Albany, NY -- (SBWIRE) -- 05/18/2018 -- The vendor landscape of the global automotive testing, inspection, and certification market is highly fragmented as the market features several small and large players providing these services. In the recent years, large number of merger and acquisitions have been witnessed in this market, which turns out to be an attempt by large players to minimize their competition and expand their geographic presence, thereby enhancing their overall profit margins.
Some of the key service providers operating in the automotive testing, inspection, and certification market are SGS SA, Bureau Veritas, DEKRA, Intertek Group, TUV SUD, DNV GL, TUV Rheinland, Applus+, ALS Limited, TUV NORD GROUP, and MISTRAS Group, Inc.
According to the report, the global automotive testing, inspection, and certification market was valued at US$9.7 bn in 2016. The market is likely to expand at a CAGR of 11.11% over 2017 to 2025 to reach US$24.8 bn in 2025.
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Services Undertaken on Offsite Locations to Gather Larger Share in Global Revenue
In terms of the type of sourcing, the offsite segment accounted for dominant market share of 64.30% of the overall market in 2016. The equipment needed for performing various tests on vehicles are mostly based in a service provider's plant. Hence, for the complete testing of a vehicle, the vehicle must be tested at service provider's plant. Owing to this, the offsite segment dominated the market by earning a substantial market revenue.
Geographically, the global market acquires a large share of its overall revenue from Europe and North America. Owing to the presence of a large number of some of the world's leading automotive manufacturers, Europe held the top spot when it comes to expenditure on automotive testing, inspection, and certification services, accounting for nearly 37% of the overall market in 2016.
Stringent Safety and Emission Regulations Compel Vehicle Manufacturers to Spend More on Testing, Inspection, and Certification Services
A number of factors are expected to work in favor of the market, including the rising global production of a variety of vehicles, increased environmental air pollution levels, and rising numbers of road accidents. Owing to this, relevant governing/ regulatory bodies are paying more emphasis on the periodic vehicle testing and inspection. The growth of the market is supplemented by the rising demand for automated and technologically advanced vehicles, coupled by the vast rise in imports and exports amongst countries are also some of the key drivers bolstering the demand for automotive testing, inspection, and certification services across the globe.
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The market also benefits from the vast rise in stringent safety norms pertaining to safety and fuel efficiency of vehicles for ensuring vehicle roadworthiness, safety, and emission standards. As vehicles are required to pass periodical tests and inspection phases to be able to remain competitive in the overall market, their manufacturers are investing more on testing, inspection, and certification services. In several countries such as Germany and the U.S., periodic vehicle inspection are made mandatory so as to avert any road mishaps on account of any malfunctioning vehicle components. These factors are expected to help key players in this industry to bag great opportunities for testing, inspection services in the coming two to four years.
This analysis of the global automotive testing, inspection, and certification services is based on a recent market research report by Transparency Market Research, titled "Automotive Testing, Inspection, and Certification (Service Type - Testing, Inspection, and Certification; Sourcing Type - On Site and Off Site; Place - OSP, Workshop) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2025."
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Increase in number of safety and emission regulations require increased focus on tests, inspections, and certifications for all varieties of vehicles
Europe holds top spot in terms of revenue generation in global market