Homologation Market Size, Share, and Trends Analysis Report 2024-2030

According to Precision Business Insights (PBI), latest report, the homologation market was valued at USD 1,886.8 million in 2023 and is expected to grow at a 3.6% CAGR from 2024 to 2030. The primary drivers of the expansion of the global homologation market include the increasing demand for electric and autonomous vehicles across the globe. In addition, the strict government regulation standards are expected to boost the growth of the homologation market over the forecast period.

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The Homologation Market Detailed Segmentation
Based on the vehicle type, the market is segmented into the following:
• Motorcycle
• Passenger Vehicles
• Commercial Vehicles
• Trailers
• Others

Based on the service type, the market is segmented into the following:
• Full Vehicle Homologation
• Components & system Homologation

Based on the application, the market is segmented into the following:
• Domestic Homologation
• Export Oriented Homologation

Based on the vehicle type, the global Homologation market is segmented into motorcycles, passenger vehicles, commercial vehicles, trailers, and others. The passenger vehicle segment is expected to account for a larger revenue share in the global homologation market. The increasing concern of people regarding safety and comfortable traveling is expected to drive the growth of homologation market in this segment. In addition, the growing production of automotive vehicles due to increasing implementation of new technologies such as ADAS along with the growing disposable income in developed countries is expected to aid the growth of homologation market in this segment over the forecast period.

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Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

The Europe homologation market is expected to increase over the forecast period due to the several market players and automobile manufacturers present in this region. Increasing adoption and implementation of advanced technologies such as ADAS in passenger vehicles in developed countries such as UK, France, and Germany is expected to boost the growth of the homologation market in this region. Furthermore, the strict government regulation standards concerned about passenger safety and vehicle performance are further anticipated to aid the growth of the homologation market in this region over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Homologation market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

Key players profiles in the homologation market report are Bureau Veritas, DEKRA India Private Limited, MISTRAS Group, Intertek Group plc., TASS International, Eleos Compliance, Formel D Group, Eurofins Scientific, UL Solutions Inc., The Smithers Group Inc.

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This release was published on openPR.