Electric Vehicle Testing, Inspection, And Certification Market Size Is Expected To Reach USD 3.01 Billion By 2030

Posted by Neha Bora on March 26th, 2024

San Francisco, 26 March 2024: The Report Electric Vehicle Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type (Testing, Inspection), By Sourcing Type, By Application, By Vehicle Type, By Industry, By Region, And Segment Forecasts, 2024 - 2030

The global electric vehicle testing, inspection, and certification market size is projected to reach USD 3.01 billion by 2030, registering a CAGR of 14.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The electric vehicle testing, inspection, and certification (TIC) market encompasses the process of testing, inspecting, and certifying electric vehicles to ensure adherence to regulatory standards and industry specifications. This sector involves a range of services, including battery testing, assessment of electric motor performance, electrical safety evaluations, and testing for electromagnetic compatibility. The global push toward reducing carbon emissions and transitioning to cleaner energy sources has spurred a significant uptick in EV adoption. Thus, there is a growing need for efficient TIC services aimed at ensuring the safety, optimal performance, and compliance of EVs with established standards.

The market is experiencing continuous expansion, fueled by the rising popularity of electric vehicles and the need for dependable and secure testing and certification services. Furthermore, technological advancement, including the enhancement of more efficient batteries and electric powertrain systems, is contributing to the market's growth. In addition, stringent regulations and standards imposed by governments and regulatory bodies have further fueled the growth of the Electric Vehicle TIC market. These regulations require EVs to undergo comprehensive testing and certification to ensure their safety and environmental impact.

Growing investments in charging infrastructure and the advancement of sophisticated testing and inspection methodologies are poised to fuel further market growth. Moreover, the expanding prevalence of electric cars, a heightened customer emphasis on product quality and safety, and the integration of technological innovations, particularly with the increasing adoption of connected devices in the electric vehicle industry, offer opportunities for market players to extend their presence and capitalize on emerging opportunities.

Access Research Report of Electric Vehicle Testing, Inspection, And Certification Market @ https://www.grandviewresearch.com/industry-analysis/electric-vehicle-testing-inspection-certification-tic-market-report

Electric Vehicle Testing, Inspection, And Certification Market Report Highlights

• The testing segment led the market and accounted for 72.0% of the global revenue in 2023. The segment's growth is primarily due to its crucial role in ensuring the safety and quality of EVs
• The in-house segment accounted for the largest market revenue share in 2023. This high share is attributed to the on-site availability, enabling immediate access to testing facilities and personnel for decision-making
• The safety and security segment accounted for the largest market revenue share in 2023. The safety and security segment addresses critical aspects such as crashworthiness, fire safety, and cybersecurity, aligning with the stringent regulatory standards and consumer expectations for secure and dependable EVs
• The BEV (battery electric vehicle) segment accounted for the largest market revenue share in 2023. BEVs, relying only on electric batteries for propulsion, have become the central part of innovation and scrutiny within the EV industry
• Asia Pacific dominated the market and accounted for a 33.0% share in 2023. This high share can be attributed to the region's dynamic electric mobility landscape and proactive regulatory initiatives

Electric Vehicle Testing, Inspection, And Certification Market Report Scope

List of Key Players in Electric Vehicle Testing, Inspection, And Certification (TIC) Market

• Bureau Veritas
• DEKRA SE
• Element Materials Technology
• Intertek Group plc
• iASYS Technology Solutions
• SGS Société Générale de Surveillance SA
• TÜV SÜD
• TÜV Rheinland
• The British Standards Institution
• UL LLC

 Access Press Release of Electric Vehicle Testing, Inspection, And Certification Market @ https://www.grandviewresearch.com/press-release/global-electric-vehicle-testing-inspection-certification-tic-market