The widespread adoption of electric vehicles globally implies the need for stringent testing, inspection, and certification of electric vehicles. The demand has also increased because of the increasing need for reducing emissions contributing to global warming. Electric vehicle manufacturers and component suppliers have to ensure that the product meets the global and regional standards and regulatory requirements, making inspection, testing, and certification a critical step.
Read Report Overview: Electric Vehicle Testing Inspection and Certification Market
The global electric vehicle testing, inspection, and certification market is expected to expand at a double-digit CAGR from 2021 to 2026. The rapid development of electric vehicles and stringent regulatory standards laid down by the governments of multiple countries are some of the factors driving the demand for global electric vehicle testing, inspection, and certification market. Manufacturers and component manufacturers of electric vehicles must abide by regulations to ensure that the product has been thoroughly checked from all perspectives.
Global Electric Vehicle Testing, Inspection, and Certification Market by 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.
Global Electric Vehicle Testing, Inspection, and Certification Market by 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; and 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.
Global Electric Vehicle Testing, Inspection, and Certification Market by Region
The regional segmentation of the EV testing, inspection, and certification market is done on the basis of North America, South America, Europe, China, 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.
Key Market Players and Competition Synopsis
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.
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The companies that are profiled in the report have been selected based on a selective pool of players, primarily Tier-1 (which holds 70-80% of the market) and mid-segment players (which hold 30-40% share), and small & emerging companies (holding the balance 10-15% share). The selection is based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the electric vehicle testing, inspection, and certification industry.