Global Electric Vehicle Testing, Inspection and Certification Market to Witness Double Digit Growth: Projected to Grow at a CAGR of 17.2% in the Forecast Period

Published | 20 August 2021

The global electric vehicle testing, inspection, and certification market is gaining traction because of the growing concern towards non-renewable energy and environment. and stringent government regulations on the automotive industry has resulted in the sharp surge in the adoption of electric vehicles....

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electric vehicle testing, inspection, and certification market was worth USD 864.6 million in the year 2020. The study further reveals that the market is estimated to grow at a CAGR of 17.2%, earning revenue of around USD 2645.0 million by the end of 2027. The global electric vehicle testing, inspection, and certification market is gaining traction due to the growing demand for electric vehicles and the launch of electric vehicles in potential markets by manufacturers. However, the lack of global standards for testing and certification may act as a barrier to market growth.

Expanding Electric Vehicle Manufacturing Is Anticipated toSpur the Growth of the Global Electric Vehicle Testing, Inspection, And Certification Market

Automobile manufacturers are putting a lot of resources into the development of electric vehicles. Not only do they spend a significant amount on manufacturing operations, but they also spend quite a lot on promoting electric vehicles to promote adoption among the general public. In addition to being environmentally friendly and low-in-fuel consumption, electric vehicles also prove to be cost-effective for manufacturers. This is because these vehicles have fewer moving parts than traditional automobiles, which means the manufacture of combustion power trains and their components requires less labor. Thus, with expanding production, the global electric vehicle testing, inspection, and certification market is projected to flourish in the forecast period.

Increasing Testing and Inspection of Components is Projected to Drive the Growth of the Global Electric Vehicle Testing, Inspection, And Certification Market

Technological advancements and the increasing complexity of automobile subsystems and components have paved the way for more electronic control. Components such as sensors, software codes, actuators, etc., are increasingly being used in the manufacturing of electric vehicles. However, these components also pose potential risks of failure, which can prove fatal for drivers or automobile users. Consequently, electric vehicles must undergo formal testing, inspection, and certification process before they can be released to the general public. This factor is expected to significantly drive the growth of the global electric vehicle testing, inspection, and certification market.

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Global Electric Vehicle Testing, Inspection, and Certification Market - By Product

Based on products, the global electric vehicle testing, inspection, and certification market is segmented into service type and sourcing. The service type segment accounts for the largest market share. This segment can further be classified into testing, inspection, and certification. Among these, the testing segment holds the largest market share as it is a very crucial step for maintaining the quality and the safety of the products. Therefore, regulatory authorities make it mandatory to get the electric vehicles tested before officially releasing them in the market.

Global Electric Vehicle Testing, Inspection, and Certification Market - Regional Insights

Geographically, the global electric vehicle testing, inspection, and certification market are segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Due to the highly volatile prices of non-renewable fuels such as petrol and diesel, the Asia-Pacific region dominates the market when it comes to electric vehicles. Moreover, the flourishing electric vehicle market in several APAC countries, including China, India, South Korea, is also driving the market growth. Therefore, electric vehicle manufacturers are increasingly targeting these countries and launching their products. As a result, the electric vehicle testing, inspection, and certification market is flourishing at a fast pace, driving the overall market growth in the Asia Pacific region.

Impact of COVID-19 on the Global Electric Vehicle Testing, Inspection, and Certification Market

The global electric vehicle testing, inspection, and certification market has been severely affected by the unprecedented outbreak of the COVID-19 pandemic. This is because the automotive industry was one of the worst-hit by this virus outbreak. Production and manufacturing obstructions, as well as supply chain issues, negatively affected tests, inspections, and certifications. The manufacturers stepped back from launching their products given the uncertainty of lockdown extensions in numerous countries. Due to this, the global electric vehicle testing, inspection, and certification market had to face severe losses during the pandemic.

Competitive Landscape

The leading market players in the global electric vehicle testing, inspection, and certification market are Applus Services S.A., UL LLC, British Standards Institution, TUV Rheinland Group, Bureau Veritas S.A., TUV SUD, DEKRA SE, SGS Group, Element Materials Technology, NSF International, Eurofins Scientific, Norges Elektriske Materiellkontroll, Intertek Group PLC, Lloyd's Register Group Limited, MISTRAS Group, ALS Limited, SAI Global Pty Limited, and other prominent players.

The market is highly competitive and concentrated with the presence of several global and regional industry participants. The companies are intensively engaging in R&D activities to cater to the needs of the regional market. Moreover, the industry players continue to adopt competitive strategies such as partnerships, mergers, acquisitions, and collaborations in order to establish themselves in the local market.

Don’t miss the business opportunity of the global electric vehicle testing, inspection, and certification market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electric vehicle testing, inspection, and certification market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electric vehicle testing, inspection, and certification market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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