Global Electric Vehicle Testing Inspection Certification Market to be Dominated by Testing Segment till 2026
Ongoing technological advancements and
the strict regulatory standards are expected to drive the demand of the global
electric vehicle testing inspection certification market for the forecast
period.
According to TechSci Research report, “Electric
Vehicle Testing Inspection Certification Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Testing,
Inspection, Certification), By Application (Safety and Security, Connectors,
Communication, EV Charging) and By Region”, the global electric vehicle
testing inspection certification market is expected to witness a growth of
significant CAGR for the forecast period, 2022-2026. The growing demand for low
emission commuting vehicles due to the rapid depletion of fossil fuels is
fueling the demand of the global electric vehicle testing inspection
certification market. The initiatives made by the government for periodic
inspection of electric vehicles to maintain certain quality standards are
influencing the global market growth. The surge in awareness among consumers
about the harmful effects of emission particles into the environment is fueling
the adoption of electric vehicles across the globe. The growth of the
automotive industry and the surge in the demand to use automobiles for daily
commute purposes is creating the demand for low-cost, fuel-efficient vehicles.
The manufacturing of electric vehicles is cost-effective as these vehicles have
lower moving parts than the traditional automobiles and the manufacture of
components and the combustion power trains require low labor costs is boosting
the demand for electric vehicles which in turn is expected to accelerate the
global electric vehicle testing inspection certification market growth. The use
of the components such as sensors, actuators, software codes in electric
vehicles and are prone to failures and defects, therefore, require proper
testing to avoid any case of mishappening or accidents. The increase in the
disposable income of consumers is boosting the sales of electric vehicles
across the globe.
However, the presence of different regulations
in different countries and lack of skilled resources may restrain the global
electric vehicle testing inspection certification market growth for the forecast
period.
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Global electric vehicle testing inspection certification
market is segmented into type, application, region, and company. Based on type,
the market is divided into testing, inspection, and certification. The testing
segment is expected to account for major market share for the forecast period,
2022-2026. The presence of stringent safety regulations and standards to
satisfy certain quality standards is driving the growth of the segment. Testing
also covers checking the electric charging stations which can be based either
on AC or DC technology which is also an essential part of the electric vehicle
system. Based on application, the market is divided into safety and security,
connectors, communication, and EV charging. The safety and security segment are
expected to dominate the global electric vehicle testing inspection
certification market for the next five years. The integration and installation
of systems and components into electric vehicles require safety checks to
ensure the protection of passengers and vehicles is contributing to the market
growth.
UL LLC, Lloyd’s Register Group Limited, NSF International,
DEKRA SE, SGS Group, Applus Services S.A., Bureau Veritas S.A., Intertek Group
PLC, British Standards Institution, Rina S.P.A are the leading players operating
in global electric vehicle testing inspection certification market. Service
providers are increasingly focusing on research and development process to fuel
higher growth in the market. To meet evolving customer demand with respect to
better efficiency and durability, several electric vehicles testing inspection
certification service providers are coming up with their technologically
advanced offerings.
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“The
manufacturing of electric vehicles requires to pass multiple tests and
certifications to satisfy quality standards thereby ensuring reduced risk and
costs of product recalls. Market players can attract more customers by
promising better quality than the other players which ensures more sales of
electric vehicles. The growing adoption of electric vehicles is encouraging the
market players to launch a wider range of electric vehicles. The development of
the advanced charging infrastructure with more dense batteries with shorter
charging times pose greater security threats, therefore, require the testing,
inspection, and certification process for the safety of passengers is expected
to contribute to the global market growth till 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Electric Vehicle Testing Inspection Certification Market - Global
Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By
Type (Testing, Inspection, Certification), By Application (Safety and Security,
Connectors, Communication, EV Charging) and By Region” has evaluated the future growth potential of global electric
vehicle testing inspection certification market and provided statistics & information
on market size, shares, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
of global electric vehicle testing inspection certification market.
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