New York, United States, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Electric vehicles were developed to replace conventional modes of transportation that pollute the environment. Electric vehicles have grown in popularity as a result of numerous technological advancements. Electric vehicles (EVs) outperform conventional vehicles in fuel economy, greenhouse gas emissions, ease of home charging, smoother ride, and lower engine noise. Battery, hybrid, and plug-in hybrid electric vehicles are the three types of electric vehicles. In addition, electric vehicles do not require oil changes, but they are marginally more expensive than gasoline-powered vehicles. Installation and system integration of electric vehicles necessitates stringent safety checks. Testing, inspection, and certification of electric vehicles are prominent service factors for the development of electric vehicles and a crucial step for the advancement of automakers and suppliers.
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Market Dynamics
Growing Numbers of Electric Vehicles Worldwide Drive the Global Market
The escalating environmental concerns and the negative impact of conventional vehicles have opened the market to alternative vehicles. EVs are predicted to have a bright future, and the price of batteries, one of the essential components of an EV, is expected to drop significantly over time, making them more affordable. Automakers are anticipated to make substantial investments to meet the rising demand for electric vehicles and play a crucial role in market expansion. The deployment of electric vehicles will be boosted by factors such as increased fuel economy, low carbon emissions and maintenance, the convenience of charging at home, a smoother ride, and reduced engine noise. The rate at which electric vehicle manufacturers introduce new EV models is accelerating.
Increased Demand for Electric Vehicle Testing, Inspection, and Certification in Emerging Economies Creates Tremendous Opportunities
The competitive landscape of the global market is highly fragmented, with a large number of key players. According to the SR report, intense competition will be among the world's leading companies for a larger market share. In order to increase their market share, businesses will be compelled to employ aggressive marketing and business strategies, such as mergers and acquisitions. Emerging economies like China and India will likely present businesses with lucrative opportunities. In addition, the market in these developing nations is extremely promising. The quantity of goods exported from these countries to developed nations has increased dramatically in recent years. The middle-class populations of Britain, Russia, India, China, and South Africa (BRICS) are experiencing rapid economic growth, and as a result, they require high-quality resources with appropriate certifications.
Regional Analysis
Europe is the most significant global electric vehicle testing, inspection, and certification market shareholder and is estimated to exhibit a CAGR of 13.94% during the forecast period. The need for testing, inspection, and certification in this region is primarily driven by the government's increasing mandates for certification and enforcement to sell and the growing consumer awareness of quality requirements. Recent safety scandals involving Volkswagen, BMW, and Daimler demonstrate the need for independent testing and certification facilities. Companies have not only imposed more stringent rules and requirements but have also increased their reliance on a third party for evaluation, allowing independent testing, inspection, and certification businesses to flourish in the region. Several automotive OEMs are headquartered in Europe, including Volkswagen Group, Groupe PSA, Bayerische Motoren Werke AG, Fiat Chrysler Automobiles, Volvo, and Daimler AG.
North America is anticipated to exhibit a CAGR of 11.93% over the forecast period. Emerging technology and strict environmental standards altered the entire industry's outlook for enforcing regional requirements and regulations. In addition, the rising demand for periodic inspection and testing of electric vehicles is anticipated to boost the market. Bureau Veritas, an international leader in testing, inspection, and certification facilities, intended to hire more engineers, surveyors, regulators, auditors, laboratory technicians, and company support personnel in 2020. The company intends to hire over 2,000 individuals in the United States. It is anticipated that the national availability of testing, inspection, and certification services will increase.
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Key Highlights
- Based on application, the global electric vehicle testing, inspection, and certification market is bifurcated into safety and security, connectors, communication, and EV charging. The safety and security segment dominates the global market and is projected to exhibit a CAGR of 14.23% over the forecast period.
- Based on service type, the global electric vehicle testing, inspection, and certification market is bifurcated into testing, inspection, and certification. The testing segment owns the highest market share and is anticipated to grow at a CAGR of 15.03% over the forecast period.
- Based on source, the global electric vehicle testing, inspection, and certification market is divided into in-house and outsourcing. The outsourcing segment is the most significant contributor to the market and is anticipated to exhibit a CAGR of 14.95% over the forecast period.
- Europe is the most significant global electric vehicle testing, inspection, and certification market shareholder and is estimated to exhibit a CAGR of 13.94% during the forecast period.
Competitive Players
- DEKRA SE
- SGS Group
- TUV SUD
- Bureau Veritas S.A.
- Applus Services S.A.
- Intertek Group PLC
- British Standards Institution
- Eurofins Scientific
- Rina S.P.A.
- Norges Elektriske Materiellkontroll
- TUV Rheinland Group
- NSF International
- UL LLC
- Lloyd'sLloyd's Register Group Limited
- Element Materials Technology
Recent Developments
- March 2023- UL Solutions revealed plans to establish a new battery testing laboratory in Auburn Hills, Michigan, in the middle of 2024. The facility will be one of North America's most comprehensive battery testing and engineering laboratories.
- January 2023- Contemporary Amperex Technology Co., Limited (CATL), along with UL Solutions, entered into a Memorandum of Understanding (MoU) for strategic cooperation to promote the deployment and use of battery energy storage systems (BESS) and electric vehicle (EV) batteries more securely.
Segmentation
- By Applications
- Safety and Security
- Connectors
- Communication
- EV Charging
- By Service Type
- Testing
- Inspection
- Certification
- By Sourcing
- In-House
- Outsourcing
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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