Global Automotive TIC Market Size To Worth USD 29.3 Billion By 2033 | CAGR OF 3.94%
Category: Automotive & TransportationGlobal Automotive TIC Market Size To Worth USD 29.3 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Automotive TIC Market Size is to grow from USD 19.91 Billion in 2023 to USD 29.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.94% during the projected period.
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Browse key industry insights spread across 180 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive TIC Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Testing, Inspection, and Certification), By Sourcing Type (In-House, and Outsourced), By Vehicle Type (Passenger Cars, and Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/automotive-tic-market
Automotive Testing, Inspection, and Certification (TIC) is the comprehensive procedure of evaluating, reviewing, and certifying that automotive products and machinery validate regulatory ethics, safety trials, and quality standards. Furthermore, this systematic procedure comprises complex testing, comprehensive inspection, and certification processes to ensure that cars and their associated parts meet industry requirements and customer expectations. Moreover, to help manufacturers produce cars that satisfy the highest standards and surge customer trust and company reputation, automotive TIC is also a critical component of quality control. The demand for specific automotive TIC services is being obsessed with the rise of electric vehicles (EVs) and autonomous vehicles (AVs). To guarantee performance, safety, and adherence to varying rules, these refined systems must endure strict testing and certification. Businesses that provide services like functional safety testing for advanced driver-assistance systems (ADAS), cybersecurity valuations for autonomous vehicles (AVs), and battery safety testing might benefit from this trend. In addition, the swift development of the automobile sector, mostly in China and India, creates massive demand for TIC services. The complex global trade and supply chains, as a result, highlight the need for TIC services, which certified quality control as a significant stimulus on the automotive TIC market. However, the high installation and maintenance amount of automotive TIC services executes as a barrier for budget-constrained small producers. Also, the demand for enormously adaptable TIC services to screen developing technologies such as electric vehicles is anticipated to hinder the growth of the automotive TIC market. Similarly, insufficient access to critical testing and certification is probable to limit innovation and overall market growth
- The testing segment is anticipated to hold the greatest share of the global automotive TIC market during the projected timeframe.
Based on the service type, the global automotive TIC market is divided into testing, inspection, and certification. Among these, the testing segment is anticipated to hold the greatest share of the global automotive TIC market during the projected timeframe. This can be attributed to the mounting need to verify the quality, safety, and performance of vehicles and automotive mechanisms and the rising focus on innovation in the automotive industry.
- The in-house segment is anticipated to hold the greatest share of the global automotive TIC market during the projected timeframe.
Based on the sourcing type, the global automotive TIC market is divided into in-house and outsourced. Among these, the in-house segment is anticipated to hold the greatest share of the global automotive TIC market during the projected timeframe. This can be credited to the high eminence and degree of control over manufacturers and improved delivery performance provided by in-house TIC.
- The passenger cars segment is predicted to hold the largest share of the global automotive TIC market during the estimated period.
Based on the vehicle type, the global automotive TIC market is divided into passenger cars and commercial vehicles. Among these, the passenger cars segment is predicted to hold the largest share of the global automotive TIC market during the estimated period. Increasing disposable income is growing the purchase of sophisticated passenger cars, thus driving the need for comprehensive TIC services.
Asia Pacific is expected to hold the largest share of the global automotive TIC market over the forecast period.
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Asia Pacific is expected to hold the largest share of the global automotive TIC market over the forecast period. The mounting demography of countries, such as China and India, which accounts for more than 38% of the global population is a vital element driving the region’s growth. This expansion is due to increased urbanization and superior disposable income, which give rise to changing customer preferences. The automotive sector is growing in South Korea, India, and China, owing to enlarged car production.
North America is predicted to grow at the fastest pace in the global automotive TIC market during the projected timeframe. This can be attributed to the high evolution of the automotive TIC market in North America is determined by the easy accessibility of automotive TIC services, the occurrence of major automotive producers, and easy access to progressive services.
Major vendors in the Global Automotive TIC Market include Dekara SE, Intertek Group, TUV Rheinland Group, Applus Group, TUV SUD Group, TUV Nord, Eurofins Group, SGS Group, Bureau Group, Mistras Group, Element Material Technology Ltd, British Standards Institution, DNV GL, Norges Elekriske Materiellkontroll, and others.
Recent Developments
- In May 2024, DEKRA established the first Wi-Fi Alliance Authorized Test Laboratory (ATL) in Stuttgart, Germany, with an emphasis on the automotive industry. Our strategic location near automobile manufacturers and suppliers allows customers to receive authorized Wi-Fi CERTIFIED testing for their products, ensuring high-quality, interoperability, security, and industry-agreed standards compliance.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive TIC Market based on the below-mentioned segments:
Global Automotive TIC Market, By Service Type
- Testing
- Inspection
- Certification
Global Automotive TIC Market, By Sourcing Type
- In-House
- Outsourced
Global Automotive TIC Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicle
Global Automotive TIC Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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