Automotive TIC Market To Reach USD 34250 Million by 2029, Witnessing a CAGR of 6.9%

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07 Jun, 2023, 10:18 ET

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BANGALORE, India , June 7, 2023 /PRNewswire/ -- Automotive TIC Market is segmented by type (Testing, Inspection, Certification, Others), and by application (Personal, Commercial) : Global Opportunity Analysis and Industry Forecast 2023–2029. It is published in Valuates Reports under the Automotive Industry Category.

The global Automotive TIC market was valued at USD 22950 million in 2022 and is anticipated to reach USD 34250 million by 2029, witnessing a CAGR of 6.9% during the forecast period 2023-2029.

Major Factors Driving the Growth of the Automotive TIC Market

The Automotive TIC market is expanding as a result of a number of key factors, including rising automobile production, an increase in government regulations governing safety and environmental standards in the automotive sector, and rising consumer awareness of product safety and quality.

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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE TIC MARKET

OEMs and automotive suppliers are conducting research and development to test electronic components and comply with legal requirements due to the increased demand for safety and comfort features. Vehicles and their component parts are made and sold all over the world as the automotive industry becomes more globalized. The demand for standardized testing and certification services has increased as a result, spurring the expansion of the Automotive TIC market. The expansion of the automotive testing inspection and certification market is significantly influenced by the increase in car manufacturing in both developed and developing countries, as well as by the quick shift in perspective towards outsourcing and twitching services.

It is anticipated that the market for automotive testing, inspection, and certification will expand as a result of rising disposable incomes in developing countries and increased government attention on enforcing severe regulatory requirements on the automobile industry. There has been an increase in demand for Automotive TIC services as governments throughout the world enact stronger laws around car safety and pollution. Automotive TIC services support the growth of the market by ensuring that automobiles and automotive components adhere to necessary safety and emissions regulations. This factor is expected to drive the growth of the Automotive TIC market.

Future growth may be boosted by the rising use of electrical and hybrid electric vehicles as well as government approval of routine technical inspections of automobiles. The Automotive TIC market is expanding due to the rising popularity of electric and driverless automobiles. These vehicles need specialized testing and certification services to ensure their performance and safety, which should increase demand for Automotive TIC solutions.

The pressure on the automotive sector to lessen its environmental impact is growing. Promotion of the automobile testing inspection and certification industry is required due to a number of factors, including rising environmental pollution levels and an increase in accidents. This factor is expected to drive the growth of the Automotive TIC market.

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AUTOMOTIVE TIC MARKET SHARE ANALYSIS

DEKRA, TÜV SÜD Group, Applus Services, and others are major participants in the global Automotive TIC market. A 20% share is held by the top three producers worldwide.

With a market share of over 40%, Europe is the largest region, followed by Asia-Pacific, the Middle East and Africa, and then Asia. The expansion of the Automotive TIC Market in this region is anticipated to be fueled by elements like the government's steadfast support for the growth of the automotive industry, manufacturers' increasing emphasis on supporting innovation and fortifying their position in the region, and rising investments/funds from manufacturers and the government in the sector.

With a share of about 40%, Testing is the largest product segment. The significant market share of this sector is related to the increased demand for high-quality, safe products as well as the regulatory agencies' strong recommendations to guarantee the products' efficiency, safety, and quality. In addition, ongoing investments by service providers in R&D efforts to increase their visibility and offer test environments are anticipated to boost the growth of this market segment.

Passenger vehicles are expected to be the most lucrative segment base on application.

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SIMILAR REPORTS

- The global Testing, Inspection, and Certification market was valued at USD 116700 million in 2022 and is anticipated to reach USD 142710 million by 2029, witnessing a CAGR of 3.4% during the forecast period 2023-2029.

- Electric Vehicle Testing, Inspection, and Certification (TIC) Market Research Report 2023

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- The global In-Car Infotainment market size is projected to reach USD 44620 million by 2028, from USD 25730 million in 2021, at a CAGR of 7.7% during 2022-2028.

- Automotive Remote Diagnostics market size is projected to reach USD 14920 million by 2027, from USD 7116.3 million in 2020, at a CAGR of 10.7% during 2021-2027.

- Automotive Plastics market size is estimated to be worth USD 42530 million in 2022 and is forecast to a readjusted size of USD 71060 million by 2028 with a CAGR of 8.9% during the review period.

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- Bluetooth in Automotive market size is projected to reach USD 128880 million by 2028, from USD 37220 million in 2021, at a CAGR of 19.3% during 2022-2028.

- Automotive Headliner market size is estimated to be worth USD 26040 million in 2022 and is forecast to a readjusted size of USD 33330 million by 2028 with a CAGR of 4.2% during the review period.

- Due to the COVID-19 pandemic, the global Automotive Connectors market size is estimated to be worth USD 20540 million in 2022 and is forecast to a readjusted size of USD 29130 million by 2028 with a CAGR of 6.0% during the review period.

- Off Road Vehicle market estimated at USD 12.6 billion in the year 2021, is projected to reach a revised size of USD 16.8 billion by 2028, growing at a CAGR of 4.2% during the forecast period 2022-2028.

- Electric Vehicle (EV) Charging Stations market size is estimated to be worth USD 2419.2 million in 2022 and is forecast to a readjusted size of USD 12490 million by 2028 with a CAGR of 31.5% during the review period.

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