Three-wheelers electric vehicle is projected to gain the maximum revenue shares over the forthcoming period on the back of the growing adoption of three-wheelers like e-rickshaws in order to avoid environmental degradation. The growth of India's Electric Vehicle TIC Market is attributed to the increasing automobile production coupled with the rising focus of the government to impose strict regulatory standards on the automobile industry to maintain passenger and vehicle safety. Additionally, rising awareness among consumers regarding product quality and safety would drive the India Electric Vehicle Testing, Inspection and Certification Market Share over the coming years.
According to 6Wresearch, India Electric Vehicle TIC Market size is projected to grow at a CAGR of 36.5% during 2020-2026. The imposition of stringent government regulations by the regulatory bodies to discourage the continued use of defective equipment and to develop fuel-efficient vehicles would bolster the aforesaid market over the forthcoming period. However, owing to the COVID-19 pandemic, a sharp decline in vehicle sales was witnessed during the first three quarters of 2020, which thereby affected the electric vehicle TIC market in the country on account of the dependence of the automotive TIC market on the production of vehicles. The positive developments in areas of digital transformation and the adoption of modern technologies such as artificial intelligence, cloud computing and others would play a critical role in increasing the demand for software solutions to conduct audits and certifications in the future.
According to Ravi Bhandari, Research Head, 6Wresearch, the two-wheeler segment will also gain a huge share in the market on the back of the growing consumer adoption of safety standards as well as fuel-efficiency vehicles. However, three-wheeler will gain the largest revenue share of the market in the years to come due to the growing three-wheelers adoption like e-rickshaws in order to avoid environmental degradation
“The India Electric Vehicle Testing, Inspection and Certification Market (2020-2026)” report provides an in-depth analysis with 27 figures and 16 tables, covered in 112 pages. The report on the Electric vehicle testing, Inspection and Certification Market in India comprehensively covers the industry by TIC Types. The report provides a detailed as well as unbiased analysis of the ongoing growth drivers, opportunities/high growth areas, and trends of the market which are anticipated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.
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