Global Electric Vehicle Testing Inspection And Certification Market

Global Electric Vehicle Testing, Inspection, and Certification Market, By Application (Safety and Security, Connectors, Communication, EV Charging), By Product (Service Type, Sourcing), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2155
  • Available Format: PDF
  • Page: 190

Report Overview

The global electric vehicle testing, inspection, and certification market is gaining traction because of the growing concern towards non-renewable energy and environment. and stringent government regulations on the automotive industry has resulted in the sharp surge in the adoption of electric vehicles.

The global electric vehicle testing, inspection, and certification market was worth USD 864.6 million in 2020 and is further projected to reach USD 2,645.0 million by the year 2027, growing at the CAGR of 17.2% in the forecast period. The rapid adoption of electric vehicles has been fueled by rising public concern about nonrenewable energy and the environment, as well as strict government regulations on the automobile sector.Consequently, the testing, inspection, and certification market for electric vehicles is expected to grow enormously in the coming years.

Electric Vehicle Testing, Inspection, and Certification Market

Source: BlueWeave Consulting

Global Electric Vehicle Testing, Inspection, and Certification Market- Overview

The electric vehicle industry is a combination of both the automotive industry, which is based on ISO standards and the electrical industry, which is based on IEC standards. Tests, inspections, and certifications of electric vehicles include both the vehicle and its components. The inspection also covers the charging interfaces and the associated systems that enable EVs, charging stations, and back-office systems to communicate with each other. Furthermore, testing, inspection, and certification ensure the electrical safety of users, equipment, and infrastructure.

Global Electric Vehicle Testing, Inspection, and Certification Market Forecast and Trends

Growth Drivers

Growing Demands for Electrical Vehicles

Emerging economies like China, India, South Korea, Japan, have been flourishing significantly in the automotive industry and have been able to almost double their market. These countries are significantly focusing on expanding their production rate to keep the growth consistent. As a result, the demand for testing, inspection, and certification of electric vehicles is growing at a high rate to maintain the safety of the products as well as the components. Therefore, the manufacturers are seeking testing, inspection, and certification (TIC) services to ensure their products meet the safety guidelines of the target regions.

Rising Concern Towards Carbon Emission and Environment

It has been proven that fuel-powered automobiles negatively impact the environment.Vehicles that run on fuel emit a large amount of CO2 and other pollutants.Approximately 80-90% of cars' environmental impact comes from fuel consumption and emissions of air pollution and greenhouse gases. Therefore, people are increasingly adopting electric cars. Furthermore, the governments of numerous countries are also taking a variety of measures to encourage its adoption,such as granting tax recessions, etc. This is expected to significantly fuel the demand for electric vehicle testing, inspection, and certification market in the coming years.

Restraints

Varied Testing, Inspection and Certification Regulations in Different Countries

The different testing, inspection, and certification rules and policies used by different countries present a barrier to the global market.The launch of electric vehicles on the international market is a long process that demands clearance of safety on different levels. The regulations related to tax, overhead costs of hiring local tax experts, etc., prove to be very energy consuming and inefficient. Thus. the TIC companies offering testing, inspection, and certification services in the global market need to adjust to these regulations.

Impact of COVID-19 on Global Electric Vehicle Testing, Inspection, and Certification Market

The global electric vehicle testing, inspection, and certification have been severely affected by the unprecedented outbreak of the COVID-19 pandemic.Due to the severity of this outbreak, the automotive industry was one of the most badly affected industries.Production and manufacturing obstructions, as well as supply chain issues, negatively affected tests, inspections, and certifications. Moreover, in view of the uncertainty of lockdown extensions in several countries, manufacturers pulled their products off the market.Thus, the pandemic caused considerable losses on the TIC market.

Global Electric Vehicle Testing, Inspection, and Certification Market - By Application

Based on applications, the global electric vehicle testing, inspection, and certification market is segmented into safety and security, connectors, communication, and EV charging. In the entire electric vehicle testing, inspection, and certification process, safety and security are of utmost importance.This enables electric vehicles to be secure for users and to ensure that their equipment and infrastructure are working properly.Thus, the regulatory bodies recommend testing, inspection, and certification to focus on improving the safety of the vehicle.

Global Electric Vehicle Testing, Inspection, and Certification Market - By Product

Based on products, the global electric vehicle testing, inspection, and certification market is segmented into service type and sourcing. The service type segment accounts for the largest market share. This segment can further be classified into testing, inspection, and certification. Among these, the testing segment holds the largest market share as it is a very crucial step for maintaining the quality and the safety of the products. Therefore, regulatory authorities make it mandatory to get the electric vehicles tested before officially releasing them on the market.

Global Electric Vehicle Testing, Inspection, and Certification Market - Regional Insights

Geographically, the global electric vehicle testing, inspection, and certification market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market because of the high concentration of leading electric vehicle companies in this region such as Li Auto, Xpeng, NIO, CT&T, Hyundai, Tata, etc. Furthermore, the economic growth in the Asia Pacific has influenced the growth in per capita income which has directly impacted the use of electric vehicles, driving demand for electric vehicle testing, inspection, and certification market in the region.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leadingplayers in the global electric vehicle testing, inspection, and certification market are Applus Services S.A., UL LLC, British Standards Institution, TUV Rheinland Group, Bureau Veritas S.A., TUV SUD, DEKRA SE, SGS Group, Element Materials Technology, NSF International, Eurofins Scientific, NorgesElektriskeMateriellkontroll, Intertek Group PLC, Lloyd's Register Group Limited, MISTRAS Group, ALS Limited, SAI Global Pty Limited, and other prominent players.

With the presence of several global and regional industry participants, the market is highly competitive and consolidated. Moreover, the companies are intensively engaging in R&D activities to cater to the needs of the regional market. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, collaborations, etc., are also very prominent in this market to establish themselves in the local market.

Recent Developments

  • In August 2021, UL, the global safety science leader, and Hyundai Motor Company, a South Korean multinational automotive manufacturer, announced their collaboration on SLBESS initiatives, including safety testing and assessment, a North America demonstration project, and evaluation process development.
  • In December 2021, Bureau Veritas, a French certification company, launched ChargeScan by BV, an end-to-end solution for electric vehicle charging stations (EVCS), which will be able to offer real-time information verified by Bureau Veritas inspectors on the ground.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Application, By Product, By Region

Key Players

Applus Services S.A., UL LLC, British Standards Institution, TUV Rheinland Group, Bureau Veritas S.A., TUV SUD, DEKRA SE , SGS Group, Element Materials Technology, NSF International, Eurofins Scientific, NorgesElektriskeMateriellkontroll, Intertek Group PLC, Lloyd's Register Group Limited, MISTRAS Group, ALS Limited, SAI Global Pty Limited, and other prominent players.

 

By Application

  1. Safety and Security
  2. Connectors
  3. Communication
  4. EV Charging

By Product

  • Service Type
  1. Testing
  2. Inspection
  3. Certification
  4. Sourcing
  5. In-House
  6. Outsourcing

By Region

  1. North America
  2. Europe
  3. The Asia-Pacific
  4. Latin America
  5. The Middle East & Africa

 

FAQs:

 

1. What is the current size of the global electric vehicle testing, inspection, and certification market?

Answer: The global electric vehicle testing, inspection, and certification market reached USD 864.6million in 2020.

2. What are the major factors driving the growth of the global electric vehicle testing, inspection, and certification market?

Answer: The major factors driving the growth of the global electric vehicle testing, inspection, and certification market are thegrowing demands for electrical vehicles and rising concern towards carbon emission.

3. Who are the key players in the global electric vehicle testing, inspection, and certification market?

Answer: The key players in the global Electric Vehicle Testing, Inspection and Certification market are: Applus Services S.A., UL LLC, British Standards Institution, TUV Rheinland Group, Bureau Veritas S.A., TUV SUD, DEKRA SE, SGS Group, Element Materials Technology, NSF International, Eurofins Scientific, NorgesElektriskeMateriellkontroll, Intertek Group PLC, Lloyd's Register Group Limited, MISTRAS Group, ALS Limited, SAI Global Pty Limited, and other prominent players.

4. Which product segment accounted for the largest share in the global electric vehicle testing, inspection, and certification market?

Answer: The service type segment accounted for the largest share in the global electric vehicle testing, inspection, and certification market.

5. Which region is at the highest growth rate in the global electric vehicle testing, inspection, and certification market?

Answer:The Asia-Pacific has the largest share in the global electric vehicle testing, inspection, and certification market.