Canada EV Electronics Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type, By Application (Safety & Security, Connectors, EV Charging), By Vehicle Type, And Segment Forecasts, 2024 - 2030

Canada EV Electronics Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service Type, By Sourcing Type, By Application (Safety & Security, Connectors, EV Charging), By Vehicle Type, And Segment Forecasts, 2024 - 2030

Canada EV Electronics Testing, Inspection, And Certification Market Growth & Trends

The Canada EV electronics testing, inspection, and certification market size is anticipated to reach USD 598.2 million by 2030 and is projected to grow at a CAGR of 29.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The expansion of infrastructure for EV charging is fueling the significant EV electronics testing, inspection, and certification (TIC) market growth in Canada. The Canadian government and private entities are actively investing in developing and deploying fast-charging stations nationwide; as a result, accessibility to charging points is on the rise. For instance, the British Columbia government has invested heavily in expanding its EV charging network. Programs such as the CleanBC Go Electric Public Charger rebate program incentivize businesses and organizations to install charging stations. This increased accessibility directly addresses a primary concern for consumers considering the switch to electric vehicles, leading to a surge in EV adoption rates. Consequently, with more electric vehicles hitting the roads, the demand for TIC services to ensure the safety and compliance of EV electronics, particularly charging systems, is experiencing a parallel surge.

The rapid expansion of the electric vehicle market in Canada is fueled by supportive government policies, incentives, and investments in EV infrastructure and research & development. For instance, the federal government's Zero-Emission Vehicles (iZEV) program provides purchase incentives for zero emission vehicles, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Governments at the federal and provincial levels are implementing measures to promote electric vehicle adoption, including subsidies, tax incentives, and regulatory mandates for zero-emission vehicles. These initiatives create a conducive environment for EV manufacturers and TIC service providers, driving market growth and innovation in Canada.

The global transition towards electrification presents an opportunity for Canadian TIC providers to expand their services internationally. By capitalizing on their expertise and reputation for quality and reliability, Canadian firms can establish partnerships with foreign companies seeking trusted TIC services. This enables them to penetrate new markets, diversify revenue streams, and contribute to the advancement of electric vehicle technology on a global scale. Moreover, by utilizing their strong reputation, Canadian TIC providers can establish themselves as leaders in international electric vehicles.

Canada EV Electronics Testing, Inspection & Certification Market Report Highlights

• Based on service, the testing segment led the market with the largest revenue share of 76.7% in 2023. There is a significant focus on the development of new test equipment tailored for next- generation batteries, including solid-state batteries, to meet the evolving needs of the industry. On-site testing solutions are gaining traction to minimize downtime and optimize efficiency, driving the innovation of portable and compact test equipment designs
• Based on sourcing type, the in-house segment led the market with the largest revenue share of 57.0% in 2023. As the demand for EVs continues to rise in Canada, in-house TICs of EVs play a crucial role in ensuring compliance with regulatory standards and meeting consumer expectations for quality and safety
• Based on application, the EV charging segment led the market with the largest revenue share of 55.1% in 2023. Growing environmental awareness and corporate commitments to sustainability are significant drivers of the EV charging segment. As companies increasingly embrace sustainability initiatives, the adoption of fleets of electric vehicles and the installation of EV charging infrastructure at workplaces and commercial properties are becoming more prevalent, further fueling the growth of the EV charging segment
• Based on vehicle type, the passenger vehicles segment led the market with the largest revenue share of 85.6% in 2023. As the popularity of electric passenger vehicles surges in Canada, this translates to a higher production volume by EV manufacturers. This rise in EV production volume necessitates more testing, inspection, and certification of the electronic components used. As a result, the market experiences growth to cater to the expanding needs of EV manufacturers.

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