World News: 13:20 GMT Wednesday 17th April 2019. [QY Research via Globe Newswire via SPi World News]
LOS ANGELES, April 17, 2019 (GLOBE NEWSWIRE) -- QY Research has released a new publication on the global automotive testing, inspection, and certification market, titled The report offers highly comprehensive and accurate analysis of market segmentation, regional market growth, market dynamics, and key market players. The analysts foresee the global automotive testing, inspection, and certification market to rise at a 5.6% moderate CAGR during the forecast period 2019-2025. By 2025, the total value of the global market is projected to reach US$20.5 Bn, which is an impressive improvement from US$14.0 Bn earned in 2018.
The demand for automotive testing, inspection, and certification is foretold to increase on the back of factors such as rising pollution levels, use of more advanced vehicle features and components, increasing vehicle automation, and growing number of accidents. Moreover, sharp increase in the import and export of vehicles and growing demand for technologically advanced and automated vehicles are foretold to help with the growth of the global market.
However, there are other factors negatively affecting the global market growth. For instance, lack of automotive testing, inspection, and certification regulations in developing countries is predicted to hamper the demand in the global market.
The global automotive testing, inspection, and certification market can be segmented as per type and application. On the basis of type, the researchers have segmented the global market into certification, inspection, and testing. They have also analyzed two main applications, viz. commercial vehicles and passenger cars. Each segment of the global market is carefully analyzed, taking into consideration important factors such as market share, market size, and consumption.
Regionally, the global automotive testing, inspection, and certification market is segmented into Rest of Asia Pacific, the MEA, Europe, North America, China, and Central and South America. According to the report, Europe showed dominance in the global market while attaining a remarkable share. Steady expansion of the domestic automotive industry and presence of top automotive manufacturers of the world are expected to help Europe maintain its market growth.
On the other hand, strong establishment of the automotive industry is forecast to help North America achieve a substantial share of the global market. Furthermore, stringent regulations related to periodic testing and inspection of vehicles for safety purpose are anticipated to push the market growth of North America as well as Europe.
The research study profiles leading companies operating in the global automotive testing, inspection, and certification market. These are TÜV Nord Group, TÜV Rheinland Group, Intertek Group, SGS Group, Applus Services, Bureau Veritas, TÜV SÜD Group, and Dekra. Merger and acquisition could be one of the common strategies adopted by leading players of the global market. All of the players profiled in the report are studied on the basis of recent developments, gross margin, production, areas served, and other key factors.
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Globe Newswire: 13:20 GMT Wednesday 17th April 2019
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