DUBLIN, Aug. 17, 2023 /PRNewswire/ — The “Global Automotive TIC Market 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global automotive Testing, Inspection, and Certification (TIC) market is poised for substantial growth, with a projected ascent from its 2023 valuation of USD 17.7 billion to a robust USD 20.9 billion by 2028, fostering a Compound Annual Growth Rate (CAGR) of 3.4%.
This market evolution is a direct response to the burgeoning emphasis on sustainability and stringent environmental regulations within the automotive sector, driving a significant shift in the demand for TIC services. As the automotive landscape witnesses the ascension of electric vehicles and an intensified need for accurate emissions testing and certification, TIC providers find themselves in a pivotal role, ensuring adherence to rigorous environmental standards.
The advent of pioneering technologies, including advanced driver assistance systems and autonomous vehicles, further cultivates opportunities for TIC enterprises to furnish testing and certification services for these cutting-edge solutions. Moreover, the increasing intricacy of vehicle components and systems amplifies the necessity for comprehensive testing and inspection to guarantee both safety and performance.
As the automotive industry continues to navigate the currents of change, guided by shifting market requisites, the triad of quality assurance, safety compliance, and environmental sustainability will steer the momentum of the automotive TIC market’s expansion.
Report Coverage
The comprehensive report embraces a multi-dimensional exploration of the automotive TIC market, spanning vehicle type, service type, sourcing type, application, and regional delineations (North America, Europe, Asia-Pacific, and the Rest of the World). Within its purview lies an intricate analysis of the competitive landscape and intricate profiles of key players within the automotive TIC market ecosystem.
Moreover, the study orchestrates an exhaustive competitive analysis of primary market participants, illuminating their corporate profiles, salient insights pertaining to product and business offerings, recent strides, and pivotal market strategies. Eminent players such as DEKRA SE (Germany), TUV SUD (Germany), Applus+ (Spain), SGS Group (Switzerland), and TUV Rheinland AG Group (Germany) tower over the automotive TIC market, having forged their dominance by offering exemplary TIC services within the ecosystem. These industry stalwarts have masterminded strategic partnerships to offer unparalleled services, solidifying their commitment to their clientele’s needs.
TIC Services for Vehicle Inspection: Dominating the North American Market
During the forecast period, the primary focus of TIC services within the North American market will be on vehicle inspection. This segment is poised to become the largest in this region. Stringent regulations in North America pertain to vehicle safety, emissions, and overall adherence to standards.
The significance of vehicle inspection services lies in their ability to verify and ensure that vehicles meet these regulations, guaranteeing their safety and roadworthiness. The escalating awareness among consumers about the quality and dependability of vehicles is contributing to the expansion of vehicle inspection services. Consequently, buyers in North America are increasingly conscious of safety and quality, often seeking independent inspections to assess the condition and reliability of used vehicles.
Promising Trajectory of Connectivity and Telematics TIC Segment
During the projected timeframe, there is a promising trajectory for the TIC segment related to Connectivity and Telematics. Telematics involves amalgamating telecommunication and informatics within the automotive realm. It merges features such as hands-free communication, navigation, in-car computing, and wireless networking with standard automotive entertainment functions.
The Asia Pacific region’s rapid digital evolution and technological progress are driving increased connectivity and integration of vehicles with diverse digital platforms and services. Telematics systems, incorporating telecommunications and informatics, empower vehicles to communicate, exchange data, and access real-time services. This connectivity augments vehicle performance, safety, and user experience, spurring the demand for TIC services to ensure the reliability, security, and conformity of telematics systems.
The burgeoning consumer desire for connected car features and services is propelling the interest in automotive telematics and connectivity. Consumers seek heightened convenience, entertainment, and safety features in their vehicles, encompassing in-car infotainment, navigation, emergency services, and remote control capabilities. TIC services fulfill a critical role in certifying the operationality, interoperability, and cybersecurity of these connected car systems, thereby instilling confidence in consumers and automotive manufacturers.
Swift Growth of TIC Services for EV Motors in the European Market
The European market is anticipated to witness the swiftest growth in the TIC segment dedicated to EV Motors. The momentum in the automotive TIC sector will be propelled by the rapid expansion of electric vehicles (EVs). As Europe takes the lead in adopting electric mobility, there is a mounting demand for TIC services specifically tailored to EV motors.
TIC providers are pivotal in ensuring the safety, quality, and conformity of EV motors through comprehensive testing, inspection, and certification protocols. The evolving complexity and technological strides of EV motors necessitate specialized TIC services to ascertain alignment with regulatory mandates and industry benchmarks. With the European automotive industry undergoing a substantial shift towards electric vehicles, the need for TIC services encompassing EV motors is predicted to encounter substantial growth.
TIC companies will play an indispensable role in bolstering the EV market’s expansion by delivering dependable and efficient testing and certification services for EV motors in Europe’s automotive landscape.
Premium Insights
- Increasing Automotive Production in Developing Countries to Boost Demand for Automotive TIC Services
- Testing Services Segment to Account for Largest Market Share During Forecast Period
- Passenger Cars Segment to Lead Market During Forecast Period
- Outsourced Segment to Exhibit Higher CAGR Than In-House Segment from 2023 to 2028
- Vehicle Inspection Services Segment to Lead Market During Forecast Period
- Asia-Pacific Estimated to Hold Largest Market Share in 2023
Market Dynamics
- Drivers
- Increasing Demand for Connectivity in Luxury Vehicles
- Global Expansion of Automotive Market Across Different Countries
- Increasing Acquisitions in TIC Sector
- Rapid Advancements in Automotive Sector
- Restraints
- High Costs Associated with Automotive TIC Processes
- Lack of Harmonization in TIC Standards Across Different Regions and Markets
- Opportunities
- Increasing Demand for Hydrogen as Alternate Fuel and Autonomous Vehicles
- Adoption of New Technologies and Methodologies Like Digital Testing Tools, Automation, and Data Analytics to Enhance Efficiency and Accuracy
- Collaboration Between OEMs and Component Manufacturers to Offer Integrated Testing and Certification Solutions
- Challenges
- Maintaining Compliance with Diverse Regulatory Requirements and Standards Across Different Countries
- Highly Competitive Market
Case Study Analysis
- Kawasaki’s Success with 5-Axis cmm Inspection Using Renishaw Revo Systems
- Commercial Vehicle Testing – Enhancing Real-World Performance and Robustness
- Enhancing Car Rental Inspection with Motioncam-3D
- Enhanced Vehicle Inspection with High-Current LED Bar Lights
- Inspection Software for Automotive Component Tracking
Other Key Insights
- Value Chain Analysis
- Macroeconomic Indicators
- Automotive TIC Market Ecosystem
- Automotive TIC Service Providers and Their Areas of Expertise
- Key Stakeholders and Buying Criteria
- Technology Analysis
- Patent Analysis
- Regulatory Overview
- Trends and Disruptions
- Key Conferences and Events, 2023-2024
- Automotive TIC Market: Scenario Analysis
Companies Profiled
- Key Players
- Dekra SE
- TUV SUD
- Applus+
- SGS Group
- TUV Rheinland AG Group
- TUV Nord Group
- Bureau Veritas S.A.
- Intertek
- Eurofins
- Element Materials
- Kiwa N.V.
- A2LA
- Other Players
- British Standards Institution (BSI)
- RINA S.p.A.
- Norges Elektriske Materiellkontroll (NEMKO)
- NSF International
- Engineering Quality Solutions, Inc. (EQS)
- Lloyd’s Register Group Limited
- MISTRAS
- DNV GL
- UL LLC
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive TIC Market, by Service Type
7 Automotive TIC Market, by Application & Propulsion
8 Automotive TIC Market, by Sourcing Type
9 Automotive TIC Market, by Vehicle Type
10 Automotive TIC Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Analyst’s Recommendations
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/zh9ve3
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