How the Automotive Homologation Service Market is Shaping Up for 2024

The Automotive Homologation Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Homologation Service Global Market Report 2024, 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.

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.

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The automotive homologation service market covered in this report is segmented –
1) By Service: Full Vehicle Homologation, Components And Systems Homologation
2) By Vehicle: Motorcycle, Passenger Vehicles, Commercial Vehicles, Trailers, Agricultural Equipment
3) By Applications : Domestic Homologation, Export Oriented Homologation

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.

The automotive homologation service market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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