The automotive homologation service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Homologation Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive homologation service market size has grown steadily in recent years. It will grow from $1.20 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. The growth in the historic period can be attributed to regulatory compliance, globalization of the automotive industry, environmental concerns, consumer safety demand, and market competitiveness.
The automotive homologation service market size is expected to see steady growth in the next few years. It will grow to $1.33 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The growth in the forecast period can be attributed to increasing demand for electric vehicles, growth in autonomous vehicles, increase in transportation needs for human and goods, increase in foreign trade, increase in research and development activities. Major trends in the forecast period include technological advancements, advancements in connected car technology, integration of advanced driver assistance systems (ADAS), sustainability and eco-friendly practices, and adoption of real-time monitoring technologies.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Growing demand for sustainable transportation is expected to propel the growth of the automotive homologation service market going forward. Sustainable transportation refers to modes of transport and systems that are designed to have minimal negative impact on the environment, society, and economy, both in the present and for future generations. The demand for sustainable transportation is attributed to growing environmental concerns, regulatory pressures, and advancements in technology that make eco-friendly options more accessible and cost-effective. Automotive homologation services are required for sustainable transportation to ensure that eco-friendly vehicles comply with stringent safety, environmental, and technical standards necessary for market entry and consumer trust. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021, with the number of new light-duty plug-in electric vehicle sales, including both EVs and plug-in hybrid electric vehicles (PHEVs), nearly doubling from 308,000 in 2020 to 608,000 in 2021. In 2021, EVs accounted for 73% of all plug-in electric car sales. Therefore, the growing demand for sustainable transportation is driving the growth of the automotive homologation service market.
Market Trends –
Major companies operating in the automotive homologation services market are developing technologically advanced platforms, such as cybersecurity testing platforms, to better serve customers with advanced features. Cybersecurity testing platforms are specialized tools and frameworks designed to assess the security posture of computer systems, networks, applications, and data by identifying vulnerabilities, testing defenses, and ensuring compliance with security standards and regulations. For instance, in February 2024, AUTOCRYPT Corp., a South Korea-based cybersecurity and mobility solutions provider, launched the AutoCrypt CSTP. The unique feature of AutoCrypt CSTP is its comprehensive cybersecurity testing platform, which enables integrated cybersecurity testing for vehicle type approval in compliance with UNECE’s Regulations 155/156 and SAC’s GB and GB/T standards. It offers a variety of vulnerability testing techniques using test cases specifically mapped out for these regulations. The platform facilitates seamless management of the entire testing process, including test case selection, configuration, real-time logging, and report generation, all through an intuitive GUI. This GUI can be securely linked to inspection centers and authorities worldwide, thereby empowering faster and more precise decision-making.
The automotive homologation service market covered in this report is segmented –
1) By Service: Full Vehicle Homologation, Components And Systems Homologation
2) By Vehicle: Motorcycle, Passenger Vehicles, Commercial Vehicles, Trailers, Agricultural Equipment
3) By Applications : Domestic Homologation, Export Oriented Homologation
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Regional Insights –
North America was the largest region in the automotive homologation service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive homologation service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive homologation service market are Ford Motor Company, Robert Bosch GmbH, Eurofins Scientific SE, SGS SA, Bureau Veritas, DEKRA SA, Intertek Group Plc, TÜV SÜD AG, Element Materials Technology Group Ltd., TÜV Nord AG, FEV Group, Ricardo Plc, Applus+ IDIADA, National Technical Systems, China Automotive Technology & Research Center, Horiba MIRA Ltd., TÜV Rheinland AG, Millbrook Motors, UTAC Ceram, PMG Technologies, Automotive Test Systems, AVL SET GmbH, Japan Automobile Research Institute Inc., Digitrans GmbH, ATEEL
Table of Contents
1. Executive Summary
2. Automotive Homologation Service Market Report Structure
3. Automotive Homologation Service Market Trends And Strategies
4. Automotive Homologation Service Market – Macro Economic Scenario
5. Automotive Homologation Service Market Size And Growth
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27. Automotive Homologation Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix