Homologation Market: By Vehicle Type (Motorcycle, Passenger Vehicles, Commercial Vehicles, Trailers, Others), By Service Type (Full Vehicle Homologation, Components & system Homologation), By Application (Domestic Homologation, Export Oriented Homologation), and Geography

Homologation Market was valued at USD 1,386.8 million in 2022 and is expected to grow at a 3.7% CAGR from 2023 to 2029. Homologation is the process of certifying a particular vehicle that matches certain required criteria given by the government regulatory bodies and is roadworthy which are made inside or imported into that country. As the need for concern for the safety and reliability of vehicles rises, the need for homologation services also increases to ensure the vehicles are meeting the necessary standards and regulations which is expected to drive the growth of homologation across the globe over the forecast period. in addition, several governments across the globe are implementing strict regulations and standards for vehicle performance, emission, and safety which is expected to increase the demand for homologation services to comply with these regulations.

Furthermore, factors such as the growing automotive industry along with the increasing demand for new and innovative vehicles and growing technological advancements in vehicles are expected to boost the growth of homologation market over the forecast period. However, the high cost of homologation services, lack of standardization, and complexity of regulatory requirements and standards across different region and countries are expected to hold back and hinder the growth of the homologation market over the forecast period. Moreover, factors such as growing demand for electric vehicles, increasing focus on autonomous vehicles, and growing demand for after-market homologation services to ensure that these vehicles meet the necessary safety, performance and regulation standards are expected to provide opportunities for the market players and the manufacturers in the growth of homologation market over the forecast period.  

Homologation Market key Developments:

In May 2022, Intertek announced their expansion of services and capabilities in its transportation laboratories in Devon, Plymouth to meet the rising demand of electric vehicles across the globe.