Market Overview:
The Global market for Electric Vehicle TIC (Testing, Inspection and Certification) is valued at USD 1265.86 Million in 2023 is projected to reach a revised size of USD 4384.58 Million by 2030, growing at a CAGR of 16.8% over the period 2022-2030.
The Electric Vehicle Testing, Inspection, and Certification (TIC) market play a pivotal role in enhancing electric vehicle (EV) quality and manufacturing standards while ensuring compliance with specific regulations. This service encompasses rigorous evaluation to ensure the safety of users, equipment, infrastructure, and the environment. Stringent regulatory norms imposed by governments globally underscore the importance of EV testing.
The surge in digitalization within the automotive sector, coupled with the increasing production of electric vehicles across developed and developing nations, drives the demand for high-quality and safe electric vehicles. According to Statista, the year 2020 witnessed a notable milestone, with a remarkable 10.2 million electric vehicles in use. Recognizing the potential ramifications of component failures, which could lead to customer dissatisfaction and substantial financial losses, companies are turning to TIC services to avert such issues. This is particularly relevant as EV adoption continues to rise, bolstered by government-mandated periodic technical inspections (PTI).
As the electric vehicle market experiences exponential growth, coupled with greater consumer demand and regulatory imperatives, the Electric Vehicle TIC market is poised for significant expansion in the upcoming years.
Top Key Players for Electric Vehicle TIC (Testing, Inspection and Certification) Market:
DEKRA SE (DEKRA) (Germany), TÜV SÜD Group (Germany), Applus Services S.A. (Applus+) (Spain), SGS Group (Switzerland), Bureau Veritas S.A.(France),Intertek Group PLC (Intertek) (UK), Eurofins Scientific (Luxembourg), Element Materials Technology (UK), Lloyd’s Register Group Limited (UK), MISTRAS Group Inc. (US), UL LLC (US), DNV GL Group AS (Norway), British Standards Institution (BSI) (UK), RINA S.p.A (Italy), Norges Elektriske Materiellkontroll (Norway), NSF International (US), EQS - Engineering, Quality and Safety (Portugal), and Other Major Players.
Market Dynamics and Factors for Electric Vehicle TIC (Testing, Inspection and Certification) Market:
Drivers:
Growing Sales of Electric Vehicles (Evs) Worldwide
The growing sale of electric vehicles (EVs) worldwide serves as a major driver in the Electric Vehicle Testing, Inspection, and Certification (TIC) market. With an increasing focus on sustainable and eco-friendly transportation solutions, governments, consumers, and industries alike are embracing EV adoption. The surge in EV sales results from various factors, including advancements in battery technology, supportive government policies, rising environmental awareness, and the introduction of attractive incentives.
Opportunities:
Digitalization of The Testing, Inspection, And Certification (TIC) Processes for Electric Vehicles
As the electric vehicle market grows, the adoption of digital technologies streamlines TIC procedures, making them more efficient, accurate, and cost-effective. Embracing digital tools and automation enhances data management, simplifies regulatory compliance, and reduces turnaround times, thereby meeting the rising demand for electric vehicle TIC services. Moreover, digitalization improves transparency, traceability, and accessibility, providing stakeholders with real-time insights into EV safety and quality.
Segmentation Analysis of the Electric Vehicle TIC (Testing, Inspection and Certification) Market:
- By Service Type, The Testing segment dominates the Electric Vehicle Testing, Inspection, and Certification (TIC) market. With the rising demand for electric vehicles, comprehensive testing services are crucial to ensuring safety, quality, and regulatory compliance. Thorough testing procedures provide confidence to manufacturers, consumers, and regulators, driving the Testing segment's prominence in the rapidly expanding electric vehicle TIC market.
- By Sourcing Type, The In-house sourcing segment is expected to dominate the Electric Vehicle Testing, Inspection, and Certification (TIC) market. Many manufacturers opt for in-house TIC capabilities to maintain better control over the quality and testing processes of their electric vehicles. In-house sourcing allows for quicker feedback and implementation of improvements, resulting in higher efficiency and cost-effectiveness.
Regional Analysis of the Electric Vehicle TIC (Testing, Inspection and Certification) Market:
Asia Pacific is projected to gain the largest share in the coming future in the Electric Vehicle Testing, Inspection, and Certification (TIC) market. This growth is driven by the region's significant and increasing adoption of electric vehicles, bolstered by supportive government policies, rising environmental concerns, and advancements in EV technology.
Key Industry Development:
- In August 2021, Hyundai Motor, a South Korean multinational automotive manufacturer, has partnered with global safety science leader, UL, for the safe deployment and use of a Second-Life Battery Energy Storage System (SLBESS). This partnership is expected to increase the safe deployment of key renewable, zero-emission energy resources, and improve the safety testing and evaluation process.
