After undertaking an in-depth market analysis, FMI recently revised its report on the automotive homologation service market. This market is set to reach US$ 1,451.24 million in 2024.
In upcoming years, continuous demand for diverse automotive homologation services among automakers is projected to push the sales at a 3.2% CAGR through 2034. By 2034-end, the market is on track to touch US$ 1,988.66 million, as per latest predictions.
The automotive homologation service market is a crucial component of the global automotive industry, ensuring that vehicles meet regulatory standards and market-specific requirements before they are launched. Homologation involves rigorous testing and certification processes to confirm that a vehicle complies with the safety, environmental, and technical regulations of the regions in which it will be sold. This service is essential for automakers aiming to achieve compliance in multiple markets, each with its own set of regulations. As regulations become increasingly stringent, particularly concerning emissions and safety, the demand for specialized homologation services is rising.
Request Sample Report:
http://www.futuremarketinsights.com/reports/sample/rep-gb-10913
Technological advancements and evolving regulatory landscapes are significantly impacting the homologation service market. The advent of electric and autonomous vehicles has introduced new complexities into the homologation process. These vehicles require testing and certification for advanced electronic systems, battery safety, and software reliability, adding layers to the traditional homologation procedures. Additionally, regulatory bodies worldwide are continuously updating standards to address new environmental and safety challenges. For instance, the European Union’s stringent emission standards and the introduction of the Worldwide Harmonized Light Vehicles Test Procedure (WLTP) have prompted automakers to seek more sophisticated homologation services to ensure compliance.
The market for homologation services is also being shaped by the globalization of the automotive industry. Manufacturers are increasingly looking to expand their presence in emerging markets, which often have different regulatory requirements from established markets. This globalization necessitates comprehensive homologation services that can navigate the diverse regulatory environments efficiently. Furthermore, the trend towards shorter product development cycles means that automakers are under pressure to achieve faster time-to-market while ensuring compliance. This has led to the growth of partnerships between automakers and homologation service providers, leveraging their expertise to streamline the certification process and reduce time and costs. As the automotive industry continues to evolve, the role of homologation services remains critical in ensuring that new vehicles meet the highest standards of safety, performance, and environmental responsibility.
Key Takeaways from Automotive Homologation Services Market
- The Asia-Pacific holds the largest market share with Australia leading from the front. The Australian Transport Ministry, in 2020, started developing national regulatory framework for letting autonomous vehicles operate smoothly all across Australia.
- Coming to the Europe, the government of Germany is laying down legislations for commercializing the ‘driverless vehicle technology’ with immediate effect. It, in fact, holds the distinction of being the very first extensive legal framework covering homologation to get robot axis.
Competitive Edge
- Intertek, in May 2022, did announce expanding the capabilities and services at its Transportation Technologies lab bas out of Plymouth (Devon) for meeting growing demand for reliable and safe testing from the automotive industry. The end-users include EVSE (Electric Vehicle Supply Equipment) and EVs (Electric Vehicles).
- The NHTSA (National Highway Traffic Safety Administration), of late, did announce a new AV test called ‘Automated vehicle Transparency and Engagement for Safe Testing Initiative test’ to help in keeping a tab on autonomous vehicles’ status in the US.
“With stringency with respect to applying norms to automobiles in the wake of growing focus on environmental protection and safety, the global automotive homologation services market is expected to stand in a good stead in the near future”, says an analyst from Future Market Insights.
Key Companies Profiled
- TÜV SÜD Group
- Intertek Group plc
- DEKRA SE
- Applus Services SA
- SGS S.A.
- Bureau Veritas
- Formel D Group
- The Smithers Group Inc.
- The Automotive Research Association of India
- AVL List GmbH
- TÜV Rheinland
- UL Solutions Inc.
- UTAC
Direct Purchase of this Report: https://www.futuremarketinsights.com/checkout/10913
Automotive Homologation Service Market Outlook by Category
By Service Type:
- Full Vehicle Homologation
- Components & Systems Homologation
- Display Systems
- Steering Control Systems
- Wireless & Communication Systems
- Brake Systems
- Engine & Transmission Systems
- Seating Systems
- Safety & Crash Protection Systems
- Door Components & Systems
- Windshield Systems
- Fuel Systems
- Roofing Systems
- Interior Materials & Systems
- Tires & Tire Pressure Monitoring System
- Other Components
By Application:
- Domestic Homologation
- Export Oriented Homologation
By Vehicle Type:
- Motorcycle
- Passenger Vehicles
- Commercial Vehicles
- Trailers
- Agricultural Equipment
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
