Europe EV Powertrain Testing Services Market to Surpass USD37904.30 Million by 2030
Increasing sales of electric
vehicle to drive the demand for the Europe EV Powertrain Testing Services
market for the forecast period.
According to TechSci Research report, “Europe
EV Powertrain Testing Services Market By Country, Competition, Forecast
& Opportunities, 2016- 2030”, the Europe EV powertrain testing services market
stood at USD5605.88 million in 2020, and it is expected to grow at a double-digit
CAGR of 22.02% to reach USD37904.30 million by 2030. Initiatives taken in the
form of subsidies on the purchase of electric vehicles to promote its adoption
and norms for reducing greenhouse emissions are driving the sales of electric
vehicles in the region. Surging sales of electric vehicles are contributing to
the increasing demand for the powertrain testing services market through 2030.
European Union laws set an emission target of 10g/km
by mid-century, representing the Paris agreement goal of a maximum increase of
two degrees Celsius of global earth temperature. In order to comply with the
regulations, private and public transportation is witnessing increased
automotive scrappage. Also, 26 out of 27 EU members have some form of
incentives for EV manufacturers. For instance, countries like France and
Germany have made electric cars production an important criterion for their
industry stimulus programs in their efforts to promote EV adoption. All these
developments have led to the rising demand for the EV powertrain testing
services market in Europe.
Browse 70 market Figures and 1 Table spread through 154
Pages and an in-depth TOC on "Europe EV Powertrain Testing Services Market”.
https://www.techsciresearch.com/report/europe-ev-powertrain-testing-services-market/8151.html
Europe
EV Powertrain Testing Services market is segmented into vehicle type,
propulsion, sourcing, country, and company. On the basis of vehicle type, the
market can be segmented into light duty, medium duty, and heavy duty. There has
been an increasing demand for light duty vehicles in the EU region, where the
industrial sector is expanding gradually, and the need to transport raw
materials and finished products efficiently and cost effectively is increasing.
The running cost incurred on transporting raw materials and finished products
in small pickup trucks or vans that run on battery power is lower than gasoline
vehicles. The high number of electric light duty vehicles is contributing to
the increased share of the EV powertrain testing services market.
Leading
players operating in Europe EV powertrain testing services market include:
- Applus+ IDIADA
- Ricardo Plc
- TÜV SÜD
- AVL List GmbH
- CTAG Automotive Technology Centre of Galicia
- Intertek Group Plc
- ATESTEO GmbH & Co. KG
- HORIBA MIRA Ltd
- Element Materials Technology
- FEV Group GmbH
EV
powertrain testing services market is fragmented, and manufacturers are
focusing on research and development processes to fuel higher growth in the
market. For instance, TÜV SÜD is the leading player in the Europe EV Powertrain
Testing Services Market, accounting for market share of 9.85% in 2020 in terms
of total electric vehicles tested. The company has a robust portfolio of
testing services for EVs. The company recently invested over USD30 million to
open the largest independent center for mobility and powertrains testing at
Heimsheim in Germany. The company also has a strong testing center network
ranging across various countries in Europe, which further allows it to enjoy a
competitive edge over other companies.
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“Most
of the leading global electric car manufacturing companies have their sales
operations or headquarters in Germany. To meet the climate targets, the Germany
government is offering incentives to purchase electric vehicles and plans to
abolish tax on pure electric vehicles by 2030. Previously, the EVs market in
Germany offered a limited range of electric cars. However, in recent years, new
product offering and diversification of companies in EVs have increased
sharply, attracting the attention of more domestic customers towards electric
cars. Increasing sales of electric vehicles in the country, in turn is driving
the electric vehicle powertrain testing services market and contributing to the
dominant share of the country in the region.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Europe
EV Powertrain Testing Services Market By Vehicle Type (Light Duty, Medium Duty,
Heavy Duty), By Propulsion (BEV, HEV, PHEV & FCEV), By Sourcing (Outsourcing,
In-House), By Country, Competition, Forecast &
Opportunities, 2016- 2030” has evaluated
the future growth potential of Europe EV Powertrain Testing Services 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 Europe EV Powertrain
Testing Services market.
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