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 vehicles 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 vehicles testing inspection certification market growth for the forecast period.
Browse XX Figures spread through 110 Pages and an in-depth TOC on “Global Electric Vehicle Testing Inspection Certification Market”.
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 vehicles 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 vehicles 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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