Global Automotive TIC Market: Trends, Regulatory Landscape, and Strategic Growth Insights

Category: Academics

According to the latest publication from Meticulous Research®, the automotive testing, inspection, and certification (TIC) market is set to reach $18.63 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031. The market's expansion is largely driven by the rise in automobile production in emerging economies, stringent industry regulations, and the increasing frequency of vehicle recalls due to component failures. Despite these growth drivers, challenges such as fluctuating regional regulations and a shortage of skilled professionals may impede market progress. However, the rise of electric vehicles, heightened consumer awareness of product safety, and the growing integration of connected devices are creating significant opportunities for market growth. A notable challenge remains the reliability concerns associated with new TIC service providers. Download free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=4977?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=29-08-2024 The automotive TIC market is categorized by service type, sourcing type, supply chain service, and application, with detailed analysis at both regional and country levels. Service Type: The market is segmented into testing, inspection, and certification services. In 2024, testing services are projected to hold the largest market share. This segment's dominance is due to the increasing need for quality assurance and performance validation in vehicles and components. Companies are investing in R&D to offer advanced testing environments, exemplified by SGS S.A.'s new state-of-the-art facility in India, which supports automotive and consumer electronics sectors. Inspection services are expected to grow at the highest CAGR during the forecast period, driven by stringent vehicle inspection regulations and rising consumer expectations for safety and quality. Notably, DEKRA's new vehicle inspection station in Mexico illustrates the sector's expansion. Browse in depth: https://www.meticulousresearch.com/product/automotive-tic-market-4977?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=29-08-2024 Sourcing Type: The market is divided into in-house and outsourced services. In-house services are anticipated to account for a larger market share in 2024 due to greater control over processes and improved performance. However, outsourced services are expected to grow faster due to benefits such as cost reduction and access to specialized expertise. This shift is driven by the need for cost-effective solutions and the increasing complexity of automotive technologies. Supply Chain Service: The market segments into design, production, distribution, sales, and operation services. The operation segment is projected to be the largest in 2024, owing to its role in managing vehicle damage and after-sales issues. The design segment is expected to experience the highest CAGR as concerns over vehicle safety and quality drive demand for design validation services. Application: Applications include vehicle inspection services, electrical components, interior and exterior materials, electric and hybrid vehicles, automotive fuels and lubricants, homologation testing, ADAS testing, and telematics. The vehicle inspection services segment is expected to dominate the market in 2024, while telematics is projected to grow the fastest, fueled by the rise in fleet telematics and connected vehicle technologies. Click here for top trending blog: https://meticulousblog.org/top-10-companies-in-automotive-tic-market/?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=29-08-2024 Geography: The market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead in market share in 2024 due to economic growth, increased vehicle production, and technological advancements. North America is predicted to record the highest CAGR, driven by a high volume of vehicle production, major automotive manufacturers, and rising vehicle recalls. Key Players: Key players in the automotive TIC market include SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Norges Elektriske Materiellkontroll (NEMKO) (Norway), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd’s Register Group Limited (U.K.), and Element Materials Technology Ltd. (U.K.). Quick buy: https://www.meticulousresearch.com/Checkout/85249521?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=29-08-2024 Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research