Stringent emission norms and an increase in consumer expenditure capacity are expected to drive the demand for the global electric vehicle testing services market in the forecast period, 2023-2027.
According to TechSci Research report, “Electric Vehicle Testing Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global electric vehicle testing services market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Electric vehicle testing is used to test the electric vehicle and its components. It also covers charging stations and back-office systems and the charging interface, and the associated systems. They are gaining popularity owing to the high demand for electric vehicles among consumers and meeting the standards set by different quality check authorities.
However, the high cost associated with electric vehicle test equipment may restrain the global electric vehicle testing services market growth in the forecast period.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global Electric Vehicle Testing Services Market"
The global electric vehicle testing services market is segmented into propulsion, vehicle type, testing type, regional distribution, and competitive landscape.
Based on propulsion, the global electric vehicle testing services market is divided into BEV, HEV, and PHEV. Battery electric vehicle, or BEVs, is expected to capture the highest market share over the forecast period, 2023-2027. Battery electric vehicles make the use of one or more electric motors powered by a large onboard battery. There are few moving parts in the battery electric vehicles, which lowers the maintenance requirements and, ultimately, the cost of maintaining the vehicle. Massive demand for battery electric vehicles across the globe and the launch of advanced novel versions of battery electric vehicles are expected to bolster the segment growth in the upcoming years.
Based on vehicle type, the global electric vehicle testing services market is divided into two-wheeler, passenger car, LCV, and M&HCV. Passenger car dominates the market and is expected to maintain their dominance over the next five years. Changes in the preference of consumers toward private vehicle ownership and the growing expenditure capacity of consumers are driving the sales and production of passenger cars worldwide. Market players are focusing on introducing new technologies and software to enhance electric vehicles' functionalities and improve consumers' driving experience. They are introducing advanced electric vehicles, which must undergo a number of testing processes to ensure the proper functioning of the automobile and the driver. High production and sales of electric vehicles are expected to boost the segment demand over the next five years.
Based on testing type, the global electric vehicle testing services market is divided into electrical safety testing, performance testing, conformance, and interoperability testing, software testing, environmental & stress testing, functional safety testing, wireless testing, cyber security testing, and others. Electrical safety testing is expected to account for a significant market share over the forecast period. It is necessary testing as it ensures safe operating standards for any product or component that runs on electricity. Electric vehicles need to satisfy both the automotive industry (ISO standards) and the electrical industry (IEC standards). The benefits of electric safety testing are that it ensures the safety of users, infrastructure, and equipment. It also verifies that the product complies with the standards. Electric vehicle testing also evaluates the conformance, electromagnetic compatibility, and interoperability of the products and allows the electric vehicle manufacturers to market their products across different markets worldwide. The benefits of electric safety testing are expected to accelerate the segment 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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