After undertaking an in-depth market analysis, FMI recently revised its report on the automotive homologation service market. This market is set to reach US$ 1,451.24 million in 2024.

In upcoming years, continuous demand for diverse automotive homologation services among automakers is projected to push the sales at a 3.2% CAGR through 2034. By 2034-end, the market is on track to touch US$ 1,988.66 million, as per latest predictions.

Automotive homologation comes across as the process to certify vehicles/component of vehicle if it has met requirements set through several statutory regulatory bodies. Governments across the globe have enacted mandates in this regard to be eligible for exporting automobile components or products. Every automobile has to adhere to the homologation standards, particularly in areas of safety and environment. Automotive systems, along with their components, should, by all means, have these approvals as per the destination countries’ official standards.

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With top priority given to environmental protection in conjunction with safety, automobiles as well as manufacturers of spare parts need to work toward enhancing passive and active car safety.

The automotive homologation services cater to automobiles like motorcycles, passenger vehicles, trailers, commercial vehicles, and likewise. Based on type of sourcing, the entire automotive homologation services market could constitute in-house services and outsourced services.

Driverless technology is amongst the remarkable technological developments and expected to transform the automobile vertical’s dimensions. The key participants are providing services covering compliance to Bluetooth, cellular carrier and regulatory approvals, device durability testing, and likewise. These developments ought to bring tremendous growth prospects to the market on the whole.

It is a known fact that to export a vehicle to foreign country is not an easy task. There are various challenges that the manufacturer could face at the time of registration. The vehicles need to go through evaluation to demonstrate their prowess with the requirements worldwide. As such, homologation services come into picture. They help the manufacturer in enhancing product for meeting official standards pertaining to vehicles. Future Market Insights has walked through these facts with insights in its latest market study entitled ‘Automotive Homologation Services Market’. It has worked on micros and macros with analysts and consultants at its discretion.

Read more: https://www.futuremarketinsights.com/reports/automotive-homologation-services-market 

Competitive Edge

• Intertek, in May 2022, did announce expanding the capabilities and services at its Transportation Technologies lab bas out of Plymouth (Devon) for meeting growing demand for reliable and safe testing from the automotive industry. The end-users include EVSE (Electric Vehicle Supply Equipment) and EVs (Electric Vehicles).
• The NHTSA (National Highway Traffic Safety Administration), of late, did announce a new AV test called ‘Automated vehicle Transparency and Engagement for Safe Testing Initiative test’ to help in keeping a tab on autonomous vehicles’ status in the US.

“With stringency with respect to applying norms to automobiles in the wake of growing focus on environmental protection and safety, the global automotive homologation services market is expected to stand in a good stead in the near future”, says an analyst from Future Market Insights.