Press release
Global Automotive Quality Service Market Projected to Surpass $41.44 Billion by 2029 with 9.4% Annual Growth
Automotive Quality Service Market share
In recent times, there has been a robust expansion in the size of the automotive quality service industry. The market, which is predicted to escalate from $26.4 billion in 2024 to $28.97 billion in 2025, is expected to see a compound annual growth rate (CAGR) of 9.7%. Factors contributing to this historic period of growth include strict government rules on vehicle safety, amplified consumer demands, the worldwide expansion of automotive supply chains, intensifying rivalry among automotive makers, as well as the development of the aftermarket sector.
The market scale for automotive quality service is predicted to experience significant gains in the upcoming years, swelling to a value of $41.44 billion by 2029. This translates to a compound annual growth rate (CAGR) of 9.4%. Factors contributing to this projected growth during the forecast period include the emergence of electric and self-driving vehicles, widespread adoption of Industry 4.0 technology, evolving usage of data analytics and artificial intelligence, demand for superior quality and dependability, and the global reach of the automotive industry. Key trends during this growth period are expected to be technological advancements in vehicles, the incorporation of advanced driver assistance systems (ADAS), developments in 3D printing and advanced manufacturing, collaborations with technologically focused educational institutions and automotive academies, along with predictive maintenance boosted by artificial intelligence.
What Are the Primary Growth Drivers for the Automotive Quality Service Market?
The surge in vehicle production is predicted to fuel the expansion of the automotive quality service market. The rise in vehicle manufacture can be attributed to various factors such as economic growth, globalisation, governmental incentives, and consumers' increasing buying power. In order to ensure vehicles meet top-level standards of quality, safety, and dependability during manufacture, automotive quality services are crucial. For example, data from the Belgium-based European Automobile Manufacturers Association showed that there was a production of 85.4 million global motor units in 2022, which was a 5.7% rise from the previous year. Consequently, the hike in vehicle manufacturing is influencing the upward trajectory of the automotive quality service market.
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Which Key Market Leaders Are Driving Automotive Quality Service Industry Growth?
Major companies operating in the automotive quality service market are 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.
What Are the Emerging Trends in the Automotive Quality Service Industry?
Leading firms in the automotive quality service market are concentrating on the creation of inventive multi-brand car repair and maintenance solutions. This approach aims to enhance customer convenience, increase service accessibility, and offer value-for-money solutions while upholding high service quality and being transparent to vehicle owners. This is a crucial strategy to remain competitive in the rapidly transforming automotive after-sales sector. The term multi-brand car repair and maintenance services relate to firms or platforms that offer a range of services including vehicle repair and maintenance for cars from various manufacturers, as opposed to services for a single brand. Take the example of CARS24, an Indian based used car company. In June 2024, this company introduced Fourdoor, a multi-brand car repair and maintenance service. The goal of this service is to deal with the major issues that car owners in India face. The service provides comprehensive vehicle maintenance and repair for all car makes and models, setting itself apart from traditional brand-specific service centers.
What Are the Main Segments in the Automotive Quality Service Market?
The automotive quality service market covered in this report is segmented -
1) By Type: Testing Services, Certifying And Validating Services, Quality Sorting Services
2) By Vehicle Type: Passenger Cars, Commercial Vehicle
3) By Application: Electrical Systems And Components, Telematics, Vehicle Inspection Services, Homologation Testing, Interior And Exterior Materials, Other Applications
4) By End-User: Original Equipment Manufacturers (OEMs), Tier 1 And Tier 2 Suppliers, Aftermarket Service Providers, Regulatory Authorities
Subsegments:
1) By Testing Services: Durability Testing, Performance Testing, Emissions Testing, Safety Testing, Environmental Testing
2) By Certifying And Validating Services: Regulatory Certification, Process Certification, Product Validation, Supplier Audits
3) By Quality Sorting Services: Visual Inspection, Functional Sorting, Dimensional Sorting, Non-Destructive Testing (NDT), Sorting Of Non-Conforming Parts
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Which Geographic Area Leads the Automotive Quality Service Market?
North America was the largest region in the automotive quality service market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive quality service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Quality Service Global Market Report?
- Market Size Analysis: Analyze the Automotive Quality Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Quality Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Quality Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Quality Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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