BIS research study highlights global electric vehicle testing, inspection and certification market to reach $ 1.4 billion by 2026
FREMONT, California, July 7, 2021 / PRNewswire / – The global testing, inspection and certification of electric vehicles Marlet should reach $ 1.4 billion by 2026, reveals the premium market intelligence study from BIS Research. The study also highlights that the market is expected to experience a CAGR of 14.26% during the forecast period 2021-2026.
The rapid development of electric vehicles and their widespread adoption have increased the need for strict regulatory standards. Therefore, the requirement of strict testing, inspection and certification of electric vehicles is a necessity. Electric vehicle manufacturers and component suppliers must ensure that the product meets global and regional regulatory standards and requirements, making inspection, testing and certification a critical step. In addition, the growing need to reduce emissions contributing to global warming has led governments to take initiatives to promote electric vehicles (EVs), causing an increase in demand.
The detailed study is a compilation of 52 market data tables and 36 figures spread over 132 pages and an in-depth table of contents on “Global Electric Vehicle Testing, Inspection and Certification Market – Analysis and Forecast, 2021-2026“
Analysts’ perspective on the market
According to Ajeya Saxena, Senior Analyst, BIS Research, âWith the growth of regulations relating to harmful emissions and other environmental concerns, the demand for alternative fuel vehicles has grown significantly over the years. With the constant growth of the electric vehicle market, the demand for the testing, inspection, and certification of these vehicles has also increased. Electric vehicle testing, inspection and certification ensures that the vehicle is safe to use and has been examined in accordance with applicable regulations and standards. “
Key companies operating in the market
The main companies operating in the market are DEKRA SE, TUV SUD, SGS Group, Applus Services SA, Bureau Veritas SA, Intertek Group PLC, Eurofins Scientific, British Standards Institution, Rina SPA, TUV Rehinland Group, Norges Elektriske Materiellkontroll, NSF International, Lloyd’s Register Group Limited, UL LLC and Element Materials Technology.
See the BIS Research report: Global Electric Vehicle Testing, Inspection and Certification Market
How does market intelligence Electric Vehicle Testing, Inspection and Certification Market add value to the decision-making process of an organization?
Growth / Marketing Strategy
- Corporate and corporate strategies: The global market for electric vehicle testing, inspection and certification is poised to grow over time, forcing companies to develop collaborative strategies to maintain themselves in an extremely competitive market. Companies with identical product portfolios, needing additional resources, often partners, which helps them access the resources of others and makes it easier for them to reach their goals faster.
Global Electric Vehicle Testing, Inspection and Certification Market Segmentation
- Application: The applications 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 in place in large countries are primarily focused on improving the safety of electric vehicles.
- Product: The product segment of the electric vehicle testing, inspection and certification market is segmented into type of service and procurement. The type of service is then categorized into testing, inspection and certification. The procurement segment is further classified as in-house and subcontracted. Of these, testing accounted for the largest market share in 2020 and is also expected to dominate the market in the given forecast period, due to strict government regulations and standards.
- Region: The regional segmentation of the Electric Vehicle Testing, Inspection and Certification market is done for the regions, namely North America, South America, Europe, China, Great Britain, Middle East, and Africa, and Asia Pacific and Japan. Europe held the largest share in terms of value creation in fiscal year 2020. This is mainly due to the growth of the electric vehicle market in the region and the presence of various providers of testing, inspection and certification In the region.
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Key questions addressed in the report
- What are the key market trends, drivers and opportunities in the electric vehicle testing, inspection and certification market?
- What are the major restraints inhibiting the growth of the global electric vehicle testing, inspection and certification market?
- What kinds of new strategies are adopted by existing market players to expand their market position in developing and developed demand-generating countries?
- Which promising companies have obtained financial support to develop their products and markets?
- How much revenue is each of the segments expected to register during the forecast period with the growth percentage? Here are the segments:
- Product offerings, including type of service and procurement
- Application, including safety and security, connectors, communication and charging of electric vehicles
- Region including North America, South America, Great Britain, Europe, Asia Pacific and Japan, China, and the Middle East and Africa
- What types of players and stakeholders are operating in the Electric Vehicle Testing, Inspection and Certification market ecosystem, and how important are they in the global market?
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