Market Growth Driven by Increasing EV Adoption

The rise of EVs as an alternative to traditional gas-powered vehicles has led to an increase in demand for TIC services worldwide. Stricter environmental regulations, coupled with the growing awareness of the benefits of EVs—such as improved fuel economy, lower greenhouse gas emissions, and reduced engine noise—are driving the market. EVs, including battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs), are becoming increasingly popular as automakers invest heavily to meet the escalating demand.

The electric vehicle market is seeing substantial investments from automakers, who are eager to tap into the growing interest. Battery prices, a key component of EV production costs, are expected to decrease over time, making EVs more affordable and accessible to a broader consumer base.

Surging Demand for TIC Services in Emerging Economies

The global TIC market for EVs is highly competitive, with key players like DEKRA SE, SGS Group, TUV SUD, and Bureau Veritas S.A. vying for market share. Emerging economies such as China and India present lucrative opportunities, as these regions are seeing rapid economic growth and a rising demand for certified, high-quality EV products. Countries within the BRICS group—Brazil, Russia, India, China, and South Africa—are especially significant contributors to this growth, with expanding middle-class populations driving the need for stringent safety and quality checks.