USD 88.98 billion
Report ID: SQMIG20Q2010 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 99 | Figures: 76
Electric Vehicle Testing Inspection And Certification Market size was valued at USD 88.98 billion in 2021 and is poised to grow from USD 94.06 billion in 2022 to USD 150.9 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
Global Electric Vehicle Testing Inspection and Certification Market is expected to grow in the coming years due to the increase in the trend of digitalization in the automotive industry. Demand has grown as a result of the growing urgency to reduce emissions that contribute to global warming. Inspection, testing, and certification are crucial steps in ensuring that the product complies with global and regional standards and regulatory requirements for electric vehicle manufacturers and component suppliers.
Moreover, the increased adoption of electric vehicles and hybrid electric vehicles and the authorization of periodic technical inspection of vehicles by governments will boost the growth of the Automotive Market in the upcoming years.
However, the regulations and standards are likely to create barriers to the acceptance of products internationally as it may create conflicts between the local and international standards, thereby hindering the growth of the market.
US Electric Vehicle Testing Inspection And Certification Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 88.98 billion
To get more reports on the above market click here to Buy The Report
Electric Vehicle Testing Inspection And Certification Market is segmented on the basis of service, sourcing, application, and region. By service, the Electric Vehicle Testing Inspection And Certification Market is segmented into Testing services, inspection services, certification services, and others. By sourcing, the Electric Vehicle Testing Inspection And Certification Market is segmented into in-house and outsourced. By application, the Electric Vehicle Testing Inspection And Certification Market is segmented into electrical systems & components, electric vehicles, hybrid electric vehicles, battery systems, telematics, fuels, fluids & lubricants, interior & exterior materials and components, vehicle inspection services, homologation testing, and others. By region, the Electric Vehicle Testing Inspection And Certification Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Electric Vehicle Testing Inspection And Certification Market Analysis by Product Type
By product type, testing segment will hold the largest share in the global market during the forecast period as it is one of the most important steps for regulating the quality and safety of products.
Regulatory authorities make it pivotal to get electric vehicles tested before they are officially launched on the market.
Electric Vehicle Testing Inspection And Certification Market Analysis by Sourcing
By sourcing, in-house segment will lead the global market as numerous companies are extending their services and developing in-house expertise to perform TIC activities.
To get detailed analysis on other segments, Request For Sample Report
Globally, the Asia-Pacific region is anticipated to have the largest Global Electric Vehicle Testing Inspection and certification Market share in the coming years. Factors such as the growing per capita income, economic growth of the region, and rising per capita consumption with a large population base, investment opportunities, and high economic growth rate due to favorable government policies is making the region favorable.
Europe will also rise in the global competition due to increasing demand for autonomous & luxury vehicles, rising vehicle production, growing sales of electric cars, strict government regulations for vehicle safety & quality, and technological development in the automobile sector.
The North American market is anticipated to grow significantly in the upcoming year, due to increased vehicle manufacturing in the region because of the rise in demand for electric vehicles.
The U.S. is the first in the country in terms of major Automotive Market countries in this region. By implementing stringent regulations and other standards, TIC services are playing a vital role for automobile companies in this region in the coming years.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Electric Vehicle Testing Inspection And Certification Market Drivers
Increase in Technological Advancement will Boost Demand for Electric Vehicle Testing Inspection and Certification Market
Electric Vehicle Testing Inspection And Certification Market Restraints
Strict Regulations and Policies will Hinder Market Growth
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Global Electric Vehicle Testing Inspection and certification Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies in the market are implementing several business strategies such as new product launches, acquisitions & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio.
Electric Vehicle Testing Inspection And Certification Market Top Player’s Company Profiles
Electric Vehicle Testing Inspection And Certification Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Electric Vehicle Testing Inspection and certification Market analysis, increasing number of electric vehicles requires continuous developments in EV charging infrastructure and energy density of batteries. More powerful batteries are expected to place greater demand on testing facilities. Increasing focus on shorter charging time is expected to stimulate the emergence of high-power DC fast-charging stations, which will further increase the importance of testing and certification. In addition, expanding scope for research and development in testing, inspection, and certification procedures ensures higher customer safety and security, which is expected to drive electric vehicle testing, inspection, and certification market revenue growth during the forecast period.
|Market size value in 2021
|USD 88.98 billion
|Market size value in 2030
|USD 150.9 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Electric Vehicle Testing Inspection And Certification Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Vehicle Testing Inspection And Certification Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Vehicle Testing Inspection And Certification Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Vehicle Testing Inspection And Certification Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.