Japan Automotive Testing Market to Grow on Account of Growing Production of Vehicles in Japan; Market to Grow with a CAGR of 5.5% During 2021-2028
Kenneth Research published a report titled Japan Automotive Testing Market: Global Demand Analysis & Opportunity Outlook 2028 which delivers detailed overview of the Japan automotive testing market in terms of market segmentation by testing type, sourcing type, vehicle type, and by propulsion type.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Japan automotive testing market is anticipated to grow with a CAGR of 5.5% over the forecast period, i.e., 2021 – 2028. The market is segmented by testing type into mechanical testing, emission testing, component testing, dynamic stress testing, material testing, surface testing, electrical components & electronics testing, environmental testing, vehicle safety testing, and noise testing, out of which, the mechanical testing segment is anticipated to garner the largest revenue of USD 418.0 Million by the end of 2028. Moreover, the segment generated a revenue of USD 319.0 Million in the year 2018.
The Japan automotive testing market is estimated to garner a revenue of USD 2072.1 Million by the end of 2028, up from a revenue of USD 1519.2 Million in the year 2018. Increasing awareness for vehicle safety, along with the stringent government policies for maintaining an optimum quality of the manufactured vehicle are some of the major factors anticipated to drive the growth of the market in the coming years. Additionally, the presence of a prominent automotive industry in the nation, along with the presence availability of several international vehicle manufacturing brands in the country are also anticipated to boost the market growth.
Increasing Vehicle Production in Japan to Expand Market Growth
In one of the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of cars in Japan increased from 7830722 units in the year 2015 to 8328756 units in the year 2019.
The automotive industry in Japan is growing at a significant pace, backed by the rising demand for Japanese-engineered vehicles. With a global presence of several vehicle manufacturers, it is highly required that these manufacturers maintain an optimum quality of their vehicles before delivering it to its customers. As a result, there is a growing need for automotive testing, which is expected to drive the market growth during the forecast period.
However, the high cost associated with testing of cars equipped with advanced technology is expected to operate as key restraint to the growth of Japan automotive testing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Japan automotive testing market which includes company profiling of Applus Servicios Tecnologicos, S.L, SGS SA, SINFONIA TECHNOLOGY CO., LTD., HORIBA, Ltd., MEIDENSHA CORPORATION, DEKRA SE, AVL List GmbH, ESPEC CORP., TUV SUD, Intertek Group plc, TUV Rheinland Group, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Japan automotive testing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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