Pune, India, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The Automotive TIC market size is expected to grow from USD 19.3 billion in 2021 to USD 28.5 billion in 2028, exhibiting a CAGR of 5.75% during the forecast period. Rising instances of component failures in the automotive industry and rapid digitization are expected to boost the market growth.
Automotive TIC certification is a certification wherein a component is approved as per the requirements of several statutory regulating organizations. Automotive testing aids in raising production standards by certifying products as per the regulatory requirements. Rising instances of component failures may boost the adoption of automotive TIC among consumers. Furthermore, rapid digitization is expected to boost the product adoption. These factors may propel market development in the coming years.
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Automotive TIC Market Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.75% |
| 2028 Value Projection | USD 28.5 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 16.7 billion |
| Historical Data for | 2016-2019 |
| No. of Pages | 200 |
| Segments covered | Service, Vehicle Type, and Region |
| Growth Drivers | Increased Internet of Things (IoT) Technology Adoption to Foster Market Growth |
| Increasing Urbanization and Rising Disposable Income to Boost Growth in Asia Pacific |
Lockdown and Manufacturing Activities to Foster Market Development
This Automotive TIC Market is expected to be negatively affected during the COVID-19 pandemic due to restrictions imposed on manufacturing. The sudden spike in COVID-19 patients led to governments' adoption of stringent lockdown norms. The imposition of stringent transport restrictions may lead to raw material shortages, thereby creating supply chain disruptions. However, the adoption of reduced capacities, production machinery, social distancing, and sanitization methods is expected to foster market progress during the pandemic.
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Increased Internet of Things (IoT) Technology Adoption to Foster Market Growth
The incorporation of IoT technology and regulatory policies regarding passenger safety is expected to boost the adoption of the product. The incorporation of this technology boosts the testing and inspection of the software. The software is expected to become as important as connected autos, mobile payments, and linked gadgets become more prevalent due to their adoption in automotive testing. For example, AsiaInspection's digitized its customer interface to complete inspection within 48 hours. These factors may drive the automotive TIC market growth.
However, variations in regulations are expected to restrain the market growth.
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Increasing Urbanization and Rising Disposable Income to Boost Growth in Asia Pacific
Asia Pacific is expected to dominate the automotive TIC market share due to increasing urbanization and rising disposable income. The market in Asia Pacific stood at USD 7.45 billion in 2020 and is expected to grow positively in the coming years. Furthermore, the expansion of the automotive sector in China, India, and South Korea is expected to foster market development.
In Europe, the presence of headquarters of major companies is expected to boost the adoption of automotive TIC adoption. As per the report published by the European Commission in 2018, approximately 178 vehicle facilities were open in the EU. In addition, the presence of several car manufacturing businesses such as Daimler AG (Germany), Volkswagen AG (Germany), and Robert Bosch GmbH (Germany) is expected to boost the market growth.
The Report Lists the Key Companies in the Global Market
- TÜV SÜD (Munich, Germany)
- Applus Services, S.A (Madrid, Spain)
- Dekra SE (Stuttgart, Germany)
- SGS Group (Geneva, Switzerland
- Bureau Veritas Group (Neuilly-sur-Seine, France)
- Intertek Group Plc (London, U.K.)
- Mistras Group (New Jersey, U.S.)
- Element Material Technology Ltd (London, U.K.)
- British Standards Institution (London, U.K.)
- DNV GL (Baerum, Norway)
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Global Automotive TIC Market Segmentation:
By Service Type:
- Testing
- Inspection
- Certification
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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