- According to a study proposed by ResearchAndMarkets.com, the electric vehicle testing, inspection, and certification market is expected to grow at an annual growth rate of 15% between 2022 and 2031 from $1.1 billion in 2022 to $4 billion by 2031.
The growth of the electric vehicle testing, inspection, and certification market is expected to be driven by technological advancements in electric vehicle systems and increasing sales of electric vehicles worldwide.
Electric vehicle testing, inspection, and certification is obviously a crucial phase in the development of electric vehicles as well as for the success of vehicle manufacturers. One of the main factors influencing the growth of this market sector is the increased need for safety and efficiency of electric vehicles.
The growth of the electric vehicle testing, inspection, and certification market has been affected by COVID-19. During the pandemic, major electric vehicle companies such as Fiat Chrysler Automobiles, Ford, PSA Group, Volkswagen, Ducati, Tesla, BMW, Rolls-Royce, and General Motors stopped manufacturing electric vehicles. During this period, production processes and the supply chain were frequently halted. As a result, the demand for testing, inspection and certification services decreased significantly due to the decline in global electric vehicle sales.
Several electric vehicle manufacturers as well as test, inspection, and certification service providers are located in Europe. This region of the world is expected to dominate the electric vehicle testing, inspection, and certification market during the forecast period.
