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.

Attractive Opportunities in Automotive Testing, Inspection, and Certification (TIC) Market by Type and Geography - Forecast and Analysis 2022-2026

Attractive Opportunities in Automotive Testing, Inspection, and Certification (TIC) Market by Type and Geography – Forecast and Analysis 2022-2026

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.

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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Industrial Automation Services Market by Service, End-user, and Geography – Forecast and Analysis 2021-2025: The industrial automation services market size is expected to grow by USD 45.32 billion during 2020-2025.

Automotive Testing, Inspection, And Certification (TIC) Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.51%

Market growth 2022-2026

USD 5.03 billion

Market structure

Fragmented

YoY growth (%)

5.0

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 36%

Key consumer countries

US, China, Japan, Germany, and Italy

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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

Market Dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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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

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

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Email: [email protected]
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Global Starch Polymer Market 2022-2026 (PRNewsfoto/Technavio)

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