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Automotive Quality Service Market Overview: Key Trends and Industry Insights
Automotive Quality Service Global Market Report 2024
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According to The Business Research Company's, The automotive quality service market size has grown strongly in recent years. It will grow from $24.19 billion in 2023 to $26.40 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to stringent government regulations regarding vehicle safety, rising consumer expectations, globalization of automotive supply chains, increasing competition among automotive manufacturers, and growth of the aftermarket sector.
The automotive quality service market size is expected to see strong growth in the next few years. It will grow to $37.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rise of electric vehicles (EVs) and autonomous vehicles, increasing adoption of industry 4.0 technologies, increasing use of data analytics and artificial intelligence, demand for high quality and reliability, and globalization of the automotive industry. Major trends in the forecast period include innovation in vehicle technologies, integration of advanced driver assistance systems (ADAS), 3D printing and advanced manufacturing, partnerships with technical schools and automotive academies, and predictive maintenance and AI.
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Market Drivers and Trends:
The increasing vehicle production is expected to propel the growth of the automotive quality service market. Vehicle production is increasing due to several factors such as economic growth, globalization, government incentives, and increasing consumer purchasing power. Automotive quality services are essential for ensuring that vehicles meet the highest standards of quality, safety, and reliability throughout the production process. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based trade association, in 2022, global motor vehicle production reached 85.4 million units, marking a 5.7% increase compared to the previous year. Therefore, increasing vehicle production is driving the growth of the automotive quality service market.
Major players in the automotive quality service market are prioritizing the development of innovative solutions, such as hassle-free vehicle service, to enhance customer experience, streamline operations, and improve overall service quality. Hassle-free vehicle service denotes a seamless and convenient process for vehicle maintenance, repairs, and servicing, minimizing inconvenience for vehicle owners. For instance, in June 2021, BMW India, a subsidiary of the renowned German car manufacturer BMW, launched a contactless service for vehicle servicing. This initiative enables customers to engage in various activities, including exploring and purchasing new and pre-owned BMW cars, scheduling vehicle services, and conducting secure online transactions, all through the BMW Contactless Experience platform. Following service, the sanitized vehicle is delivered to the customer's preferred location, aligning with local government directives for safety. This innovative service aims to reduce customer interaction while enhancing safety and convenience throughout the vehicle servicing process.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Dragon Solutions Ltd., Bureau Veritas, Intertek Group plc, Alten Group, FEV Group GmbH, Horiba Ltd., Applied Technical Services Inc., Bertrandt AG, ARRK Product Development Group Ltd., EDAG Group, Altair Engineering Inc., TRIGO S.A., Stratosphere Quality LLC, ESG Elektroniksystem- und Logistik-GmbH, National Technical Systems Inc., Millbrook Proving Ground Limited, Matrix Quality Services Inc., Weiss Technik North America Inc., CSI S.p.A., Automotive Quality & Logistics Inc., Ashton Technologies Inc., Element Materials Technology Ltd., Quality Service Group, ASAP Holding GmbH, Dragon Solutions Ltd.
Automotive Quality Service Market 2024 Key Insights:
• The automotive quality service market size is expected to see strong growth in the next few years. It will grow to $37.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Vehicle Production Boosts Automotive Quality Service Market
• Contactless Service Enhances Safety And Convenience In Automotive Quality Service Market
• North America was the largest region in the automotive quality service market in 2023
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