Automotive TIC Market to reach $32.6 Bn by 2032, Says Global Market Insights Inc.
Major automotive TIC market participants include Eurofins Scientific, SGS Group, DEKRA SE, Bureau Veritas, Applus+, UL LLC (Underwriters Laboratories), TÜV Rheinland Group, Intertek Group plc, Element Materials Technology, TÜV SÜD Group
Selbyville, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) —
The automotive TIC market valuation is predicted to surpass USD 32.6 billion by 2032, reported in a research analysis by Global Market Insights Inc.
Stringent safety standards and regulations imposed by governments worldwide drive this growth. Regulatory bodies enforce rigorous safety, quality, and environmental standards, compelling automotive manufacturers to comply. This includes testing for crashworthiness, emissions, and electronic system reliability. Compliance is mandatory for market entry, and non-compliance can result in penalties, recalls, or bans. Consequently, manufacturers increasingly rely on TIC services to navigate complex regulations and secure necessary certifications, ensuring consistent demand for testing, inspection, and certification services.
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The market is segmented into in-house and outsourced services. In 2023, the automotive TIC market from the outsourced segment accounted for over 67% of the market share and is expected to exceed USD 22 billion by 2032. Outsourced services dominate due to the increasing complexity of automotive technologies and stringent regulatory requirements. Automotive companies often lack the specialized expertise and infrastructure needed for comprehensive testing, inspection, and certification, making it cost-effective to engage third-party experts. They can quickly adapt to regulatory changes and market demands, offering a more efficient and flexible solution compared to in-house capabilities.
The market is divided into commercial vehicles and passenger cars. In 2023, the passenger cars segment held around 65% market share. This segment leads the automotive TIC market due to its substantial share of the global vehicle fleet, which increases the demand for TIC services. Stringent safety and emissions regulations worldwide necessitate thorough testing and certification for compliance. The complexity of modern passenger cars, equipped with advanced technologies such as ADAS and telematics, requires specialized testing and inspection. The growing adoption of electric vehicles (EVs) and the need for certification of new components enhance the passenger cars TIC market dominance.
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The Asia Pacific region accounted for over 42% of the market share and is expected to exceed USD 14.3 billion by 2032. This region, home to automotive giants such as China, Japan, South Korea, and India, significantly influences the automotive TIC market. Rapid urbanization and rising disposable incomes have increased vehicle ownership, driving the demand for TIC services. Government-enforced safety and emission regulations, particularly in China and India, further stimulate market growth. The presence of key automotive players and evolving consumer preferences also contribute to the market’s expansion.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360° synopsis, 2021 – 2032
Chapter 3 Automotive TIC Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Automotive manufacturers (OEMs)
3.2.2 Tier-1 and tier-2 suppliers
3.2.3 Independent TIC providers
3.2.4 Regulatory bodies and standards organizations
3.2.5 Technology and equipment suppliers
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Stringent safety standards and regulations imposed by governments worldwide
3.8.1.2 Growing consumer awareness about vehicle safety
3.8.1.3 Rising technological advancements in connected car technologies & electric vehicles
3.8.1.4 Global automotive production growth
3.8.2 Industry pitfalls & challenges
3.8.2.1 High investment costs of advanced testing equipment and facilities
3.8.2.2 Skilled labor shortage
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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