The global automotive, testing, inspection, and certification market features a highly fragmented vendor landscape, states Transparency Market Research (TMR) in a new publication. Mergers and acquisitions is a key growth strategy adopted by large players in this market. This is serving to consolidate the business landscape, and increase the market share of large players.
Some of the key companies operating in the global automotive, testing, and certification market are Bureau Veritas, Intertek Group, DNV GL, Applus+, TUV NORD GROUP, SGS SA, DEKRA, TUV SD, TUV Rheinland, and MISTRAS Group Inc.
According to the TMR report, the global automotive, testing, inspection, and certification market is likely to exhibit a CAGR of 11.11% between 2017 and 2025, for the market to be valued at US$24.8 bn in 2025. The market was valued at US$9.7bn in 2016.
Planning To Lay Down Future Strategy? Request Sample https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=40202
The offsite segment, in terms of type of sourcing, held the leading 64.30% of the overall market in 2016. North America and Europe are key automotive, testing, inspection, and certification market due to the presence of some of the world’s leading automotive manufacturers.
Vast Difference in Emissions between New Types of Vehicles boosts Demand
The global automotive testing, inspection, and certification market is being benefitted from a number of favorable factors. Surge in number of types of vehicles, increasing air pollution level, and rising number of road accidents are fueling the automotive testing, inspection, and certification market. Due to this, regulatory bodies are stressing on periodic testing and inspection of vehicles.
In addition, the rising demand for automated and technologically advanced vehicles, along with vast rise in imports and exports of vehicles necessitate periodic testing and inspection of vehicles. This is serving to boost the automotive testing, inspection, and certification market.
Request To Access Market Data Automotive Testing Inspection and Certification Market
Furthermore, rising implementation of road safety norms for vehicular safety and fuel efficiency is benefitting the market. These regulations are in place to ensure if vehicles are fit to be on the roads, and adhere to emission standards. Automobile manufacturers are increasingly investing on testing, inspection, and certification services for their automobiles to pass periodical tests. This is helping automobile manufacturers to stay competitive.
Besides, mandatory periodic testing and inspection of vehicles in developed countries such as Germany and the U.S. is fueling the automobile testing, inspection, and certification market. Top players with wide geographical presence are bagging opportunities in developed countries for competitive gains.
Lack of Automobile Inspection Regulations Restrains Growth in Emerging Economies
On the downside, lack of automobile testing and inspection regulations in emerging economies is slowing the market’s growth. Automobile owners in these countries are carefree about periodic automobile testing. This accounts for faster damage to roads and increased air pollution levels.
More Trending Reports by Transparency Market Research –
Automotive Power Electronics Market https://www.prnewswire.com/news-releases/automotive-power-electronics-market-reach-us-22-65-bn-by-2025-introduction-of-advanced-technology-to-expand-automotive-power-electronics-market-says-tmr-841338970.html