification Market is expected to grow at a CAGR of 15.21% during the forecast period, i.e., 2021-26. It primarily owes to the rapidly increasing production of Electric Vehicles, particularly across emerging economies, coupled with the growing inclination toward outsourcing Testing, Inspection, and Certification (TIC) services.

Besides, the growing awareness about the safety & security of passengers & vehicles, coupled with the rising disposable income in developing countries and the government's focus on imposing stringent regulatory standards on the automotive industry, shall also drive the market during the forecast years, further states the research report, "Global Electric Vehicle Testing, Inspection, and Certification Market Analysis, 2021."

Testing to Dominate the Market with the Largest Share During the Forecast Period

Based on Product Type, Global Electric Vehicle Testing, Inspection, and Certification Market segments into Service Type & Sourcing Type. Amongst the two, the Service type further bifurcates into Testing, Inspection, and Certification. 

Of them all, the Testing segment is anticipated to dominate the market with the largest share in the forecast period. It primarily owes to the strict regulatory standards of the government to ensure the quality, safety, and efficiency of EVs and compel people to test their EVs and abide by the standards. 

Moreover, the growing investments by market players in several R&D activities to expand the capabilities and offer better testing services shall further fuel the segment to dominate the market with the largest share in the years to come, reveals MarkNtel Advisors in their research report, "Global Electric Vehicle Testing, Inspection, and Certification Market Analysis, 2021."

Asia-Pacific to Reign with the Largest Share Through 2026

Based on the Geography, the market expands across North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Of them all, Asia-Pacific shows more signs of reigning the market with the largest share in the forecast period. It owes to the rising prices of non-renewable fuels like petrol & diesel, resulting in the surging inclination toward adopting EVs.

Besides, the growing EV sales, particularly across countries like China, South Korea, and India, are attracting EV manufacturers to target & launch new products in the region, thereby increasing the need for testing, inspection, and certification of EVs across Asia-Pacific.

Key Market Competitors

According to MarkNtel Advisors, the leading players in the Global Electric Vehicle Testing, Inspection, and Certification Market are DEKRA SE, TUV SUD, SGS Group, Applus Services SA, Bureau Veritas SA, Intertek Group PLC, Eurofins Scientific, British Standards Institution, Rina S.P.A, TUV Rheinland Group, Norges Elektriske Materiellkontroll, NSF International, Lloyd's Register Group Limited, UL LLC, Element Materials Technology, Others.

Key Questions Answered in the Study

  1. What are the current and future trends in the Global Electric Vehicle Testing, Inspection, and Certification Market?
  2. How has the industry been evolving in terms of geography and services adoption?
  3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Electric Vehicle Testing, Inspection, and Certification Market?
  5. What are the customer orientation, purchase behavior, and expectations from the Electric Vehicle Testing, Inspection, and Certification providers across the globe?

Market Segmentation:

  1. By Product Type (Service Type (Testing, Inspection, Certification), By Sourcing Type (In-House, Outsourced))
  2. By Application (Safety and Security, Connectors, Communication, EV Charging)
  3. By Region (North America, South America, Europe, Asia-Pacific, Middle East, and Africa)
  4. By Countries (US, Canada, Mexico, Brazil, Germany, France, UK, Italy, UAE, Saudi Arabia, South Africa, China, India, South Korea, Australia, Japan)
  5. By Competitors (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 Rheinland Group, Norges Elektriske Materiellkontroll, NSF International, Lloyd's Register Group Limited, UL LLC, Element Materials Technology, Others)