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Automotive Homologation Service Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Automotive Homologation Service Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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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:
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
Automotive Homologation Service Market 2024 Key Insights:
• 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%.
• Growing Demand For Sustainable Transportation Fuels Expansion Of Automotive Homologation Services Market
• Technological Advancements In The Automotive Homologation Services Market
• North America was the largest region in the automotive homologation service market in 2023
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