Automotive Testing, Inspection, and Certification (TIC) Market to Record 5.51% CAGR, Growing Automotive Industry to Drive Growth

NEW YORK, Sept. 15, 2022 /PRNewswire/ — The automotive testing, inspection, and certification (TIC) market is fragmented. ALS Ltd, Applus Services Technologies SL, Bureau Veritas SA, DEKRA SE, DNV Group AS, Element Materials Technology Group Ltd., Eurofins Scientific SE, Intertek Group Plc, LRQA Group Ltd, Mistras Group Inc., NSF International, RINA Spa, SAI Global Pty. Ltd., SGS SA, The British Standards Institution, The Smithers Group Inc, TUV NORD AG, TUV Rheinland AG, TUV SUD AG, and UL LLC are among some of the major market participants.

The automotive testing, inspection, and certification (TIC) market size is expected to grow by USD 5.03 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 5.51% during the forecast period.

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Automotive Testing, Inspection, and Certification (TIC) Market 2022-2026: Scope

The automotive testing, inspection, and certification (TIC) market report covers the following areas:

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Automotive Testing, Inspection, and Certification (TIC) Market 2022-2026: Driver and Challenge

The growing automotive industry is driving the growth of the market. The key players in the automobile industry plan to start new subsidiaries for electric vehicles. In addition, there is a need for proper TIC to ensure the safety and performance of vehicles, along with a major focus on quality control for automotive manufacturing operations and additional safety, testing, and reporting measures. TIC services help manufacturers in increasing the marketability of their products and reduce costs in the pre-production phases.

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High lead time for the TIC process is challenging the growth of the market. The automotive TIC procedure is lengthy, as the automobile should be approved by an inspection team before receiving certification. Vehicles need to comply with the standards specified for the countries where they are sold. In the case of exports, manufacturers have to undergo additional procedures. All of these processes are time-consuming, which increases the overall lead time.

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Automotive Testing, Inspection, and Certification (TIC) Market 2022-2026: Segmentation

Automotive Testing, Inspection, and Certification (TIC) Market 2022-2026: Revenue-generating Type Segments

The in-house segment will be the largest contributor to market growth during the forecast period. In-house TIC refers to conducting TIC activities within the company instead of relying on outsourcing.

Automotive Testing, Inspection, and Certification (TIC) Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026

• Detailed information on factors that will assist automotive testing, inspection, and certification (TIC) market growth during the next five years

• Estimation of the automotive testing, inspection, and certification (TIC) market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the automotive testing, inspection, and certification (TIC) market

• Analysis of the market’s competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of automotive testing, inspection, and certification (TIC) market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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