Dublin, July 14, 2021 (GLOBE NEWSWIRE) -- The "Electric Vehicle Testing, Inspection, and Certification - A Global and Regional Analysis: Focus on Product, Application, and Country Assessment" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle testing, inspection, and certification market is expected to witness a CAGR of 14.26% during the forecast period of 2021-2026. 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.
Market Segmentation
- Application: Safety and Security, Connectors, Communication, and EV Charging
- Product: Service Type (Testing, Inspection, and Certification) and Sourcing (In-House and Outsourcing)
Regional Segmentation
- North America: U.S., Canada, and Mexico
- South America
- Europe: France, Germany, Spain, and Rest-of-Europe
- Asia-Pacific and Japan (APJ) - Japan, India, South Korea, and Rest-of-Asia-Pacific and Japan
- China
- U.K.
- Middle East and Africa
Market Growth Drivers
- Increasing government focus on strict regulatory standards for electric vehicles
- Growing numbers of electric vehicles worldwide
- Digitalization in the testing, inspection, and certification market
Market Challenges
- New advancement in the electric vehicle leads to lack of skilled resources
- Different regulation and standards in different regions
Market Opportunities
- Government mandates for periodical technical inspection of vehicles
- Demand for electric vehicle testing, inspection, and certification in emerging economies
Key Companies Profiled
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 This Report Can Add Value
Product/Innovation Strategy
- Market by Product, Analysis, and Forecast: The segment gives a brief overview of the service portfolio of different companies and the market presence of different services existing in the market. The market can be addressed into three categories of services: Testing, Inspection, and Certification. The product segment also includes the market by sourcing mainly segmented into in-house and outsourcing.
- Market by Application, Analysis, and Forecast: The segment gives a brief overview of the market status of different service applications and key players offering services in those applications. The key applications are safety and security, connectors, communication, and EV charging. Safety and security remain the major application area of the electric vehicle testing, inspection, and certification market. Most of the regulatory standards that are in place across major countries are mainly focused on improving the safety of electric vehicles.
Growth/Marketing Strategy
- 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.
Key questions answered in the Report
- What are the key trends, market drivers, and opportunities in the market pertaining to electric vehicle testing, inspection, and certification?
- What are the major restraints inhibiting the global electric vehicle testing, inspection, and certification market growth?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in demand-generating developing and developed countries?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- How much revenue is each of the segments expected to record during the forecast period along with the growth percentage? The segments are as follows:
- Product offerings, including Service Type and Sourcing
- Application
- Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
- Which types of players and stakeholders are operating in the market ecosystem of electric vehicle testing, inspection, and certification, and what is their significance in the global market?
Global Electric Vehicle Testing, Inspection, and Certification Market
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.
Market Segmentation
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 Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Industry Dynamics Defining the Future Trends in Electric Vehicle Testing, Inspection, and Certification Market
1.1.1.1 Increase in the Adoption of Electronic Systems in Electric Vehicles Boosts Electric Vehicle Testing, Inspection, and Certification Market
1.1.1.2 Increasing Number of Cases for Component Failures in Electric Vehicle
1.1.1.3 Advent of Digital Technologies Pushes the Growth of Electric Vehicle Testing, Inspection, and Certification Market
1.2 Business Dynamics
1.2.1 Market Drivers
1.2.1.1 Increasing Government Focus on Strict Regulatory Standards for Electric Vehicles
1.2.1.2 Growing Numbers of Electric Vehicles Worldwide
1.2.1.3 Digitalization in the Global Electric Vehicle Testing, Inspection, and Certification Market
1.2.1.4 Impact of Business Drivers
1.2.2 Market Restraints
1.2.2.1 New Advancement in Electric Vehicles Demand More Skilled Resources
1.2.2.2 Varying Regulations and Standards in Different Regions
1.2.2.3 Impact of Business Restraints
1.2.3 Business Opportunities
1.2.3.1 Countries Mandate Periodic Technical Inspections (PTI) of Electric Vehicles
1.2.3.2 Increased Demand for Electric Vehicle Testing, Inspection, and Certification in Emerging Economies
1.2.4 Business and Corporate Strategies
1.3 Supply Chain Analysis
2 Application
2.1 Electric Vehicle Testing, Inspection, and Certification Market Application and Specification
2.1.1 Electric Vehicle Testing, Inspection, and Certification Market (by Application)
2.1.1.1 Safety and Security
2.1.1.2 Connectors
2.1.1.3 Communication
2.1.1.4 EV Charging
2.2 Demand Analysis of Electric Vehicle Testing, Inspection, and Certification Market (by Application)
2.2.1 Safety and Security
2.2.2 Connectors
2.2.3 Communication
2.2.4 EV Charging
3 Products
3.1 Electric Vehicle Testing, Inspection and Certification Market-Products and Specifications
3.1.1 Electric Vehicle Testing, Inspection, and Certification Market (by Service Type)
3.1.1.1 Testing
3.1.1.1.1 Testing Parameters
3.1.1.1.1.1 Mechanical
3.1.1.1.1.2 Temperature
3.1.1.1.1.3 Electrical
3.1.1.1.2 Conditions in Testing
3.1.1.2 Inspection
3.1.1.3 Certification
3.1.2 Electric Vehicle Testing, Inspection and Certification Market (by Sourcing)
3.1.2.1 In-House
3.1.2.2 Outsourcing
3.2 Demand Analysis of Electric Vehicle Testing, Inspection, and Certification (by Service Type and Sourcing)
3.2.1 By Service Type
3.2.1.1 Testing
3.2.1.2 Inspection
3.2.1.3 Certification
3.2.2 By Sourcing
3.2.2.1 In-House
3.2.2.2 Outsourcing
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/qrxnvf