With the increasing adoption of Electric Vehicles (EVs), the demand for EV Testing, Inspection, & Certification (TIC) is also rising significantly. It is primarily to ensure the safety & conformity of EVs at the full-vehicle & component level.
The Global Electric Vehicle Testing, Inspection, and Certification Market is projected to grow at a CAGR of around 15.21% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. Technological advancements and the increasing complexity of automobile subsystems have paved the way for EVs. However, these vehicles come with complete parts that might pose potential risks of failure and become fatal for automobile users.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 15.21% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, Germany, France, Italy | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, and Others | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Therefore, EVs must endure the formal testing, inspection, and certification process before becoming accessible to the general public. Hence, the demand for TIC is increasing significantly across the world.
Furthermore, the rising occurrence of vehicle recall due to component failures, coupled with increasing EV production across emerging economies, shall also fuel the market growth in the forecast period, further states the research report, "Global Electric Vehicle Testing, Inspection, and Certification Market Analysis, 2021."
Covid-19 Mildly Impacted the Global Electric Vehicle Testing, Inspection, and Certification Market
Last year, the Covid-19 pandemic negatively impacted almost all industries, where the automotive industry was the most affected. It further mildly hampered the EV industry and Global Electric Vehicle Testing, Inspection, and Certification Market later.
The initial quarter was the toughest for the market due to the stringent norms on movement imposed by the government to combat the virus. Yet, market players introduced new modes to sustain amidst the crisis. The market swiftly adopted digitization to conduct the TIC services and remote EV inspection. It also created significant growth opportunities for market players. Hence, with the gradual upliftment of restrictions, the market is expected to expand & regain its usual pace in the coming years.
Market Segmentation
In-House Type to Capture Larger Market Share Through 2026
Based on the Product Type, the Global Electric Vehicle Testing, Inspection, and Certification Market segments into Service Type & Sourcing Type. The Sourcing Type further bifurcates into In-House & Outsourcing types.
Of them all, the In-House type is expected to attain the largest market share in the forecast period owing to companies having expertise in performing in-house TIC activities with complete control over the process.
Besides, the cost-effective assessment method of in-house sourcing ensures greater consumer satisfaction and helps government agencies improve their efficiency. Furthermore, it lowers the risks associated with poor vehicle maintenance and enables manufacturers to identify the problems immediately. Therefore, the segment is likely to capture the largest market share in the forecast period.
Testing to Lead the Global Electric Vehicle Testing, Inspection, and Certification Market with the Largest Share
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 projected to capture the largest market share in the forecast period owing primarily to the strict regulatory standards by the government to ensure the safety, quality, and efficiency of EVs.
Additionally, the massive investments by market players in several R&D activities to expand the service capabilities and offer better testing procedures shall further drive the segment to dominate the market in the forecast years, states MarkNtel Advisors in their research report, “Global Electric Vehicle Testing, Inspection, and Certification Market Analysis, 2021.”
Market Driver
The key factors that shall drive the Global Electric Vehicle Testing, Inspection, and Certification Market in the forecast period include the increasing inclination of the governments across different nations toward imposing regulatory standards for EVs, growing EV sales, and digitalization of TIC processes for EVs.
Market Restraint
The factors that might hinder the growth of the Global Electric Vehicle Testing, Inspection, and Certification Market include various EV advancements that lead to the unavailability of skilled resources, coupled with varying standards across different regions.
Regional Landscape
Asia-Pacific to Acquire the Largest Market Share During the Forecast Period
Geographically, the market expands across North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Of them all, Asia-Pacific is projected to dominate the market with the largest share in the forecast period.
The factors backing the dominance include the skyrocketing prices of non-renewable fuels like petrol & diesel, resulting in an inclination toward alternatives like EVs. In addition, the rapid sales of EVs, particularly across countries like China, South Korea, and India, are attracting EV manufacturers to target & launch new products in the region. It shall further increase the need for TIC services across Asia-Pacific.
Besides, emerging countries like China, India, South Korea, and Japan are the hubs for the automotive industry, where manufacturers are actively focusing on increasing their EV production rate to keep the growth consistent. This production pace directly impacts the demand for testing, inspection, and certification of electric vehicles to ensure safety. Hence, Asia-Pacific is very likely to acquire the largest market share in the forecast period.
Competitive Landscape
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 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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Electric Vehicle Testing, Inspection, and Certification Market is projected to grow at a CAGR of around 15.21% in the forecast period of 2021-26.
A. 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 are a few leading players in the Global Electric Vehicle Testing, Inspection, and Certification Market.
A. Testing & In-House segments are expected to attain the highest CAGR and maintain their significant market share during the forecast period.
A. The mounting inclination of the governments across different nations toward imposing regulatory standards for EVs, growing EV sales, and digitalization of TIC processes for EVs are expected to create lucrative growth opportunities for the market in the forecast period.
A. During the pandemic, the market swiftly adopted digitization to conduct the Testing, Inspection, & Certification services & remote inspection of Electric Vehicles and created significant growth opportunities for market players. Hence, it is expected that the market shall expand and regain its full pace in the forecast period.
