Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "Automotive Testing, Inspection and Certification Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global Automotive Testing, Inspection, and Certification (TIC) market has demonstrated resilience and growth, expanding from $20.24 billion in 2022 to $20.8 billion in 2023, representing a Compound Annual Growth Rate (CAGR) of 2.7%.
This upward trajectory is a testament to the industry's ability to navigate challenges, including the disruptions caused by the Russia-Ukraine war and the lingering effects of the COVID-19 pandemic. The war's economic impact has been characterized by economic sanctions, commodity price hikes, supply chain interruptions, inflation in goods and services, and global market disturbances.
The global TIC market is projected to continue growing, reaching $23.23 billion by 2027 at a CAGR of 2.8%.
A Comprehensive Analysis for Industry Success
The Automotive Testing, Inspection, and Certification Market Research Report offers a comprehensive perspective for industry stakeholders. It encompasses valuable statistical insights, global market size, regional market shares, competitor analysis, detailed market segments, trends, opportunities, and critical data required for success in the TIC sector. The report delves into the present and future landscape of the industry, providing a holistic understanding.
Emergence of Technological Trends
The TIC industry is embracing cutting-edge trends such as virtual reality (VR) and augmented reality (AR). These advancements are gaining popularity, shaping the industry's future trajectory. Major players are investing in the development and implementation of VR and AR technologies to bolster their market presence. For instance, Hyundai and its subsidiary KIA introduced a virtual reality design evaluation system in January 2020. This technology enhances vehicle design quality assessments, aerodynamics testing, and more, fostering innovation and efficiency.
Strategic Acquisitions and Expansions
Market leaders are pursuing strategic acquisitions and expansions to fortify their positions. In April 2022, Applus Plus, a Spain-based TIC company, acquired Entidad IDV Madrid SL, reinforcing its dominance in Spain's vehicle inspection sector. This acquisition further solidifies Applus Plus' position as a leading provider of automotive testing, inspection, and certification services.
Regional Dynamics and Growth Prospects
North America dominated the TIC market in 2022, while Asia-Pacific is anticipated to witness the fastest growth during the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Prominent countries covered include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Driving Factors and Future Outlook
The growth of the automotive production sector is a significant driver for the TIC market's expansion. Increasing automobile production necessitates reliable testing, inspection, and certification services to ensure safety, durability, and compliance. For example, India's robust commercial vehicle sales, which rose from 5.7 million to 7.2 million units from April 2021 to March 2022, underscore the importance of quality verification and inspection.
Key Questions Answered:
- Where is the largest and fastest growing market for automotive testing, inspection and certification?
- How does the market relate to the overall economy, demography and other similar markets?
- What forces will shape the market going forward?
Comprehensive Market Inclusions
The Automotive Testing, Inspection, and Certification Market covers services such as pre-production inspection, first article inspection, during production inspection, pre-shipment inspection, and container loading inspection. The market value encompasses revenues from services offered and related goods.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $20.8 billion |
| Forecasted Market Value (USD) by 2027 | $23.23 billion |
| Compound Annual Growth Rate | 2.8% |
| Regions Covered | Global |
Major players in the Automotive Testing, Inspection and Certification market are
- SGS S.A.
- Bureau Veritas S.A.
- Intertek Group PLC.
- Dekra SE
- TUV SUD
- Applus Services S.A.
- TUV Rheinland Ag Group
- Eurofins Scientific SE
- MISTRAS Group Inc.
- Element Materials Technology
- The British Standards Institution
- TUV Nord Group
- NSF International
- RINA S.p.A
- ALS Limited
For more information about this report visit https://www.researchandmarkets.com/r/r0u4c5
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