Increasing sales of electric vehicle to drive the demand for the Europe EV Powertrain Testing Services market for the forecast period.
According to TechSci Research report, “Europe EV Powertrain Testing Services Market By Country, Competition, Forecast & Opportunities, 2016- 2030”, the Europe EV powertrain testing services market stood at USD5605.88 million in 2020, and it is expected to grow at a double-digit CAGR of 22.02% to reach USD37904.30 million by 2030. Initiatives taken in the form of subsidies on the purchase of electric vehicles to promote its adoption and norms for reducing greenhouse emissions are driving the sales of electric vehicles in the region. Surging sales of electric vehicles are contributing to the increasing demand for the powertrain testing services market through 2030.
European Union laws set an emission target of 10g/km by mid-century, representing the Paris agreement goal of a maximum increase of two degrees Celsius of global earth temperature. In order to comply with the regulations, private and public transportation is witnessing increased automotive scrappage. Also, 26 out of 27 EU members have some form of incentives for EV manufacturers. For instance, countries like France and Germany have made electric cars production an important criterion for their industry stimulus programs in their efforts to promote EV adoption. All these developments have led to the rising demand for the EV powertrain testing services market in Europe.
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Europe EV Powertrain Testing Services market is segmented into vehicle type, propulsion, sourcing, country, and company. On the basis of vehicle type, the market can be segmented into light duty, medium duty, and heavy duty. There has been an increasing demand for light duty vehicles in the EU region, where the industrial sector is expanding gradually, and the need to transport raw materials and finished products efficiently and cost effectively is increasing. The running cost incurred on transporting raw materials and finished products in small pickup trucks or vans that run on battery power is lower than gasoline vehicles. The high number of electric light duty vehicles is contributing to the increased share of the EV powertrain testing services market.
Leading players operating in Europe EV powertrain testing services market include:
- Applus+ IDIADA
- Ricardo Plc
- TÜV SÜD
- AVL List GmbH
- CTAG Automotive Technology Centre of Galicia
- Intertek Group Plc
- ATESTEO GmbH & Co. KG
- HORIBA MIRA Ltd
- Element Materials Technology
- FEV Group GmbH
EV powertrain testing services market is fragmented, and manufacturers are focusing on research and development processes to fuel higher growth in the market. For instance, TÜV SÜD is the leading player in the Europe EV Powertrain Testing Services Market, accounting for market share of 9.85% in 2020 in terms of total electric vehicles tested. The company has a robust portfolio of testing services for EVs. The company recently invested over USD30 million to open the largest independent center for mobility and powertrains testing at Heimsheim in Germany. The company also has a strong testing center network ranging across various countries in Europe, which further allows it to enjoy a competitive edge over other companies.
“Most of the leading global electric car manufacturing companies have their sales operations or headquarters in Germany. To meet the climate targets, the Germany government is offering incentives to purchase electric vehicles and plans to abolish tax on pure electric vehicles by 2030. Previously, the EVs market in Germany offered a limited range of electric cars. However, in recent years, new product offering and diversification of companies in EVs have increased sharply, attracting the attention of more domestic customers towards electric cars. Increasing sales of electric vehicles in the country, in turn is driving the electric vehicle powertrain testing services market and contributing to the dominant share of the country in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.