The swift development of electric vehicles and their widespread adoption has increased the need for stringent regulatory standards. Therefore, the requirement for strict testing, inspection, and certification of electric vehicles is a necessity. Electric vehicle manufacturers and component suppliers must ensure that the product meets the global and regional standards and regulatory requirements, making inspection, testing, and certification a critical step. Further, the increasing need for reducing emissions contributing to global warming has caused governments to take initiatives for promoting electric vehicles (EVs), causing a surge in demand.
According to Ajeya Saxena, Principal Analyst, BIS Research, "With the growth in regulations pertaining to harmful emissions and other environmental concerns, the demand for alternative fuel vehicles has taken a strong leap of growth over the years. With the constant growth of the electric vehicles market, the demand for the testing, inspection, and certification of these vehicles has also witnessed an upsurge. Testing, inspection, and certification of electric vehicles ensure that the vehicle is safe to use and has been examined as per the regulations and standards in place."
Key companies operating in the market
The key companies operating in the market include 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 Rehinland Group, Norges Elektriske Materiellkontroll, NSF International, Lloyd's Register Group Limited, UL LLC, and Element Materials Technology.
How can market intelligence on electric vehicle testing, inspection, and certification market add value to an organization's decision-making process?
Business and Corporate Strategies: The global electric vehicle testing, inspection, and certification market is poised to grow over time, compelling companies to develop collaborative strategies to sustain in the intensely competitive market. Companies with identical product portfolios, with a need for additional resources, often partner, which helps them gain access to one another's resources and facilitates them to achieve their objectives faster.
Global Electric Vehicle Testing, Inspection, and Certification Market Segmentation
Application: The application segment of the EV testing, inspection, and certification market is segmented into safety and security, connectors, communication, and EV charging. Most of the regulatory standards that are in place across major countries are mainly focused on improving the safety of electric vehicles.
Product: The product segment of the EV testing, inspection, and certification market is segmented into service type and sourcing. The service type is further categorized into testing, inspection, and certification. The sourcing segment is further categorized into in-house and outsourcing. Among these, testing accounted for the largest market share in 2020 and is expected to dominate the market in the given forecast period as well, driven by stringent government regulations and standards.
Region: The regional segmentation of the EV testing, inspection, and certification market is done for regions, namely North America, South America, Europe, China, the U.K., Middle East, and Africa, and Asia-Pacific and Japan. Europe held the largest share in terms of value generation in FY2020. This is primarily due to the growth of the electric vehicle market in the region and the presence of various testing, inspection, and certification providers in the region.
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