WASHINGTON, March 30, 2022 (GLOBE NEWSWIRE) -- The Global Automotive TIC Market is expected to reach over USD 21244.4 Million by 2028, exhibiting a CAGR of 4.1% during the forecast period starting from USD 16693.2 Million in 2021.
Market Synopsis: -
Testing, Inspecting and Certifying (TIC) services improve the standard of the manufacturing process by testing, inspecting and certifying the vehicle with certain regulations and standards. In most countries, it is necessary to get TIC certification to export automotive products or components. The global Automotive TIC Market is expected to grow in the coming years due to the increase in the trend of digitalization in the automotive industry. In addition, the increasing automobile production in developed and developing countries, growing inclination toward outsourcing TIC services, rising policies of governments to impose strict safety and environmental standards on the automotive industry, increase in adoption of automobile electronics market to maintain passenger and vehicle safety and increasing awareness among consumers regarding product quality and safety are some of the major factors that will contribute in the growth of the market in near future. The failure of components results in huge loss for the company as well as consumer’s dissatisfaction, in order to avoid this the demand of TIC has increased in the automotive manufacturing sector which will drive the growth of Global Automotive TIC Market over the forecast period.
Moreover, the increase adoption of electric vehicles and hybrid electric vehicles and authorization of periodic technical inspection (PTI) of vehicles by governments will boost growth of the Automotive TIC Market in the upcoming years. However, the regulations and standards are likely to create barriers to the acceptance of products internationally as it may create conflicts between the local and international standards, thereby hindering the growth of market.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Automotive TIC market is predicted to grow at a CAGR of roughly 4.10% during the forecast period.
- The Automotive TIC market was estimated to be worth roughly USD 16,693.20 Million in 2021 and is expected to reach USD 21,244.40 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Automotive TIC market.
List of Prominent Players in the Global Automotive TIC Market:
- DEKRA SE (DEKRA) (Germany)
- TÜV SÜD Group (TÜV SÜD) (Germany)
- Applus Services S.A. (Applus+) (Spain)
- SGS Group (SGS) (Switzerland)
- TÜV Nord Group (TÜV Nord) (Germany)
- TÜV Rheinland Group (TÜV Rheinland) (Germany)
- Bureau Veritas S.A. (Bureau Veritas) (France)
- Intertek Group PLC (Intertek) (UK)
- Eurofins Scientific (Eurofins) (Luxembourg)
- Element Materials Technology (Element) (UK)
- Lloyd’s Register Group Limited (Lloyd’s) (UK)
- MISTRAS Group Inc. (MISTRAS) (US)
- UL LLC (UL) (US)
- DNV GL Group AS (DNV) (Norway)
- British Standards Institution (BSI) (UK)
- RINA S.p.A (RINA) (Italy)
- Norges Elektriske Materiellkontroll (Nemko) (Norway)
- NSF International (NSF) (US)
- and EQS - Engineering
- Quality and Safety (EQS)(Portugal)
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Market Dynamics:
Drivers:
Increased growth of Internet of Things (IoT)-based Technology to boost the Market Growth
The Internet of Things (IoT) is a network of interconnected computing devices that exchange data for executing a task without human interaction. With the increase in adoption of smart digital system, the testing of software will become equally important as testing of hardware and the inspection and testing of the software connection with remote gadgets. With, such advancement of technology and ease of testing, will contribute in the growth of Automotive TIC Market over the forecast period.
Restraints
Regulations/Standards across Regions to Restrain Market Growth
The regional policies and standards are expected to create challenges to product acceptability worldwide as trade and businesses become more globalized. The conflict of local and international standard might affect the market expansion in future. The difference in tax rates resulted from differences in regulatory policies and standard requirements by different government across different regions will results in additional expenditures for business affecting the growth of market in the coming years. In addition, the long lead time required for overall qualification tests can challenge the growth of the Automotive TIC Market in the upcoming period.
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Regional Analysis:
Asia-Pacific region is anticipated to have the largest share of the global Automotive TIC Market in the coming years. The factors such as economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities due to favourable government policies is making the region favourable for the global automotive players to expand their business in the APAC region, will drive the growth of Global Automotive TIC Market in future. In addition, rising vehicle production, increasing demand for autonomous & luxury vehicles, growing sales of electric cars, strict government regulations for vehicle safety & quality, and technological development in the automobiles sector is also contributing in the growth of automobile market, as a result, it is driving the growth of the Automotive TIC Market services market in the Asia Pacific region.
The North America market is anticipated to grow significantly in the upcoming year, due to increased vehicle manufacturing in the region because of rise in demand for electric vehicles. The U.S.A is the first in the region in terms of major Automotive TIC Market countries in this region. In 2020, The U.S. Environmental Protection Agency (EPA) with a view of increasing Fuel economy proposed technical changes to emissions testing protocols and some changes in Greenhouse Gas Emissions (GHG) standards to ensure a smooth transition of 0% ethanol to 10% ethanol. As a result, by implementing such regulations and other standards, TIC services is playing a vital role for automobile companies in this region in the coming years.
Recent Trends
- July 2021 – Char IN recognized DEKRA as one of the first test laboratories for interoperability certification of charging stations for electric vehicles. With this, DEKRA is allowed to perform the Combined Charging System (CCS) Basic conformance tests and issue the CCS Basic certificate for charging stations, which will help to improve operability on the road and provide seamless charging experience for users.
- June 2021 - Germany’s Federal Motor Authority (KBA) announced TUV SUD as a Technical Service vehicle for cyber security and software updates in motor vehicles. This will allow TUV SUD to expand its range of services as per the latest design and development of connected and automated vehicles, therefore making KBA as one of the leading third-party service providers in this industry.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Automotive TIC Market Size, Share & Trends Analysis Report by Service Type (Testing Services, Inspection Services, Certification Services, Other Services), by Sourcing Type (In-house, Outsourced), by Application (Electrical Systems and Components, Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems, Telematics, Fuels, Fluids, and Lubricants), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/automotive-tic-market-639464
The report on the Global Automotive TIC Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Automotive TIC Market?
- How will the Automotive TIC Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Automotive TIC Market?
- What is the Automotive TIC market drivers and restrictions?
- What will be the CAGR and size of the Automotive TIC Market throughout the forecast period?
This market titled “Global Automotive TIC Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 16,693.20 Million |
| Projected Market Size in 2028 | USD 21,244.40 Million |
| CAGR Growth Rate | CAGR of 4.10% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Service Type ° Testing Services ° Inspection Services ° Certification Services ° Other Services • Sourcing Type ° In-house ° Outsourced • Application ° Electrical Systems and Components ° Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems ° Telematics ° Fuels, Fluids, and Lubricants ° Interior and Exterior Materials and Components ° Vehicle Inspection Services ° Homologation Testing ° Others |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • DEKRA SE (DEKRA) (Germany) • TÜV SÜD Group (TÜV SÜD) (Germany) • Applus Services S.A. (Applus+) (Spain) • SGS Group (SGS) (Switzerland) • TÜV Nord Group (TÜV Nord) (Germany) • TÜV Rheinland Group (TÜV Rheinland) (Germany) • Bureau Veritas S.A. (Bureau Veritas) (France) • Intertek Group PLC (Intertek) (UK) • Eurofins Scientific (Eurofins) (Luxembourg) • Element Materials Technology (Element) (UK) • Lloyd’s Register Group Limited (Lloyd’s) (UK) • MISTRAS Group Inc. (MISTRAS) (US) • UL LLC (UL) (US) • DNV GL Group AS (DNV) (Norway) • British Standards Institution (BSI) (UK) • RINA S.p.A (RINA) (Italy) • Norges Elektriske Materiellkontroll (Nemko) (Norway) • NSF International (NSF) (US) • and EQS - Engineering • Quality and Safety (EQS)(Portugal) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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