Automotive Homologation Service Market: Projected Growth to reach US$ 1,451.24 Million in 2024, Driven by 3.2% CAGR Towards US$ 1,988.66 Million by 2034 | FMI

The rise of electric vehicles (EVs) and stricter regulations are driving demand for homologation services, especially in France where hefty fines are imposed for non-compliance. Homologation ensures vehicles meet safety and regulatory standards, facilitating market entry, faster product launches, and avoiding costly recalls. This trend is expected to continue as consumer safety concerns remain paramount in the automotive industry.

NEWARK, Del, April 02, 2024 (GLOBE NEWSWIRE) -- The automotive homologation service market value is expected to rise from *US$ 1,451.24 million* in 2024 to *US$ 1,988.66 million* by 2034. This market is expected to be driven by a CAGR of *3.2%* over the next decade.In the age of globalization, strategic overseas trade operations have become common. Homologation service providers are, thus, joining new markets and attaining an upper hand. The growth of automotive homologation services is estimated to be driven by surging international trade.

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Demand for homologation services is rising as automotive companies employ these services to improve their vehicles to meet the official regional standards. Another factor propelling the demand for these services is the growing popularity of safe and efficient vehicles, particularly among millennials.

Key providers of homologation services are further assisting manufacturers in obtaining and renewing mandatory or voluntary certifications in their choice of markets. This is inducing sales of automotive homologation services.

*“**Key players are raising their market position by collaborating, merging, partnering, and promptly updating their services to stay ahead of their competitors**” **- *says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

*Key Takeaways from the Automotive Homologation Service Market Report*

· The automotive homologation service market generated a revenue of US$ 1,390.57 million in 2019. Till 2023, the market attained a figure of US$ 1,409.47 million, expanding at a CAGR of 0.60%.
· The components and systems homologation segment, by service type, acquires a market share of 54.20% in 2024.
· Based on application, the domestic homologation segment obtains a 68.40% market share in 2024.
· In North America, Canada is predicted to exhibit comparatively higher growth of 2.80% over the next ten years.
· In Europe, France is lifting the regional growth. The country is expected to record a 4.60% CAGR over the following years.
· In Asia Pacific, India and China are hotspots for players looking to invest in this region.

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*Competitive Landscape*

Key players are offering automakers a portfolio of rigorous safety services to ensure that their vehicles comply with their respective national governing bodies. Tests laid down by regulatory agencies ensure that automakers’ products are fit for use by dealers and customers.

Industry participants are merging with other competitive players to offer a comprehensive range of services like testing of tires and vehicles in extreme climates, delivering sophisticated testing and certification programs, etc.

Players are further collaborating, partnering, and coming into joint ventures to strengthen their market position.

*Top Companies in the Automotive Homologation Service Market*

1. TÜV SÜD Group
2. Intertek Group plc
3. DEKRA SE
4. Applus Services SA
5. SGS S.A.
6. Bureau Veritas
7. Formel D Group
8. The Smithers Group Inc.
9. The Automotive Research Association of India
10. AVL List GmbH

*New Market Updates *

· In November 2023, the ninth and latest brand of Daimler Truck, i.e., the Rizon electric brand, got homologation in the United States. The company is now offering fully-electric Class 4 and 5 medium-duty trucks in the United States. The brand received dual CARB Executive orders and Environmental Protection Agency (EPA) certification.
· In 2023, the Fisker Ocean fully-electric SUV achieved complete homologation in Canada in September 2023.
· In August 2023, Ayro, a Texas-based low-speed EV manufacturer, made information public that its Vanish utility low-speed electric vehicle (LSEV) has completed its first homologation in Canada and the United States.*Request Report Methodology: *https://www.futuremarketinsights.com/request-report-methodology/rep-gb-10913

*Automotive Homologation Service Market by Categories*

*By Various Service Types Offered by Automotive Homologation Service Players:*

· Full Vehicle Homologation
· Components and Systems Homologation

· Display Systems
· Steering Control Systems
· Wireless and Communication Systems
· Brake Systems
· Engine and Transmission Systems
· Seating Systems
· Safety and Crash Protection Systems
· Door Components and Systems
· Windshield Systems
· Fuel Systems
· Roofing Systems
· Interior Materials and Systems
· Tires and Tire Pressure Monitoring System
· Other Components

*By Various Applications for Automotive Homologation Services:*

· Domestic Homologation
· Export Oriented Homologation

*By Different Vehicle Types that Require Automotive Homologation Services:*

· Motorcycle
· Passenger Vehicles
· Commercial Vehicles
· Trailers
· Agricultural Equipment*By Different Regional Markets for Automotive Homologation Services:*

· North America
· Europe
· Asia Pacific
· Middle East and Africa
· Latin America*Author by:*

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

*Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain*

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