As stated in our extensive report, providing insights on product and procedure the Global Automotive TIC Market is expected to reach a revenue 21,244.40 USD Million in the year 2028.
The increasing automobile manufacturing in emerging economies, rising inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recall owing to component failuresare the key reasons for the growth of the Automotive TIC Market.
Automotive TIC Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in automotive manufacturing, which is decreasing the demand for automotive TIC.
TIC companies offer conformity assessment services to a diverse range of industry sectors from energy and utilities to food and agriculture and chemicals as well as with respect to matters that cut across industry sectors, such as climate change and artificial intelligence. Conformity assessment may comprise a variety of activities, ranging from testing and inspection, through validation and verification, to certification, and pre-and post-market surveillance or some combination thereof.
Asia Pacific is expected to grow at the fastest CAGR in coming years owing to the high demand for automotive TIC in the manufacturing sector.Additionally, this region has the most advance manufacturing facilities which are boosting the market to grow. Countries such as U.S. & Canada are considered to be the most developed countries in the field of testing and inspection systems. These are a few of the reasons Asia Pacific is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of automotive TIC. North America held the largest share of the Automotive TIC Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Automotive TIC Market such as 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)..