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Increasing number of EVs and increasingly stringent regulatory standards in the automotive industry are some of the key factors driving market revenue growth

VANCOUVER, BC, CANADA, March 7, 2022 /EINPresswire.com/ -- The Electric Vehicle (EV) Testing Market, 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

Electric vehicle Testing, Inspection, and Certification (TIC) is a set of services that help to improve standards of manufacturing and quality of EVs in a specific region as per regional statutory regulatory bodies. TIC ensures safety of users, equipment, infrastructure, and environment as well. As a result, governments of various countries are implementing stringent regulatory norms related to electric vehicle testing. This is expected to continue to boost electric vehicle testing, inspection, and certification market revenue growth during the forecast period.

The report on Electric Vehicle Testing, Inspection, and Certification market, samples and measures quality data on the overall business environment for the forecast period 2020-2028.To help business strategist strengthens their strategic planning and executes a plan to maintain and gain a competitive edge the research weighs up on buyer preferences, gross margin, profit and sale across different regions.

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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.

Competitive Outlook:

These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Electric Vehicle Testing, Inspection, and Certification market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.

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.

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Key Highlights

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.

Safety and security segment accounted for a significantly large revenue share in 2020 owing to rising concerns regarding a pollution-free environment and safety and enhanced consumer welfare. Security checks help in reducing CO2 emissions and driving further R&D and technological advancements, which also lead to consumer satisfaction. Revenue from the safety and security segment is expected to increase significantly during the forecast period.

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.

Regional Overview:

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

Connectors

Communication

Electric Vehicle (EV) Charging

Service Types Outlook (Revenue, USD Million, 2018–2028)

Testing

Testing Parameters

Mechanical

Temperature

Electrical

Conditions in Testing

Inspection

Certification

Sourcing Outlook (Revenue, USD Million, 2018–2028)

In-House

Outsourcing

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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

Extensive analysis of key market players along with their SWOT analysis

Competitive landscape benchmarking

Analysis of Electric Vehicle Testing, Inspection, and Certification market based on growth trends, futuristic outlook, and contribution to the total growth of the market

Analysis of drivers, constraints, opportunities, challenges, and risks in the global Electric Vehicle Testing, Inspection, and Certification market

Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances

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