Automotive Homologation Services Market: Overview
The stricter regulations in terms of automotive homologation across the globe and the growing need for assurance of safe and efficient vehicles among a considerable populace can serve as prime growth factors for the automotive homologation services market. The companies offering automotive homologation services help an individual to obtain the ideal approvals required to sell a vehicle in a specific country. The automotive homologation standards aim to enhance car safety, ensure the environmental compliance of the vehicle, and also assure that the parts of the vehicle are of good quality.
The automotive homologation services market provides its services to automobiles like passenger vehicles, motorcycles, commercial vehicles, trailers, and others. Based on sourcing type, the automotive homologation services market can be classified into Outsourced services and In House services.
This report on the automotive homologation services market offers an expanded analysis of the varied growth aspects such as current trends, competitive scenarios, regional overview, and others. The thorough analysis proves of great advantage to the stakeholders and offers a helping hand in designing exceptional strategies for cementing their foothold in the automotive homologation services market. The report also includes the COVID-19 impact on the automotive homologation services market.
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Automotive Homologation Services Market: Competitive Scenario
The automotive homologation services market can be classified as fragmented with numerous players in fray for offering cutting-edge homologation services. Local players with expertise in their countries are gaining considerable traction. The players in the automotive homologation services market are always engaged in spinning a strong web of network through tie-ups with ISO/IEC 17025-compliant laboratories for expanding their foothold around the globe and assure complete accuracy in test reports of the vehicles.
A focus on developing services based on the latest regulations brings extensive growth opportunities for the players in the automotive homologation services market. Some well-established players in the automotive homologation services market are Applus Services S.A., Lloyd’s Register Group Limited, TÜV SÜD Group, Eurofins Scientific, Formel D, Bureau Veritas S.A., EKRA SE, MISTRAS Group, Inc., and SGS Group.
Automotive Homologation Services Market: Impact of Driverless Technology
The advancements in technology have taken big leaps across the automobile industry. Driverless technology is one of the prominent technological developments and is prophesied to change the dimensions of the automobile industry. As the production and global reach of autonomous vehicles gain traction, the governments of different countries are coming up with novel regulations regarding autonomous vehicles.
The players in the automotive homologation services market are focusing on these developments and are investing in comprehensive capabilities for supporting the success of emerging technologies. Many players in the automotive homologation services market are offering services that cover Bluetooth compliance, device durability testing, cellular regulatory and carrier approvals, etc.
- Such developments may bring immense growth prospects for the automotive homologation services market. Here are some developments regarding the regulations for autonomous vehicles.
- The Australian Transport Ministry is developing a national regulatory framework to allow smooth operations of autonomous vehicles in Australia and the work is stated to complete in 2021
- The National Highway Traffic Safety Administration (NHTSA) recently announced the new Automated Vehicle Transparency and Engagement for Safe Testing Initiative Test (AV Test) that will help in tracking the status of Autonomous Vehicles’ (AVs) in the U.S.
- The German Government is in the process of preparing legislation commercializing driverless vehicle technology soon; it will be the first comprehensive legal framework that will cover road traffic requirements and homologation for robot axis
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Automotive Homologation Services Market: Regional Segmentation
The automotive homologation services market is spread across North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. Europe may contribute greatly to the automotive homologation services market during the forecast period due to the increase in automotive production activities in the region. The growing influence of autonomous vehicles may also bring considerable growth for the automotive homologation services market.
Asia Pacific may also hold a substantial share of the automotive homologation services market due to the escalating foreign trade activities.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?