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 research report provides an in-depth evaluation of the Global Electric Vehicle (EV) Testing, Inspection, and Certification (TIC) Market and helps the market participants intensify their footprints in the industry. The report gives a detailed analysis concentrated on the critical market dynamics such as drivers, restraints, trends, and growth opportunities to assist businesses to prepare for any challenges they might encounter in the forecast period.
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.
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.
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
Electric Vehicle (EV) Charging
Service Types Outlook (Revenue, USD Million, 2018–2028)
Conditions in Testing
Sourcing Outlook (Revenue, USD Million, 2018–2028)
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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