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The widespread adoption of electric vehicles globally implies the need for stringent testing, inspection, and certification of electric vehicles. The demand has also increased because of the increasing need for reducing emissions contributing to global warming. Electric vehicle manufacturers and component suppliers have to ensure that the product meets the global and regional standards and regulatory requirements, making inspection, testing, and certification a critical step.

The electric vehicle testing, inspection, and certification market is projected to reach $4,038.2 million by 2031 from $1,104.7 million in 2022, growing at a CAGR of 15.49% during the forecast period 2022-2031. The growth in the electric vehicle testing, inspection, and certification market is expected to be driven by technological advancements in electric vehicle systems and increasing sales of electric vehicles around the world.

Electric cars were created to replace conventional modes of transportation, which pollute the atmosphere. Due to various technological advances, electric cars have grown in popularity. Electric vehicles (EVs) outperform conventional vehicles in terms of fuel economy, greenhouse gas emissions, and maintenance, as well as the ease of charging at home, a smoother ride, and reduced engine noise. Battery, hybrid, and plug-in hybrid electric cars are the three varieties of electric vehicles. Furthermore, electric cars do not need engine oil adjustments, but they are marginally more costly than their gasoline counterparts.

Global Electric Vehicle Testing, Inspection, and Certification Market by Application

The application segment of the EV testing, inspection, and certification market is segmented into safety and security, connectors, communication, and EV charging. Most of the regulatory standards that are in place across major countries are mainly focused on improving the safety of electric vehicles.

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Global Electric Vehicle Testing, Inspection, and Certification Market by Product

The product segment of the EV testing, inspection, and certification market is segmented into service type and sourcing. The service type is further categorized into testing, inspection, and certification; and the sourcing segment is further categorized into in-house and outsourcing. Among these, testing accounted for the largest market share in 2020 and is expected to dominate the market in the given forecast period as well, driven by stringent government regulations and standards.

Digital Segment to Dominate the Electric Vehicle Testing, Inspection, and Certification Market

The digital segment in the electrical vehicle testing, inspection, and certification market would generate the largest demand owing to the technological advancement of the automotive testing industry. With the advent of digital simulation, the physical approach for testing, inspection, and certification can be reduced significantly which would be more cost effective and reliable.

Global Electric Vehicle Testing, Inspection, and Certification Market by Region

The regional segmentation of the EV testing, inspection, and certification market is done on the basis of North America, South America, Europe, China, U.K., Middle East and Africa, and Asia-Pacific and Japan. Europe held the largest share in terms of value generation in FY2020. This is primarily due to the growth of the electric vehicle market in the region and the presence of various testing, inspection, and certification providers in the region.

Competitive Landscape

The competitive landscape of the electric vehicle testing, inspection, and certification market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by the service providers are product launches, market developments, mergers and acquisitions, partnerships, and collaborations. Among all the strategies, market developments have dominated the competitive landscape.

Most of the service providers are of similar financial capability, and the industry landscape is quite competitive because of the large number of players in the market. Therefore, innovation and development have been the key factors for the large-scale growth in this market. The electric vehicle testing, inspection, and certification service providers are expanding their businesses and are also entering strategic partnerships to target a greater audience and increase their overall footprint.

As electric vehicles (EVs) continue to gain prominence in the automotive industry, the need for efficient and reliable cooling solutions becomes increasingly crucial. Immersion cooling fluids are emerging as a game-changing technology, offering a promising avenue for managing the heat generated by EV batteries and power electronics. These innovative fluids submerge vital components in a thermally conductive liquid, dissipating heat more effectively than traditional air cooling methods. By maintaining optimal operating temperatures, immersion cooling not only enhances EV performance but also extends the lifespan of components. With the potential to revolutionize EV thermal management, immersion cooling fluids represent a promising leap forward in the quest for sustainable and efficient electric mobility.

The global immersion cooling fluids market for EVs is projected to reach $3,837.0 million by 2032 from $205.8 million in 2021, growing at a CAGR of 30.78% during the forecast period 2022–2032. The growth in the global immersion cooling fluids market for EVs is expected to be driven by increasing sales of immersion cooling system-fitted electric vehicles worldwide.

Passenger Vehicles Demand for Immersion Cooling Fluids Market for EVs Expected to be Dominant Over Light and Heavy Commercial Vehicles

Application for fluids for electric vehicles is mainly categorized into two types of EVs, i.e., passenger vehicles and commercial vehicles. Production and sales of passenger vehicles are anticipated to be higher than that of commercial vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs due to their cost efficiency and various government subsidies, among others. The passenger vehicle segment is expected to lead the market as the sales of passenger electric vehicles are anticipated to increase globally.

BEV is Anticipated to Grow at a Significant Growth Rate in the Forecast Period

The immersion cooling fluids market for EVs encompasses three major types of electric vehicles, which are hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). These vehicle types are present in the form of both passenger and commercial vehicles. While HEV and PHEV models have been present in the market for many years, the development of battery technology, along with government norms for increased vehicle efficiency, has led to an increase in the adoption of BEVs as they are powered solely by the battery systems in the vehicle.

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The sales of BEVs are anticipated to increase as compared to HEVs and PHEVs due to the decreasing cost of such pure electric vehicles and the development of EV infrastructure in various countries. The rise of BEVs makes it more crucial for automotive OEMs to ensure that the immersion cooling fluids in the EVs are able to optimize the thermal management and driving system.

EV Batteries to Witness Fastest Growth in Global Immersion Cooling Fluids Market for EVs

Due to the rising demand for efficient cooling solutions for batteries used in electric vehicles, it is predicted that the EV batteries market will expand at the fastest rate. The governments of many nations, including China and India, have taken several steps to increase the need for powerful and effective lithium-ion batteries used in electric vehicles. This is expected to fuel the market for immersion cooling fluids, which are used to cool EV batteries.

Single-Phase Coolant to be the Most Lucrative product type in the Immersion Cooling Fluids Market for EVs

The single-phase coolant segment is expected to dominate the immersion cooling fluids market for EVs as it is one of the most efficient and safe methods of controlling heat rejection for EV batteries, EV motors, and power electronics. For instance, companies like Engineered Fluids are the industry leader in the development and manufacturing of application-engineered dielectric cooling fluids for full immersion cooling solutions offering the most efficient, safe, and cutting-edge dielectric coolants.

Europe Expected to Dominate the Immersion Cooling Fluids Market for EVs

Europe is home to a number of immersion cooling fluids manufacturers. The region is expected to dominate the immersion cooling fluids market for EVs during the forecast period. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major EV manufacturing companies are some of the major drivers that are propelling the growth of the immersion cooling fluids market for EVs in the region.

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Competitive Landscape 

To gain market share, major oil and gas companies and lubricant manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research w.r.t. manufacturers of immersion cooling fluids market for EVs are:

• 3M, TotalEnergies SE, Shell, Castrol Limited, the Lubrizol Corporation, and FUCHS are some of the leading players globally.

• Engineered fluids, M&I Materials, and Dober are some of the emerging private companies.   

• New product launches have been the most preferred strategy in the market.   

• Apart from product launches, expanding business and sealing new partnerships and collaborations are the other strategies being implemented.

• Most of the players have tie-ups with various EV OEMs and cooling system providers.

In the ever-evolving landscape of automotive technology, the integration of cutting-edge solutions has become paramount to enhancing vehicle security and access control. One such groundbreaking technology making waves in this space is Ultra-Wideband (UWB).

The global ultra-wideband technology-based vehicle access control market was valued at $92.6 million in 2022, which is expected to grow at a CAGR of 17.09% and reach $383.1 million by 2031. The recent surge in the adoption of ultra-wideband technology across developed economies and their growing global awareness is shifting automakers’ focus to equip their upcoming models with ultra-wideband technology-based vehicle access.

It measures the time it takes radio signals to travel between devices to calculate distance and location indoors or outdoors with unprecedented accuracy within a few centimeters. Along with centimeter-level ranging accuracy, emphasis was placed on developing a standard that would make UWB robust and immune to various forms of interference, ensuring high reliability. The standard was also created with low power and low cost in mind, as well as the need to support many connected devices in mind.

For example, well-known automakers, including BMW, General Motors, Mercedes, and others, have already begun to offer ultra-wideband technology-based vehicle access in recent years. This shift in original equipment manufacturers’ (OEMs) focus toward developing ultra-wideband technology-based vehicle access control is expected to drive market growth in the coming years.

Passenger Vehicles will Lead the Global Ultra-Wideband Technology-Based Vehicle Access Control Market (by Vehicle Type)

Passenger vehicles are currently credited with the highest share of the demand for the UWB technology-based vehicle access control market. Some key factors that have enabled the technical acceptance of these vehicles are high demand, higher registration of passenger cars, and less operating difficulty as compared to commercial vehicles. The demand for passenger vehicles is growing due to the rise in demand for heavy and luxury vehicles and an increase in cars driven by diesel engines. Additionally, increased population, urbanization, and disposable income have significantly increased passenger car production.

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Biometric has the Highest Share in Global Ultra-Wideband Technology-Based Vehicle Access Control Market (by Authentication Type)

The biometric segment accounts for the largest market share in this market. The combination of biometric and UWB technologies for vehicle access can provide a highly secure and convenient solution for keyless entry systems in vehicles. Biometric in vehicle access control technology has advanced dramatically over the years. With COVID-19 still impacting the industry, combining the two systems has created an opportunity to optimize security and physical wellness better. Real-time biometric verification enabled by an online platform can eliminate security risks. At the start of any user session, users can be live scanned with facial recognition (or at any attempt to access a compassionate application or piece of data). This prevents bad actors from accessing company data, even if they have control of a computer.

Hardware to Dominate the Global Ultra-Wideband Technology-Based Vehicle Access Control Market (by Component Type)

The hardware segment accounts for the largest market. Ultra-wideband (UWB) technology-based vehicle access systems use short-range radio waves to communicate between the vehicle and the access device. These systems require specific hardware components to operate. The UWB chip is the heart of the UWB system and is responsible for transmitting and receiving data; the control module manages the UWB system’s functions and is usually located inside the vehicle. The access device is used to communicate with the UWB system and is generally located outside the vehicle.

North America currently holds the largest share of the global ultra-wideband technology-based vehicle access control market. The North America region comprises the U.S., Canada, and Mexico. The presence of technology providers, minimal miscalculations, product customization, and reduced production timescale are the primary driving factors of the North America ultra-wideband technology-based vehicle access control market. The U.S. government’s policies for ultra-wideband technology for research and development activities also hasten the region’s adoption of the ultra-wideband technology-based vehicle access control.

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Competitive Landscape

Major global ultra-wideband technology-based vehicle access control market manufacturers are undertaking a variety of strategic efforts to gain market share.

The following are some key highlights in terms of major global ultra-wideband technology-based vehicle access control market manufacturers:

• Qorvo, Inc, BMW Group, Hyundai Motor Group, and NXP Semiconductors. are some leading players globally.
• CEVA, Inc and Pulse~Link, Inc are some emerging companies.
• Partnerships, collaborations, and joint ventures have been the most preferred strategies in recent years.
• Product developments and mergers and acquisitions are the other strategies being implemented.

In the realm of cutting-edge technology, LiDAR (Light Detection and Ranging) has emerged as a transformative force, revolutionizing the way we perceive and interact with our surroundings. LiDAR technology, predominantly used for mapping and surveying applications, has witnessed exponential growth, giving rise to a robust LiDAR Software Market.

The global LiDAR software market was valued at $335.4 million in 2022 and is anticipated to reach $1,940.2 million by 2031, witnessing a CAGR of 21.53% during the forecast period 2022-2031. The growth in the LiDAR software market is expected to be driven by an increasing focus on advanced LiDAR solutions for improvement in existing advanced driver assistance systems (ADAS) features in the automotive industry, growing demand for LiDAR solutions in surveying and mapping, and rising adoption of LiDAR solutions for streamlining construction projects.

Understanding LiDAR Technology

LiDAR technology utilizes laser light to measure distances with remarkable precision. By emitting laser pulses and measuring the time it takes for them to return after hitting an object, LiDAR systems generate highly accurate three-dimensional maps of the environment. Initially used in military and aerospace applications, LiDAR has found extensive application in industries such as autonomous vehicles, forestry, agriculture, and urban planning.

LiDAR Software Market by Application

Based on application, the construction and infrastructure segment dominated the global LiDAR software market in 2021 and is expected to continue doing so in the coming years during the forecast period. Much of this can be ascribed to the expected demand for LiDAR technologies in construction and smart infrastructure applications over the next decade. However, it is the automotive segment that is likely to grow the fastest during the forecast period, owing to the growing demand for advanced LiDAR solutions in autonomous driving applications.

LiDAR Software Industry by Technology

On the basis of technology type, the LiDAR software market has been primarily categorized into mechanical and solid state segments. The mechanical segment is likely to be the leading segment over the forecast years. Although some of the LiDAR vendors have developed solid state LiDAR solutions, most of the LiDAR solutions available in the market use either micro or macro-scale mechanical motions. But it is the solid state segment that is expected to register faster growth during the forecast period

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LiDAR Software Market by Product Type

Based on product type, the LiDAR software market has been categorized into processing software, mapping software, and simulation software. Mapping software is expected to generate the highest revenues as compared to other product types during the forecast period. The demand for processing software, however, is expected to grow the fastest, owing to the fast-growing LiDAR processing needs in emerging LiDAR applications, such as smart infrastructure and intelligent transportation systems.

On the basis of deployment type, the terrestrial segment accounted for the larger share of the LiDAR software market in 2021. Additionally, much of the demand for LiDAR software solutions is expected from the terrestrial segment during the forecast period, owing to the growing demand for LiDAR perception solutions in autonomous driving and smart city applications

The LiDAR software market is expected to witness double-digit growth in the coming years during the forecast period. Much of this demand is expected from Europe, China, and North America markets. Europe is expected to be the leading market for LiDAR software solutions, owing to the wide adoption of LiDAR solutions across various end-use verticals and the growing number of LiDAR software solution vendors in the region.

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Competitive Landscape

Major LiDAR software solution providers are undertaking a variety of strategic efforts, primarily including mergers and acquisitions and partnerships and collaborations, to gain market share.

The following are some key highlights in terms of major LiDAR software solution providers:

• Velodyne Lidar, Inc., Quanergy Systems, Inc., and LeddarTech Inc. are some leading players globally.
• Blickfeld GmbH, Terrasolid, and Innoviz Technologies, are some emerging companies.
• Outsight SA, Aeva, Inc., and Seoul Robotics are some of the key start-ups in the ecosystem.
• Product developments have been the most preferred strategies in recent years.
• Market developments, partnerships, collaborations, and joint ventures are the other strategies being implemented.

In the ever-evolving landscape of automotive technology, one of the most promising innovations that has gained significant traction is the LiDAR (Light Detection and Ranging) System-on-Chip (SoC). As autonomous vehicles become more than just a futuristic concept, the Automotive LiDAR SoC market is poised to play a pivotal role in reshaping the future of transportation.

The automotive LiDAR system-on-chip (SoC) market is expected to be valued at $29.3 million in 2024, which is anticipated to grow at a CAGR of 24.30% and reach $207.5 million by 2033. The growth in the automotive LiDAR system-on-chip (SoC) market is expected to be driven by technological advancements in autonomous vehicles and extensive use of LiDARs in highly automated vehicles, tremendous advancement in automotive LiDAR research and development (R&D) to improve the features of the LiDAR system, and an anticipated decline in LiDAR manufacturing costs after the start of mass production.

Passenger Cars Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market (by Vehicle Type)

Governments worldwide are focusing more on safety and regulations related to passenger and vehicle safety, which is driving the market demand for vehicle safety features in the detection of pedestrians and other vehicles by sensors and advanced driver assistance systems (ADAS) in new vehicles. Production and sales of passenger vehicles are anticipated to be higher than that of commercial vehicles and robo taxis, as more users are rapidly adopting passenger cars due to their cost efficiency and various government subsidies, among others. The passenger cars segment is expected to lead the market as the sales of passenger cars are anticipated to increase globally.

Electric Vehicles Segment Anticipated to Grow at a Significant Growth Rate in the Forecast Period

Electric vehicles (EVs) require more advanced technology as compared to internal combustion engine (ICE) vehicles. The increasing popularity of small and medium sized electric vehicles has resulted in an increase in the use of automotive LiDAR system-on-chip. Moreover, the automotive LiDAR system-on-chip (SoC) market for EVs is expected to grow mainly due to factors such as growing demand for EVs for low-emission commuting and governments supporting long-range, zero-emission vehicles through subsidies and tax rebates, which have compelled the manufacturers to provide electric vehicles around the world.

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Semi-Autonomous Segment Expected to Lead the Automotive LiDAR System-on-Chip (SoC) Market (by Level of Autonomy)

Consumer demand for semi-autonomous vehicles has increased due to the rise in public safety and security concerns. The engines of semi-autonomous vehicles are productive and use less fuel, and there are fewer accidents. These are a few possible advantages that are anticipated to boost demand for these automobiles and propel the market's expansion. Also, fully autonomous vehicles are not yet ubiquitous on the road. Although, LiDAR will become increasingly important to manufacturers as they go toward Level 4-Level 5 autonomy; for now, the automotive industry is shifting from Level 2 to Level 3 autonomy in the upcoming year.

Medium-to-Long Range LiDAR Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market (by Range Type)

Medium-to-long range LiDAR has an extremely high resolution, a long range, and a broad field of view. As a result, even non-metallic items like rocks can be consistently found at a considerable distance using the laser-based distance measurement instrument. So, there is ample time to start performing driving maneuvers like braking and swerving. Medium-to-long range LiDAR not only meets all safety standards for automated driving; in the future, but it will also make it possible for automakers to successfully incorporate the technology into a very broad range of vehicle types.

North America Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market

North America is home to a number of automotive LiDAR system-on-chip manufacturers. The region is expected to dominate the automotive LiDAR system-on-chip (SoC) market during the forecast period 2024-2033. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of major autonomous vehicle manufacturing companies are some of the major drivers that are propelling the growth of the automotive LiDAR system-on-chip (SoC) market in the region.

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Competitive Landscape

To gain market share, major automotive LiDAR manufacturing companies and automotive LiDAR system-on-chip manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research with respect to manufacturers of the automotive LiDAR system-on-chip market are as follows:

• indie Semiconductor, Inc., Mobileye, RoboSense, Ouster, Inc., and Aeva Inc. are some of the leading players globally.

• SiLC Technologies, Inc., Scantinel, and Voyant Photonics, Inc. are some of the emerging private companies.  

• Partnerships, collaborations, and joint ventures have been the most preferred strategy in the market.  

• Apart from Partnerships, collaborations, and joint ventures, expanding business and new product launches are the other strategies being implemented.

• Most of the players have tie-ups with various autonomous vehicle OEMs.