The market is expected to increase at a CAGR of 15.49% during the forecast period 2022-2031
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Electric Vehicle Testing, Inspection, and Certification Market – A Global and Regional Analysis.
According to this study, the global electric vehicle testing, inspection, and certification (EV TIC) market was valued at $1.10 billion in 2022 and is projected to reach $4.03 billion by 2031.
The following factors are responsible for the increase in demand for EV TIC:
- Increasing government focus on strict regulatory standards for electric vehicles
- Growing numbers of electric vehicles worldwide
- Digitalization in the electric vehicle testing, inspection, and certification market
The detailed study is a compilation of 149 market data tables and 62 figures spread through 264 pages.
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Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The market is evolving rapidly and is anticipated to continue to spur at the same pace in the following years. Businesses are developing innovative solutions and introducing new services in the market. Collaborations and market developments are key strategies assisting the market’s growth. The massive shift in consumer preferences has provided a viable opportunity for service providers to gain a firm ground in this domain. Moreover, increasing awareness regarding electric vehicle systems and autonomous cars and growing safety concerns are expected to increase the adoption of electric vehicle testing, inspection, and certification globally.”
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Testing Service to Dominate the EV Testing, Inspection, and Certification Market
One of the main factors influencing the growth of the testing, certification, and inspection industries for electric vehicles is the increased need for their safety and efficiency. The electric vehicle sector must also adhere to stringent restrictions as well as national and international safety mandates. To keep up with the industrial standards, testing, inspection, and certification of electric vehicles become necessary.
Out of the three, the testing segment of the electric vehicle testing, inspection, and certification market is expected to maintain its dominance throughout the forecast period.
Major Existing Industry Leaders in the EV Testing, Inspection, and Certification Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the 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
- TÜV Rheinland Group
- NSF International
- Lloyd’s Register Group Limited
- UL LLC
- Element Materials Technology
- Apave Group
- TÜV NORD GROUP
- Link Engineering Company
- AVL List GmbH
Recent Developments in the Global EV Testing, Inspection, and Certification Market
- In September 2022, TÜV Rheinland Group partnered with NMI, which is a Dutch company for calibrating and securing charging stations for E-cars.
- In June 2022, UL LLC acquired Data Test Labs to meet the testing and certification needs of original equipment manufacturers and top-tier suppliers in the automobile industry.
- In February 2022, Applus Reliable Analysis (Shanghai) opened an EMC chamber for testing battery packs of new energy-passenger vehicles.
- In February 2022, UL LLC opened a new laboratory in Mexico, which would be the testing facility to test products to destination market safety and performance standards, including Canada, the U.S., and Latin America.
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