After conducting a comprehensive market analysis, FMI has recently updated its report on the automotive homologation service market, which is projected to reach USD 1,451.24 million in 2024.
In the coming years, the continuous demand for various automotive homologation services among automakers is expected to drive market growth at a 3.2% CAGR through 2034. By the end of 2034, the market is anticipated to reach USD 1,988.66 million, according to the latest forecasts.
Automotive homologation is the process of certifying that vehicles or vehicle components meet the standards set by various regulatory bodies. These certifications are crucial for manufacturers looking to export automobile components or products, as every vehicle must comply with homologation standards, particularly in areas such as safety and environmental protection. Automotive systems and their components must obtain these approvals according to the official standards of the destination countries.
With an increasing emphasis on environmental protection alongside safety, both automobile manufacturers and spare parts producers are focusing on improving passive and active vehicle safety.
The automotive homologation services market encompasses a wide range of vehicles, including motorcycles, passenger vehicles, trailers, and commercial vehicles. Based on sourcing type, the market includes both in-house and outsourced services.
One of the most significant technological advancements in the automotive industry is the development of driverless technology, which is expected to transform the sector. Key market players are offering services that ensure compliance with Bluetooth, cellular carrier and regulatory approvals, device durability testing, and more. These developments are expected to create significant growth opportunities for the market as a whole.
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Exporting a vehicle to a foreign country presents numerous challenges, particularly during the registration process. Vehicles must undergo rigorous evaluations to demonstrate compliance with global standards, making homologation services essential. These services assist manufacturers in enhancing their products to meet official vehicle standards. Future Market Insights has detailed these insights in its latest market study, “Automotive Homologation Services Market,” providing a thorough analysis with input from industry experts and consultants.
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.
“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.
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.
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
Detailed Market Study: Full Report and Analysis
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.
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