Automotive TIC Market
Automotive TIC Market - Global Industry Assessment & Forecast
#
Pages:
141
2022
Mar - 2022
VMR-1401
Segments Covered
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, Interior and Exterior Materials and Components, Vehicle Inspection Services, Homologation Testing, Others
-
By
Regions North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
 Base Year:
|
2022 |
| Forecast
Years:
|
2023 - 2030 |
 Historical
Years:
|
2017 - 2021 |
 Revenue
2022: |
USD 17327.33 Million |
 Revenue 2030:
|
USD 23351.28 Million |
 Revenue CAGR
(2023 - 2030): |
3.80% |
Fastest Growing Region (2023 -
2030)
|
Asia Pacific |
Largest Region (2022):
|
Europe |
Customization Offered
Cross-segment Market Size and
Analysis
for Mentioned Segments- Additional Company Profiles (Upto 5
With
No Cost)
- Additional Countries (Apart From
Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request
Customization Speak To
Analyst
Market Synopsis:
The market size of the Global Automotive TIC Market is valued at USD 17327.33 Million in 2022 and is projected to reach a value of USD 23351.28 Million by; 2030 growing at a Compound Annual Growth Rate (CAGR) of 3.80% over the forecast period.
Automotive TIC Market Size, 2022 To 2030 (USD Million)
AI (GPT) is here !!! Ask questions about Automotive TIC Market
Testing, Inspecting and Certifying (TIC) services improve the standard of the production process by testing, inspecting and certifying the vehicle with certain regulations and standards across the world. In most areas, it is necessary to get TIC certification to export automotive products or components. The Global Automotive TIC Market is anticipated to grow in the coming years due to rising digitalization in the automotive industry. Along with this, the increasing automobile production and adoption in developed and developing countries, growing need for outsourcing TIC services, various policies of governments to apply safety and environmental standards on the automotive industry, rise in automobile electronics market to maintain passenger and vehicle safety and increasing awareness among consumers regarding product quality and safety are some of the factors that will drive the market growth in the future. Moreover, the increased usage of electric vehicles and hybrid electric vehicles along with authorization of periodic technical inspection (PTI) of vehicles by governments will boost growth of the Automotive TIC Market in the upcoming years.
Report Coverage & Deliverables
- Real-Time Data Updates:
- Competitor Benchmarking
- Market Trends Heatmap
- Custom Research Queries
- Market Sentiment Analysis
- Demographic and Geographic Insights
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Market Segmentation:
Based on Service Type, the Testing Segment holds Largest Share
The testing segment in the service is anticipated to dominate the market in the coming years as it facilitates the manufacturer to meet the standard requirements. Testing services ensure that the products and commodities that have been manufactured meets customers need. According to statutory standards, rules, and specifications, the test' primarily determined experiments, and on-site testing is available for only manufacturing and process industries. Testing service leads to avoid fatal errors. It also facilitates businesses with minimal spending patterns in the automobile industry by conducting testing and then introduce the product to the market.
The Inspection of components allow the manufacturers to offer performance testing, durability testing, chemical compliance testing, engine endurance, functional safety, and cybersecurity in the inspection segment. It ensures better consumer protection through safer products and allows government authorities in improving efficiencies and maximizing market surveillance resources that are already limited.
Application of Vehicle Inspection had a Significant Growth in the Automotive TIC Market
Vehicle inspection is a procedure that is made compulsory by national or subnational governments in many countries, in which a vehicle is inspected to ensure that it meets the regulations of governing safety, emissions, or both. The Vehicle Inspection Services (VIS) segment accounted for the major share of the global automotive testing services market. The key benefits of TIC for vehicle inspection includes monitoring vehicle damage throughout the supply chain, assessment of repair costs for damaged vehicles, provide safe and reliable vehicles, improve quality, efficiency, safety and, reduce the environmental impact of road traffic, costs, delivery lead-times are supporting the growth of this application segment.
Homologation testing is the process of certifying that a particular car is roadworthy and matches certain specified criteria laid out by the government for all vehicles made or imported into that country. Homologation process includes process, events and timing which must be followed to obtain homologation certificate in global market. It can be granted by a third party or can be self-certified. Self-certification is the process by which a manufacturer internally validates that a vehicle meets the applicable requirements of a specific market. It is not necessary that the test must be witness by government authority. The self-certification process includes the documentation of requirements, test methods, responsibilities, and evidence required to demonstrate compliance.
Asia Pacific Automotive TIC Market is on its Way to have Fastest Growth Over Forecast Period
Asia-Pacific region is expected to be witness highest share worldwide in the Automotive TIC market in the coming years. The elements including monetary status of the area, developing in step with capita income, growing in the huge population base, excessive monetary increase rate, and funding possibilities because of beneficial government regulations is making the area beneficial for the worldwide automobile players to amplify their enterprise in the APAC area.
The Automotive TIC Marketplace in North America is likewise anticipated to develop in the coming years due to upward push in electric powered vehicles which are increasing automobile production in the region. Besides, the Middle East and Africa is anticipated to witness significant growth in the market enlargement because of socio-monetary prosperity in the area.
Competitive Landscape:
Some of the major key players in the market are working on different strategies such as mergers & acquisitions, partnerships, and others to enhance their market presence as well as market share in the global Automotive TIC market. Some of the key players are 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)..
Automotive TIC Market is Segmented as Follows:
Parameter
Details
Segments Covered
By Service Type
By Sourcing Type
By Application
By Regions
Regions & Countries Covered
Companies Covered
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
Pricing and purchase options
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Automotive TIC Market is Tabulated as Follows:
Vantage Market
Research | 27-Mar-2022
FAQ
Frequently Asked Question
What is the global demand for Automotive TIC in terms of revenue?
-
The global Automotive TIC valued at USD 17327.33 Million in 2022 and is expected to reach USD 23351.28 Million in 2030 growing at a CAGR of 3.80%.
Which are the prominent players in the market?
-
The prominent players in the market are 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)..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 3.80% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
-
The driving factors of the Automotive TIC include
- Growing inclination toward outsourcing TIC services
Which region accounted for the largest share in the market?
-
Europe was the leading regional segment of the Automotive TIC in 2022.
