Yahoo Finance Europe EV Powertrain Testing Services Market, By Vehicle Type, By Propulsion, By Sourcing, By Country, Competition, Forecast & Opportunities, 2016- 2030
Europe EV Powertrain Testing Services Market, By Vehicle Type (Light Duty, Medium Duty, Heavy Duty), By Propulsion (BEV, HEV, PHEV & FCEV), By Sourcing (Outsourcing, In-House), By Country, Competition, Forecast & Opportunities, 2016- 2030
New York, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe EV Powertrain Testing Services Market, By Vehicle Type, By Propulsion, By Sourcing, By Country, Competition, Forecast & Opportunities, 2016- 2030" - https://www.reportlinker.com/p06223774/?utm_source=GNW
Europe EV powertrain testing services market was valued at USD5,605.88 million in 2020, and it is anticipated to grow at CAGR of 22.02% during the forecast period, 2022-2030 on account of expanding electrification in the automotive industry. The rapidly increasing number of electric vehicle sales in the European region is also driving the growth of the European EV powertrain testing services market in the upcoming five years.
The electric powertrain is the main equipment that provides power to the electric vehicle.The powertrain is used to generate power with the help of set components in it and that power is required to move the vehicle and deliver it to the wheels.
The major components of the electric vehicle powertrain include a battery pack, DC-AC converter, electric motor, and onboard charger, among others.All services used to test electric vehicle powertrains are referred to as electric vehicle powertrain testing services.
Electric vehicles are full of advanced electric designs, and powertrain which is responsible for taking energy stored in the vehicle’s battery system and supplying it to the motors.
Growing Electric Vehicle Adoption is Driving Market Growth
There has been a growing concern towards the environment among citizens in the European countries, as well as the government is shifting its preference towards electric vehicles from conventional vehicles.Moreover, higher disposable income and declining battery prices are propelling the demand and supply for electric vehicles in Europe.
Around 23% of the electric vehicle fleet in overall European electric vehicle fleet is located in Norway, the Netherlands, Germany, France, and Sweden.For instance, countries like France and Germany have made electric car production as an important criterion for their industry stimulus programs in their efforts to promote EV adoption.
Many industry stakeholders of electric vehicles have shown up on managed charging, which has resulted in more efficient energy grid utilization, and reduced average cost for customers. All these factors have led to the rising demand for EV powertrain testing services market in Europe.
Various Incentives by European Government
In many European countries, the government has introduced incentives in different forms to increase the number of electric vehicles sales.Germany offers the most generous electric vehicle incentives in Europe as the country is highly ambitious about reaching its objectives of having 10 million EVs and 1 million charging stations by 2030.
The government of Germany has introduced the ‘Umweltbonus’ (environmental bonus) program which encourages its citizens to adopt electric vehicles and decommission the use of diesel and gasoline vehicles. The government provides incentive on buying fully- electric vehicles and on plug-in hybrid vehicles priced up to USD45054.68 (EUR 40,000). The government of Germany has also introduced the tax benefits on buying an electric vehicle such as fully electric vehicles registered between 2011 and 2030 have a 10-year exemption from this tax, Plug-in hybrid EVs pay the tax, but it’s lower for them than diesel/gasoline vehicles, in proportion with their lower CO2 emissions. In France, there are various incentives for electric vehicles, that includes a bonus of up to USD7884.57 (EUR 7,000) for the electric vehicle that emits less than 20g CO2/km. Tax benefits such as both fully electric vehicles and plug-in hybrids are eligible for either a 50% discount or are fully exempt from paying the license plate registration (carte grise) in Metropolitan France depending on the region. All these incentives are increasing the demand for electric vehicles in the country and due to this rising demand, the electric vehicle powertrain testing services market is growing.
Rising Safety Concerns Aids Market Growth
One of the main problems with electric vehicles is that they catch fire due to overheating of the powertrain components which is a major cause of concern among users.The electric vehicle catching fire has also caused significant damage, including property and civilian death and injury over the years.
For instance, a large number of vehicle fires and more than a billion directed property losses were reported in France in year 2019. Ford company reported a recall for one of its electric vehicle model Kuga plug-in hybrids in the United Kingdom after it found, in some instances, faulty batteries had overheated when charging, causing a fire.So, there is an increase in inclination towards electric vehicle powertrain testing services among electric vehicle manufacturers in the European region. For instance, Tesla, which suffered a spate of bad publicity following three highly publicized vehicle fires, invested considerable time and money on R&D and its testing standards to regain its brand image among customers.
Expanding Electric Car Fleet Drives the Market
Due to growing government initiatives to promote the use of electric cars, demand for them is increasing across the region.As fuel prices and concerns regarding a safer environment are growing, the EU commission is providing incentives and discounts on the purchase of electric cars.
Such price benefits are highly attracting the fleet owners of public shared mobility service.Moreover, with the growing demand for electric cars, the size of the used electric car fleet is expected to increase in the region.
The increasing electric car fleet is expected to drive the EV powertrain testing services market in the forthcoming years.
Market Segmentation
The Europe EV powertrain testing services market is segmented based on vehicle type, by propulsion, by sourcing, by country, by company.Based on vehicle type the market is further fragmented into light duty vehicles, medium duty vehicle, and heavy duty vehicles.
Based on propulsion type, the market is segmented into BEV, HEV, PHEV & FCEV. In the year 2020, light-duty vehicle dominated the market by total share of 62.14% of the total vehicle share in the European region. The increase in the light duty vehicle in the European region is due to an increase in the number of incentives polices.
Company Profiles
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, and FEV Group GmbH, are among the major market players in the Europe EV powertrain testing services market.
Report Scope:
In this report, Europe EV powertrain testing services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Europe EV Powertrain Testing Services Market, By Vehicle Type:
o Light Duty
o Medium Duty
o Heavy Duty
• Europe EV Powertrain Testing Services Market, By Propulsion:
o BEV
o HEV
o PHEV
o FCEV
• Europe EV Powertrain Testing Services Market, By Sourcing:
o Outsourcing
o In House
• Europe EV Powertrain Testing Services Market, By Country:
o Germany
o Spain
o France
o United Kingdom
o Italy
o Russia
o Slovakia
o Sweden
o Belgium
o Czech Republic
o Poland
o Netherlands
o Rest of Europe
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Europe EV powertrain testing services market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06223774/?utm_source=GNW
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