Automotive Quality Service Market Outlook - 2027
Automotive quality service seeks the quality of the product, for example, the ability of the vehicle to fulfill its expected functions and behavior such as engine efficiency, product features, and environmental exhaust standards. Rapid increase in demand for electric vehicles, implementation of stringent government regulations to control vehicle emissions, and growth in need to curb pollution at the global level are responsible for increase in demand for automotive quality services among the automobile industry. Electric vehicles do not have similar parts as the regular IC engine vehicles. As their parts differ, electric vehicles have a different set of testing, inspection, and certification regulations & standards. Therefore, the increase in demand for luxury and safety is expected to boost the automotive quality service market over the forecast period.
COVID-19 scenario analysis:
- Due to lockdown in almost every country across the globe, the auto component industry is suffering huge losses every day.
- In almost every country, the auto industry largely contributes to the Gross Domestic Product
- (GDP). These numbers are brought down to nearly zero due to the outbreak, which may result in a recession period in many countries.
- The unorganized automotive sector has much worse condition due to uncertainty that would impact smaller organizations with lesser retentive power, due to their lower profitability.
- The manufacturing industry has been hit in many ways due to the Corona effect from lower production houses to large producing suppliers start to disengage, and play safe, to protect their interests, because their capacity to bear risks is much lower.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Increase in automobile production, growth in inclination toward outsourcing testing, inspection & certification (TIC) services, and rise in focus of governments to impose strict regulatory standards on the automotive industry are expected to escalate the demand for automotive quality service over the forecast period. Moreover, varying regulations/standards across various regions are anticipated to hamper the market growth. Furthermore, the mandate of periodic technical inspection (PTI) of vehicles by governments in countries is expected to offer lucrative opportunities for the automotive quality service market growth over the forecast period.
The automotive quality service market trends are as follows:
Increase in automobile production
The demand for automobiles has significantly increased, which leads to increase in production in almost every country due to urbanization and introduction of shared mobility across the globe. Automakers are continuously innovating to meet the demand from different regions. Along with customization as per the desire of customers, services are being offered after the sales of the vehicle in accessories or design, which have significantly boosted the automotive market growth. This is also expected to grow the automotive quality service market over the forecast period.
Rising focus of governments to impose strict regulatory standards on the automotive industry
Consumption of fuel is massively increasing with the surge in the automobile industry in almost every country, which could further create an impact on the environment. Governments are encouraging people and applying strict regulations on the automation industry to advance their machinery, which causes the least possible damage to the environment. Therefore, increase in awareness among passengers is expected to boost the automotive quality service market over the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the automotive quality service market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the automotive quality service market share.
- The current market is quantitatively analyzed to highlight the automotive quality service market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the automotive quality service market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Quality Service Market Report Highlights
Key Market Players
Ashton Technologies and Ashton Automotive Testing, Intertek Group plc, Element Materials Technology Ltd., Magna International Inc., Quality Service Group, National Technical Systems, Inc., CSI S.p.A., Dragon Solutions Ltd, Weiss Technik North America, Inc., Bureau Veritas, Idneo Technologies S.L.