The U.K. new energy vehicle TIC services market size is anticipated to reach USD 572.1 million by 2030, and is projected to grow at a CAGR of 6.3% from 2023 to 2030. Government policies and initiatives are key factors driving the growth of the market. The UK has made numerous efforts to address the critical issues of climate change, air quality, and sustainability. This commitment to environmental management is demonstrated by the robust government policies and initiatives introduced to promote the adoption of NEVs, which has contributed to the growth of the market.
The continuous growth of the NEV market, driven by the increasing consumer demand for electric and hybrid vehicles, provides a substantial opportunity for TIC (testing, inspection, and certification) service providers. As more NEVs enter the market, the need for comprehensive testing, inspection, and certification services is expected to increase. For instance, in November 2022, Wallace Instruments introduced its latest innovation, the WAC11 Mk5 Compression Stress Relaxometer. This new equipment is considered a critical industry standard and is utilized in various industries and sectors, including automotive, construction, aerospace, energy, and utilities. Primary purpose of this equipment is to assess the ability of elastomer seals to maintain their resilience when subject to sustained compression under varying environmental conditions.
As NEVs become more connected and data-dependent, data security and cybersecurity concerns are expected to increase. The demand for TIC services that evaluate and certify the security of in-vehicle systems and data protection measures offers substantial growth potential. With the increasing complexity of NEVs, TIC service providers can offer predictive maintenance services. These services help manufacturers identify and address potential issues in their vehicles, enhancing long-term customer satisfaction and retention.
The continuous growth of the NEV market, driven by the increasing consumer demand for electric and hybrid vehicles, provides a substantial opportunity for TIC (testing, inspection, and certification) service providers. As more NEVs enter the market, the need for comprehensive testing, inspection, and certification services is expected to increase. For instance, in November 2022, Wallace Instruments introduced its latest innovation, the WAC11 Mk5 Compression Stress Relaxometer. This new equipment is considered a critical industry standard and is utilized in various industries and sectors, including automotive, construction, aerospace, energy, and utilities. Primary purpose of this equipment is to assess the ability of elastomer seals to maintain their resilience when subject to sustained compression under varying environmental conditions.
As NEVs become more connected and data-dependent, data security and cybersecurity concerns are expected to increase. The demand for TIC services that evaluate and certify the security of in-vehicle systems and data protection measures offers substantial growth potential. With the increasing complexity of NEVs, TIC service providers can offer predictive maintenance services. These services help manufacturers identify and address potential issues in their vehicles, enhancing long-term customer satisfaction and retention.
U.K. New Energy Vehicle TIC Services Market Report Highlights
- Based on service type, the testing segment led the market in 2022 with a revenue share of over 60%. The segment comprises battery testing, essential for evaluating energy storage, power delivery, durability, and safety, as well as electric motor testing to assess performance, efficiency, and reliability
- Based on sourcing type, the in-house segment led the market in 2022 with a revenue share of over 62%. In-house testing allows organizations to have full control over the testing processes. They can set the testing parameters, methodologies, and schedules to align with their specific needs and requirements
- In terms of application, the safety and security segment held the largest revenue share of over 47% in 2022. Regulatory bodies' recommendations for testing, inspection, and certification services, which place a greater emphasis on raising security and safety standards, are augmenting the market growth
- Based on vehicle type, the Battery Electric Vehicles (BEVs) segment held the largest revenue share of over 47% in 2022. BEV TIC providers are increasingly shifting to digital services. This is being driven by the need to reduce costs and improve efficiency. Digital TIC services can also improve the customer experience
- The automotive segment dominated the market in 2022 with a revenue share of over 49%. Testing is necessary to ensure that vehicles meet safety and environmental regulations imposed by government authorities. Compliance with these regulations is a legal requirement for automotive manufacturers
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. UK New Energy Vehicle (NEV) TIC Services Market: Service Type Estimates & Trend Analysis
Chapter 5. UK New Energy Vehicle (NEV) TIC Services Market: Sourcing Type Estimates & Trend Analysis
Chapter 6. UK New Energy Vehicle (NEV) TIC Services Market: Application Estimates & Trend Analysis
Chapter 7. UK New Energy Vehicle (NEV) TIC Services Market: Vehicle Type Estimates & Trend Analysis
Chapter 8. UK New Energy Vehicle (NEV) TIC Services Market: Industry Estimates & Trend Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Bureau Veritas
- DEKRA SE
- Element Materials Technology
- Intertek Group Plc
- IASYS Technology Solutions
- SGS Société Générale De Surveillance SA
- TÜV SÜD
- TÜV Rheinland
- The British Standards Institution
- UL LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 106 |
| Published | December 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 360.4 Million |
| Forecasted Market Value ( USD | $ 572.1 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | United Kingdom |
| No. of Companies Mentioned | 10 |
