U.K. New Energy Vehicle TIC Services Market: Anticipated Surge, Reaching USD 572.1 Million by 2030 with a 6.3% CAGR

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "U.K. New Energy Vehicle TIC Services Market Size, Share & Trend Analysis Report by Service Type (Testing, Certification), Sourcing Type (In-House, Outsourced), Application, Vehicle Type, Industry, and Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The latest report illuminating the growth trajectory of the U.K. new energy vehicle (NEV) TIC services market through 2030 has been published on our website. A thought leader in industry analysis, the report offers in-depth insights into the market dynamics, size, share, and trends.

With sustainability and climate change at the forefront of global policies, the U.K. is witnessing a significant market expansion due to government initiatives aimed at promoting NEV adoption. The extensive transition to electric and hybrid vehicles has augmented the need for a range of TIC services to ensure safety, efficiency, and compliance with regulatory standards.

In our comprehensive analysis, several key highlights emerged:

  • Testing Services Dominate: The testing segment, vital for battery and electric motor evaluation, led the market with a revenue share of over 60%.
  • Preference for In-House Sourcing: Over 62% of the market has opted for in-house TIC services, emphasizing control and customization of testing standards.
  • BEVs Propel Vehicle Type Segment: With a revenue share of over 47%, the BEV segment leads, signaling a shift toward digitalization of TIC services in this field.
  • Automotive Industry Leads in TIC Demand: Accounting for almost half of the industry share, automotive manufacturers require extensive testing to meet stringent safety and environmental regulations.

The report delivers a granular analysis of various service types within the TIC services market, such as certification and inspection, each offering a view into the sector's current state and future potential. Market segments by sourcing type, application, vehicle type, and industry provide a holistic perspective of the NEV TIC services landscape, with detailed forecasts up to 2030.

The role of security in NEV TIC services is underlined, showcasing market opportunities within cyber and data protection. Innovations like the Wallace Instruments WAC11 Mk5 Compression Stress Relaxometer exemplify the market's focus on technological advancements and the pivotal role they play in industry standards.

The U.K.'s commitment to NEVs, spurred by climate-focused governance, spells a burgeoning market for TIC services essential for the lifecycle of these vehicles. Not only does the report predict market growth, but it also hints at the increasing sophistication required of TIC service providers to match the evolving complexity of NEVs.

As the market looks ahead, stakeholders, investors, and industry participants can leverage the insights derived from the report to align strategies with the emerging trends and growth patterns demonstrated within this sector. For more detailed analysis and extensive market forecast data, the complete report can be accessed on our website.

Key Attributes:

Report AttributeDetails
No. of Pages106
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$360.4 Million
Forecasted Market Value (USD) by 2030$572.1 Million
Compound Annual Growth Rate6.3%
Regions CoveredUnited Kingdom

Companies Mentioned

  • Bureau Veritas
  • Element Materials Technology
  • Intertek Group Plc
  • IASYS Technology Solutions
  • SGS Société Générale De Surveillance SA
  • TÜV Rheinland
  • The British Standards Institution
  • UL LLC

For more information about this report visit https://www.researchandmarkets.com/r/r75rsf

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U.K. New Energy Vehicle TIC Services Market

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