TechSci Research has projected that the global electric vehicle testing services market will experience a steady Compound Annual Growth Rate (CAGR) during the forecast period of 2023-2027. Electric vehicle testing services are utilized to evaluate electric vehicles and their components, including charging stations, back-office systems, charging interfaces, and associated systems. The increasing demand for electric vehicles among consumers and the need to meet various quality check standards have made these services more popular. However, the market’s growth may be impeded during the forecast period due to the high costs associated with electric vehicle test equipment.
The global electric vehicle testing services market is segmented into propulsion, vehicle type, testing type, regional distribution, and competitive landscape.
The global electric vehicle testing services market is categorized into three segments – BEV, HEV, and PHEV, based on propulsion. The BEV segment is anticipated to dominate the market share during the forecast period, which is from 2023-2027. BEVs utilize a large onboard battery to power one or more electric motors and have minimal moving parts, resulting in lower maintenance requirements and costs. The segment’s growth is expected to be fueled by a significant surge in demand for battery electric vehicles worldwide, as well as the launch of advanced and innovative versions of these vehicles in the coming years.
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Passenger cars dominate the global electric vehicle testing services market, based on vehicle type, and are projected to maintain their dominance over the next five years. The shift in consumer preference toward private vehicle ownership and increasing spending capacity are driving the sales and production of passenger cars globally. Market players are introducing new technologies and software to enhance electric vehicles’ functionalities and improve the consumers’ driving experience. The high production and sales of electric vehicles are expected to drive the segment’s demand over the forecast period.
Based on testing type, the global electric vehicle testing services market is categorized into various segments, with electrical safety testing expected to account for a significant market share over the forecast period. Electrical safety testing is necessary to ensure safe operating standards for any product or component that runs on electricity. It is crucial for electric vehicles to meet both automotive industry (ISO standards) and electrical industry (IEC standards) regulations. The benefits of electric safety testing include ensuring the safety of users, infrastructure, and equipment and verifying the product’s compliance with standards. Electric vehicle testing also evaluates conformance, electromagnetic compatibility, and interoperability of products, allowing electric vehicle manufacturers to market their products globally. The benefits of electric safety testing are expected to drive the segment’s demand over the forecast period.
Major market players operating in the global electric vehicle testing services market are:
- Tata Elxsi Limited
- MET Laboratories, INC.
- International Centre for Automotive Technology
- Vehicle Dynamics Lab
- Unico, LLC.
- Mobile Power Solutions
- Element Materials Technology
- Dekra Certification B.V.
- BOLAB Systems
- Dewesoft d.o.o.
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“The growing advancements in electric vehicle and battery technology and the rapid launch of new, better-performing electric vehicles in the market is expected to create lucrative growth opportunities for the global electric vehicle testing services market. Continuous innovation in the electric vehicle architecture has resulted in a large amount of data flowing through the electronic systems to meet the stringent quality norms. Market players are expanding their electric vehicle testing services capabilities and are adopting online platforms to attract end-users to avail of their services. High sales and production of electric vehicles, favorable government policies, and the rise in the number of market players are expected to propel the global electric vehicle testing services market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Electric Vehicle Testing Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Propulsion (BEV, HEV, PHEV), By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Testing Type (Electrical Safety Testing, Performance Testing, Conformance and Interoperability Testing, Software Testing, Environmental & Stress Testing, Functional Safety Testing, Wireless Testing, Cyber Security Testing, Others), and By Region”, has evaluated the future growth potential of global electric vehicle testing services and provides statistics & information on market size, 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 global electric vehicle testing services market.
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