The global automotive TIC market is projected to grow from USD 17.7 billion in 2023 to USD 20.9 billion by 2028, registering a CAGR of 3.4%.
The growing demand of safer, efficient and fuel-efficient mobility alternative is expected to drive the demand for automotive TIC services around the world. For instance, the demand for TIC services for automotive components such as EV Battery, EV Motors, EV Chargers, among others, is expected to increase due to the increasing demand for safer and environmentally friendly electric mobility. At present, Companies such as DEKRA SE (Germany), TÜV SÜD Group (Germany), Applus+ (Spain), SGS Group (Switzerland), TÜV Rheinland Group (Germany) provide automotive TIC services to Tier-1 component manufacturers and OEMs. The increasing adoption of automated driving in automobiles, the growing popularity of premium and luxury vehicles, and stringency in safety standards are driving the automotive TIC market.
TIC services for commercial vehicles to be the fastest growing market by value during forecast period
The commercial vehicles segment includes vehicles primarily used for commercial purposes such as transporting goods, passengers, or specialized cargo. Commercial vehicles play a vital role in various industries, including logistics, transportation, construction, and public services. This segment includes a wide range of vehicles, including trucks, buses, vans, and other specialized vehicles designed to meet specific commercial requirements. Due to their larger size, higher payloads, and intricate functionalities, the commercial vehicle sector is subjected to rigorous safety regulations and compliance standards. Ensuring the safety and adherence to these standards is of utmost significance. Testing, Inspection, and Certification (TIC) services play a vital role in evaluating numerous aspects, encompassing structural integrity, braking systems, load capacity, emissions, and conformity to industry benchmarks. Commercial vehicles face unique challenges related to fuel efficiency, emissions control, and environmental impact. The increasing emphasis on sustainability and stringent regulations has driven the development of alternative fuel technologies and the adoption of electric and hybrid commercial vehicles. TIC services play a vital role in evaluating the performance and compliance of these vehicles, ensuring they meet the necessary environmental standards.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=175873215
Outsourced TIC services to be the fastest growing segment by sourcing type during the forecast period
OEMs collaborate with external TIC providers who specialize in specific testing areas or possess industry certifications and accreditations. These providers offer a range of services, such as component testing, system verification, quality control inspections, regulatory compliance assessments, and certification support. Various automotive TIC providers outsource a range of services to meet industry requirements. SGS, Bureau Veritas, DEKRA, TÜV SÜD, and Intertek are notable TIC providers that cater to the automotive sector. These providers outsource a comprehensive suite of services, including testing, inspection, certification, and consulting. SGS and Bureau Veritas are known for their expertise in providing end-to-end TIC solutions for automotive companies, while DEKRA specializes in vehicle inspections, emissions testing, and homologation. TÜV SÜD is recognized for its broad range of TIC services, including technical advisory, while Intertek focuses on testing, inspection, certification, and supply chain assurance for automotive components and materials. The allocation of TIC services to providers may vary based on specific agreements and industry needs.
“Europe is expected to be one of the leading market in the automotive TIC market”
The automotive TIC market in Europe is characterized by a comprehensive range of services provided by industry-leading TIC service providers. These companies have established their headquarters and operations across different European countries, leveraging their expertise, advanced technologies, and extensive networks to meet the diverse needs of the automotive sector. Prominent TIC providers in Europe include DEKRA, TÜV SÜD, Bureau Veritas, TÜV Rheinland, and Intertek, to name a few. These companies offer a wide array of TIC services encompassing various aspects of automobile manufacturing, including safety, performance, emissions, and compliance with regulatory standards. Stringent safety regulations and standards enforced by the European Union bodies, such as the European Commission and European Automobile Manufacturers’ Association (ACEA), necessitate rigorous testing and certification processes to ensure the safety of vehicles and their components. The European automotive TIC market is poised for significant growth as the automotive sector continues to evolve and adapt to changing market dynamics and technological advancements. The focus on sustainability, environment-friendliness, and energy efficiency further amplifies the demand for TIC services, particularly in areas such as EV batteries, renewable energy sources, and emission testing. Additionally, strong collaborations and partnerships between OEMs, TIC providers, and regulatory bodies in Europe further enhance the growth prospects of the automotive TIC market in the region.
Key Players
The automotive TIC market is dominated by established players such as DEKRA SE (Germany), TÜV SÜD Group (Germany), Applus+ (Spain), SGS Group (Switzerland), TÜV Rheinland Group (Germany), among others.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=175873215
