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Vehicle Homologation Service Market Forecast Report | Global Analysis, Statistics And Revenue Research Report by 2028
From:
EIN Presswire EIN Presswire
For Immediate Release:
Dateline: Washington, DC
Thursday, November 24, 2022

 
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Major players covered into report are TÜV SÜD, Intertek Group plc, Applus+, SGS SA, Bureau Veritas, Eurofins Scientific, MISTRAS Group and Formel D

ISLE OF MAN, ISLE OF MAN, November 24, 2022 /EINPresswire.com/ -- Vehicle Homologation Service Market Size Analysis:


The global vehicle homologation service market is estimated to be valued at USD XX million in 2019 and is projected to reach USD XX million by 2028, at a CAGR of XX% during the forecast period. The report provides an in-depth analysis of the key drivers, restraints, opportunities, and challenges influencing the growth of the market.

Homologation is a term used to describe the process of approving a vehicle or its components to meet the requirements of regulatory bodies. Automotive homologation services are a type of TIC (testing, inspection, and certification) that is required for a specific vehicle or component to enter a new market.
The rising demand for transportation for both people and goods is the primary driver of market expansion.Other major factors driving market growth include an increase in foreign trade, an increase in automotive production and export activities, and an increase in market research and development activities. Furthermore, technological advancements and modernization of manufacturing techniques, as well as an increase in demand from emerging economies, will create new opportunities for automotive homologation service market manufacturers during the forecast period of 2021–2028.
However, the rising cost of research and development activities is a major impediment to the growth of the automotive homologation services market during the forecast period.

The automotive homologation services market report includes information on new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localised market players, analyses of opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and product approvals.

Some of the key players in the TÜV SÜD industry are Intertek Group plc, Applus+, SGS SA, Bureau Veritas, Eurofins Scientific, MISTRAS Group, and Formel D.


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Some of the key findings from the report include:

• The global vehicle homologation service market is expected to grow at a CAGR of *.* % during the forecast period 2018–20288).

• The demand for vehicle homologation services is driven by the stringent emission norms set by various governments across the globe. These norms have resulted in an increased need for homologation services in order to ensure that vehicles comply with the standards set.

• The Asia-Pacific region is expected to be the largest market for vehicle homologation services, due to the presence of a large number of original equipment manufacturers (OEMs) in the region. Additionally, government initiatives to promote electric vehicles are also expected to drive the demand for homologation services in Asia-Pacific.

• Some of the key players operating in this market include TÜV SÜD, Intertek Group plc, Applus+, SGS SA, Bureau Veritas, Eurofins Scientific, MISTRAS Group, and Formel D.


COVID-19 Scenario:

The outbreak of COVID-19 has had a significant impact on the global economy, with the automotive sector being one of the hardest hit. The global vehicle homologation service market is expected to be affected by the slowdown in vehicle production and sales as a result of the pandemic.

The demand for aftermarket is likely to see a significant decline in the short term as consumers postpone non-essential purchases in light of the economic uncertainty caused by COVID-19. However, there is expected to be a rebound in demand once the pandemic subsides and conditions return to normal.

The challenges posed by COVID-19 are expected to lead to some consolidation within the industry as small players struggle to survive. There could also be an increase in mergers and acquisitions as companies look to strengthen their position in the market.

Looking forward, the global vehicle homologation service market is expected to recover from the impacts of COVID-19 and return to growth in 2021.


The following segments are covered in the report:

Segment by Type
• In-House Services
• Outsourced Services

Segment by Application
• Passenger Vehicle
• Commercial Vehicle


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This report provides answers to the following key questions:

• COVID-19 impact analysis on the global vehicle homologation service industry
• What are the current market trends and dynamics in the vehicle homologation service market, and what are the valuable opportunities for emerging players?
• What is driving the market for vehicle homologation service?
• What are the key challenges to market growth?
• Which segment accounts for the fastest CAGR during the forecast period?
• Which product type segment holds a larger market share and why?
• Are low- and middle-income economies investing in the vehicle homologation service market?
• Key growth pockets on the basis of regions, types, applications, and end-users
• What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?

This report's unique data points include:

• Statistics on vehicle homologation service, and spending worldwide
• Recent trends across different regions in terms of adoption of vehicle homologation service across industries
• Notable developments are going on in the industry.
• Attractive investment propositions for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)


Table of Content:

1 Report Overview
1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Vehicle Homologation Service Market Size Growth Rate by Type: 2017 VS 2021 VS 2028
1.2.2 In House Services
1.2.3 Outsourced Services
1.3 Market by Application
1.3.1 Global Vehicle Homologation Service Market Share by Application: 2017 VS 2021 VS 2028
1.3.2 Passenger Vehicle
1.3.3 Commercial Vehicle
1.4 Study Objectives
1.5 Years Considered

2 Global Growth Trends
2.1 Global Vehicle Homologation Service Market Perspective (2017-2028)
2.2 Vehicle Homologation Service Growth Trends by Region
2.2.1 Vehicle Homologation Service Market Size by Region: 2017 VS 2021 VS 2028
2.2.2 Vehicle Homologation Service Historic Market Size by Region (2017-2022)
2.2.3 Vehicle Homologation Service Forecasted Market Size by Region (2023-2028)
2.3 Vehicle Homologation Service Market Dynamics
2.3.1 Vehicle Homologation Service Industry Trends
2.3.2 Vehicle Homologation Service Market Drivers
2.3.3 Vehicle Homologation Service Market Challenges
2.3.4 Vehicle Homologation Service Market Restraints

3 Competition Landscape by Key Players
3.1 Global Top Vehicle Homologation Service Players by Revenue
3.1.1 Global Top Vehicle Homologation Service Players by Revenue (2017-2022)
3.1.2 Global Vehicle Homologation Service Revenue Market Share by Players (2017-2022)
3.2 Global Vehicle Homologation Service Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.3 Players Covered: Ranking by Vehicle Homologation Service Revenue
3.4 Global Vehicle Homologation Service Market Concentration Ratio
3.4.1 Global Vehicle Homologation Service Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Top 10 and Top 5 Companies by Vehicle Homologation Service Revenue in 2021
3.5 Vehicle Homologation Service Key Players Head office and Area Served
3.6 Key Players Vehicle Homologation Service Product Solution and Service
3.7 Date of Enter into Vehicle Homologation Service Market
3.8 Mergers & Acquisitions, Expansion Plans

4 Vehicle Homologation Service Breakdown Data by Type
4.1 Global Vehicle Homologation Service Historic Market Size by Type (2017-2022)
4.2 Global Vehicle Homologation Service Forecasted Market Size by Type (2023-2028)

5 Vehicle Homologation Service Breakdown Data by Application
5.1 Global Vehicle Homologation Service Historic Market Size by Application (2017-2022)
5.2 Global Vehicle Homologation Service Forecasted Market Size by Application (2023-2028)

6 North America
6.1 North America Vehicle Homologation Service Market Size (2017-2028)
6.2 North America Vehicle Homologation Service Market Size by Country (2017-2022)
6.3 North America Vehicle Homologation Service Market Size by Country (2023-2028)
6.4 United States
6.5 Canada

7 Europe
7.1 Europe Vehicle Homologation Service Market Size (2017-2028)
7.2 Europe Vehicle Homologation Service Market Size by Country (2017-2022)
7.3 Europe Vehicle Homologation Service Market Size by Country (2023-2028)
7.4 Germany
7.5 France
7.6 U.K.
7.7 Italy
7.8 Russia
7.9 Nordic Countries
………….. ToC Continued

*More companies can be added in Detailed Report.

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