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Automotive Testing, Inspection And Certification (TIC) Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 17, 2024 /EINPresswire / -- The automotive testing, inspection and certification (TIC) market has experienced robust growth in recent years, expanding from $19.98 billion in 2023 to $21.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing vehicle recalls, increasing in the automotive manufacturing sector, rise in connected vehicle technologies, rise of brand protection policies, and increasing concerns for consumer safety.
What Is The Estimated Market Size Of The Global Automotive Testing, Inspection And Certification (TIC) Market And Its Annual Growth Rate?
The automotive testing, inspection and certification (TIC) market is projected to continue its strong growth, reaching $29.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasingly relying on software solutions, increasing risk of the life due to accidents, growing industrialization and infrastructure development, growing popularity of electric vehicles (EVs), and rising vehicular pollution.
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Growth Driver Of The Automotive Testing, Inspection And Certification (TIC) Market
The increasing number of road accidents is expected to propel the growth of the automotive testing, inspection, and certification (TIC) market going forward. The rise in road accidents is due to distracted driving, driving under the influence, reckless driving, and weather conditions. Automotive testing, inspection, and certification (TIC) plays a crucial role in reducing road accidents by ensuring that vehicles and their components meet high safety, reliability, and performance standards.
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Who Are The Leading Competitors In The Automotive Testing, Inspection And Certification (TIC) Market Share?
Key players in the automotive testing, inspection and certification (TIC) market include Eurofins Scientific SE, SGS SA, Bureau Veritas SA, Intertek Group PLC, DEKRA, UL Solutions, Element Materials Technology, Exova Group Limited, ALS Limited, Apave Group, BSI Group(British Standards Institution), RINA, MISTRAS Group, Kiwa NV, NSF International, SAI Global, The Smithers Group Inc., Method Park, TÜV Rheinland, DNV GL(Det Norske Veritas Germanisher Lloyd).
What Are The Dominant Trends In Automotive Testing, Inspection And Certification (TIC) Market Growth?
Major companies operating in the automotive testing, inspection, and certification (TIC) market are focusing on developing advanced solutions, such as artificial intelligence-powered platforms, to enhance testing accuracy and efficiency. Artificial intelligence-powered platforms for vehicle inspection refer to systems that use AI technology to automatically analyze and assess the condition of vehicles, improving accuracy and efficiency in the inspection process.
How Is The Global Automotive Testing, Inspection And Certification (TIC) Market Segmented?
1) By Service Type: Testing Services, Inspection Services, Certification Services, Other Service Types
2) By Sourcing Type: In-House, Outsourced
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Electrical Systems And Components, Telematics, Vehicle Inspection Services, Homologation Testing, Interior And Exterior Materials, Other Applications
Geographical Insights: Asia-Pacific Leading The Automotive Testing, Inspection And Certification (TIC) Market
Asia-Pacific was the largest region in the automotive testing, inspection and certification (TIC) market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive testing, inspection and certification (TIC) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Testing, Inspection And Certification (TIC) Market Definition
Automotive Testing, Inspection, and Certification (TIC) refers to the systematic evaluation processes that automotive components, systems, and vehicles undergo to meet regulatory standards, safety requirements, and quality benchmarks. These processes are crucial in maintaining vehicle reliability, performance, and compliance with international and local regulations.
Automotive Testing, Inspection And Certification (TIC) Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive testing, inspection and certification (TIC) market report covering trends, opportunities, strategies, and more
The Automotive Testing, Inspection And Certification (TIC) Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive testing, inspection and certification (TIC) market size, automotive testing, inspection and certification (TIC) market drivers and trends, automotive testing, inspection and certification (TIC) market major players, automotive testing, inspection and certification (TIC) competitors' revenues, automotive testing, inspection and certification (TIC) market positioning, and automotive testing, inspection and certification (TIC) market growth across geographies. The automotive testing, inspection and certification (TIC) market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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