New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Testing, Inspection and Certification Global Market Report 2023" - https://www.reportlinker.com/p06438988/?utm_source=GNW
, Element Materials Technology, The British Standards Institution, TUV Nord Group, NSF International, RINA S.p.A., and ALS Limited.
The global automotive testing, inspection and certification market grew from $20.24 billion in 2022 to $20.8 billion in 2023 at a compound annual growth rate (CAGR) of 2.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive testing, inspection and certification market is expected to grow to $23.23 billion in 2027 at a CAGR of 2.8%.
The automotive testing, inspection, and certification market includes revenues earned by entities by providing services such as pre-production inspection, first article inspection, during production inspection (DPI), pre-shipment inspection (PSI), and container loading inspection (CLI).The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Automotive testing, inspection, and certification refer to certifying automotive vehicles and their components as per the requirements of regulatory and statutory standards that help to check whether vehicles meet customer expectations and various statutory standards. These services are used to ensure the automotive product complies with automotive safety and quality standards.
North America was the largest region in the automotive testing, inspection, and certification market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive testing, inspection, and certification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of services in automotive testing, inspection, and certification are testing services, inspection services, certification services, and other services.Automotive testing services refer to putting complete vehicles or vehicle components through a series of laboratory tests to ensure their quality compliance.
The major sourcing types are in-house and outsourced. The various applications include electrical systems and components, telematics, interior and exterior materials and components, fluids and lubricants, vehicle inspection services, homologation testing, and other applications.
An increase in automobile production is expected to propel the growth of the automotive testing, inspection, and certification market going forward.Automobiles refer to passenger vehicles with four wheels and an internal combustion gasoline or diesel engine, and are intended for use on public highways.
Automotive testing, inspection, and certification help automobiles to be safe and strong and assist in proving the longevity of the engine or shocks. For instance, in March 2021, according to the Society of Indian Automobile Manufacturers, an India-based national body representing the Indian automobile industry, sales of commercial vehicles grew overall, rising from 5.7 million to 7.2 million units. From April 2021 to March 2022, compared to the prior year, sales of medium and heavy commercial vehicles climbed from 1.6 million to 2.4 million units, and sales of light commercial vehicles increased from 4 million to 4.8 million units. Furthermore, according to the Alliance for Automotive Innovation, a US-based trade association, automotive sales will increase by 14 million units in 2020. Therefore, the increase in automobile production is driving the growth of the automotive testing, inspection, and certification market.
Advancements in TIC such as virtual reality (VR) and augmented reality (AR) have emerged as the new trends gaining popularity in the automotive testing, inspection, and certification market.Major companies operating in the automotive testing, inspection, and certification market are focused on developing and adopting virtual reality and augmented reality technologies to sustain their position in the market.
For instance, in January 2020, Hyundai, a South Korea-based automotive manufacturer with its subsidiary KIA, introduced virtual reality design evaluation system.These technology uses several development applications which would enable designers and engineers’ teams to carry out vehicle design quality assessments and development verification processes.
Moreover, these system enables teams in testing vehicle ergonomics and aerodynamics more efficiently.
In April 2022, Applus Plus, a Spain-based automotive testing, inspection, and certification company, acquired Entidad IDV Madrid SL for an undisclosed amount.With this acquisition, Applus Plus operates 9 statutory vehicle inspection stations in Madrid, solidifying its position as the business performing the most inspections in the area and remaining the leading provider in Spain.
Entidad IDV Madrid SL is a Spain-based company that conducts taximeter testing and required automotive inspections.
The countries covered in the automotive testing, inspection, and certification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive testing, inspection, and certification market research report is one of a series of new reports that provides automotive testing, inspection, and certification market statistics, including automotive testing, inspection, and certification industry global market size, regional shares, competitors with an automotive testing, inspection, and certification market share, detailed automotive testing, inspection, and certification market segments, market trends and opportunities, and any further data you may need to thrive in the automotive testing, inspection, and certification industry. This automotive testing, inspection, and certification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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