Certifiably Green: The Role of Testing and Inspection in Building a Sustainable EV Industry
SkyQuest's Electric Vehicle Testing Inspection And Certification market report is an excellent analysis for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 14, 2023 (GLOBE NEWSWIRE) -- The forecast period (2023-2030) is expected to witness a significant surge in the Electric Vehicle Testing Inspection And Certification market, with a projected value of USD 4.08 billion at a CAGR of 15.9%. This is due to the growing demand for electric vehicles, increasing concern over vehicle safety and reliability, the rising number of electric vehicles, the need for standardization in testing, and the establishment of charging infrastructure, coupled with government regulations and initiatives. SkyQuest's report also indicates a continuing decrease in electric vehicle battery costs, from an average of $137/kWh in 2020 to $58/kWh by 2030. This could make electric vehicles more cost-effective than traditional internal combustion engine vehicles, potentially resulting in 58% of new passenger car sales being electric vehicles by 2040.
In addition, SkyQuest's research findings reveal that electric vehicle sales are expected to grow rapidly, from 3 million in 2020 to 145 million by 2030, with a projected CAGR of 31%. By 2030, the number of electric vehicles on the road is expected to reach 230 million, indicating an increasing need for timely and efficient certification processes due to the growing number of electric vehicle models launched by automakers.
*Browse in-depth TOC on "Electric Vehicle Testing Inspection And Certification Market" *
· Pages - 242
· Tables - 78
· Figures - 75
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Governments and regulatory bodies are implementing stricter regulations and certifications for electric vehicles as their demand grows, making the electric vehicle testing, inspection, and certification market crucial in ensuring these vehicles meet safety and environmental standards. The market has witnessed significant demand for testing and inspection services to ensure compliance with regulations and safety standards. With the continued expansion of the electric vehicle market, the importance of testing, inspection, and certification services will only increase in ensuring the safety and reliability of these vehicles.
*Prominent Players in Electric Vehicle Testing Inspection And Certification Market*
· SGS SA
· TUV SUD
· Bureau Veritas
· Intertek Group plc
· UL LLC
· DEKRA SE
· TUV Rheinland AG
· Applus+ Automotive
· Eurofins Scientific
· NTS
· Caresoft Global
· China Automotive Technology and Research Center Co., Ltd.
· MIRA Ltd.
· A2Mac1 Automotive Benchmarking
· Horiba Ltd.
· Calspan Corporation
· DNV GL AS
· Electric Vehicle Association of Asia Pacific (EVAAP)
· Fédération Internationale de l'Automobile (FIA)
· Electric Vehicle Association of Europe (EVAE)
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*Battery Electric Vehicle (BEV) Segment to Drive Higher Sales due to the increasing demand for BEVs is attributed to various factors*
In 2021, the Battery Electric Vehicle (BEV) segment played a significant role in driving the development of the Electric Vehicle Testing Inspection And Certification market, and this trend is expected to continue from 2022 to 2030. The growing demand for BEVs is being fueled by government initiatives, such as tax incentives and subsidies, and the increasing awareness of the environmental benefits of electric vehicles. SkyQuest projects that the market will grow at a CAGR of 19.7% during the forecasted period.
North America is expected to become a dominant player in the Electric Vehicle Testing Inspection And Certification market from 2022 to 2030. SkyQuest forecasts that the region will grow at a CAGR of 15.82% during the forecast period. This growth is driven by the well-established automotive industry and high demand for electric vehicles, which have resulted in the development of strict regulations and standards for these vehicles. Recently, UL, a global safety science company that provides testing, inspection, and certification services, launched an EV battery safety laboratory in North Carolina. The new facility will focus on safety testing for electric vehicle batteries, which is becoming increasingly important as the market for electric vehicles grows. This laboratory will enable UL to provide faster and more efficient testing and certification services to electric vehicle manufacturers in North America, helping to ensure the safety and reliability of electric vehicles on the road.
*Service Segment to Exhibit Strong Growth Due to Increasing Demand for Safety and Regulatory Compliance*
In 2021, the Service segment dominated the Electric Vehicle Testing Inspection And Certification market and is anticipated to continue its leadership from 2022 to 2030. This is due to the escalating need for safety and regulatory compliance testing and certification services and the trend of outsourcing testing and inspection services to third-party providers.
The Asia Pacific region has also emerged as a significant market force in the Electric Vehicle Testing Inspection And Certification industry and is expected to maintain its dominant position by 2030. SkyQuest's projection suggests a considerable expansion in the Asia Pacific Electric Vehicle Testing Inspection And Certification market with a forecasted CAGR of 18.97% during the forecast period. This growth can be attributed to the rising adoption of electric vehicles and various regional governments' implementation of regulations and standards.
A comprehensive analysis of the major players in the Electric Vehicle Testing Inspection And Certification market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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*Key Developments in Electric Vehicle Testing Inspection And Certification Market*
· Volkswagen, a leading German car manufacturer, is currently conducting tests on Škoda's electric vehicles in India to determine which products are suitable for mass-market electric mobility in the country, according to a senior company official. Škoda Auto has been given the responsibility for growth in India by the group, and it will also continue to focus on internal combustion engine (ICE) vehicles as it believes the widespread adoption of electric vehicles depends on the development of the country's ecosystem and infrastructure. Piyush Arora, Managing Director of Škoda Auto Volkswagen India, made this statement.
· HOP Electric has received certification from the Automotive Research Association of India (ARAI) for its upcoming electric motorcycle, the HOP OXO. According to the company, the ARAI has conducted and cleared all tests, including the AIS 156 battery testing, for its flagship electric bike, OXO. HOP Electric’s compliance with the Government of India’s Production Linked Incentive scheme (PLI) has led to its success in achieving the ARAI certification. The company has also announced plans to invest over Rs. 2,000 crore in India in the next five years to further its mandate.
*Key Questions Answered in Electric Vehicle Testing Inspection And Certification Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· Can you list the top companies in the market and explain how they have achieved their positions of influence?
· In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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