PUBLISHER: The Business Research Company | PRODUCT CODE: 1526890
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526890
Automotive quality service involves various activities and procedures designed to ensure that vehicles produced by automotive companies adhere to high-quality standards and regulatory mandates. Its objective is to enhance customer satisfaction, elevate product reliability, and adhere to regulatory guidelines, ultimately guaranteeing vehicle safety and performance.
The primary segments within the automotive quality service market include testing services, certification and validation services, and quality sorting services. Testing services encompass a variety of evaluations, inspections, and assessments conducted on vehicles, components, and systems to verify compliance with specified standards and performance benchmarks. Vehicle categories span passenger cars and commercial vehicles, while applications range from electrical systems and components to telematics, vehicle inspection services, homologation testing, and materials for interiors and exteriors, among others. End-users encompass original equipment manufacturers (OEMs), tier 1 and tier 2 suppliers, aftermarket service providers, and regulatory bodies.
The automotive quality service market research report is one of a series of new reports from The Business Research Company that provides automotive quality service market statistics, including automotive quality service industry global market size, regional shares, competitors with an automotive quality service market share, detailed automotive quality service market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive quality service industry. This automotive-quality service research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive quality service market size has grown strongly in recent years. It will grow from $24.19 billion in 2023 to $26.40 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be credited to several factors including strict government regulations pertaining to vehicle safety, escalating consumer expectations, globalization of automotive supply chains, heightened competition among automotive manufacturers, and expansion of the aftermarket sector.
The automotive quality service market size is expected to see strong growth in the next few years. It will grow to $37.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be ascribed to the emergence of electric vehicles (EVs) and autonomous vehicles, growing integration of industry 4.0 technologies, increased utilization of data analytics and artificial intelligence, demand for enhanced quality and reliability, and the global expansion of the automotive industry. Notable trends expected in the forecast period encompass advancements in vehicle technologies, the incorporation of advanced driver assistance systems (ADAS), utilization of 3D printing and advanced manufacturing techniques, collaborations with technical institutions and automotive academies, and the adoption of predictive maintenance and AI.
The growth of the automotive quality service market is expected to be propelled by the increasing production of vehicles. This uptrend in vehicle production can be attributed to various factors such as economic expansion, globalization, government incentives, and rising consumer purchasing power. Automotive quality services play a crucial role in ensuring that vehicles adhere to the highest standards of quality, safety, and reliability throughout the manufacturing process. For instance, according to the European Automobile Manufacturers Association, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to the previous year. Hence, the escalating vehicle production is a key driver behind the expansion of the automotive quality service market.
Major players in the automotive quality service sector are focusing on developing innovative solutions, including hassle-free vehicle servicing, to enhance customer experience, streamline operations, and elevate overall service quality. Hassle-free vehicle service refers to a seamless and convenient process for vehicle maintenance, repairs, and servicing, aimed at minimizing inconvenience for vehicle owners. For example, BMW India, a subsidiary of the renowned German car manufacturer BMW, introduced a contactless service for vehicle servicing in June 2021. This initiative enables customers to engage in various activities such as exploring and purchasing new and pre-owned BMW cars, scheduling vehicle services, and conducting secure online transactions through the BMW Contactless Experience platform. Following service, the sanitized vehicle is delivered to the customer's preferred location, in compliance with local government safety directives. This innovative service aims to reduce customer interaction while enhancing safety and convenience throughout the vehicle servicing process.
In September 2023, HCL Technologies Limited, an India-based information technology company, completed the acquisition of ASAP Group for $279 million. This strategic move is intended to strengthen HCL Tech's automotive engineering capabilities, particularly in autonomous driving, e-mobility, and connectivity, leveraging ASAP Group's diverse service portfolio covering electrics, software, and vehicle development. ASAP Group, headquartered in Germany, is a provider of automotive engineering services, including automotive quality services.
Major companies operating in the automotive quality service market are Dragon Solutions Ltd., Bureau Veritas, Intertek Group plc, Alten Group, FEV Group GmbH, Horiba Ltd., Applied Technical Services Inc., Bertrandt AG, ARRK Product Development Group Ltd., EDAG Group, Altair Engineering Inc., TRIGO S.A., Stratosphere Quality LLC, ESG Elektroniksystem- und Logistik-GmbH, National Technical Systems Inc., Millbrook Proving Ground Limited, Matrix Quality Services Inc., Weiss Technik North America Inc., CSI S.p.A., Automotive Quality & Logistics Inc., Ashton Technologies Inc., Element Materials Technology Ltd., Quality Service Group, ASAP Holding GmbH, Dragon Solutions Ltd.
North America was the largest region in the automotive quality service market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive quality service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive quality service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive quality service market includes revenues earned by entities by providing services such as advanced product quality planning, quality audits and assessments, supplier quality management, product quality inspections, and root cause analysis and related quality management software (QMS), supplier quality management tools, and quality auditing tools. 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.
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.
Automotive Quality Service Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive quality service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive quality service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive quality service market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.