CHICAGO, June 20, 2023 /PRNewswire/ — 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% during the forecast period, according to a new report by MarketsandMarkets™. 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 environmental friendly electric mobility.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215
Browse in-depth TOC on “Automotive TIC Market”.135 – Tables70 – Figures 270 – Pages
Automotive TIC Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 20.9 billion by 2028 |
|
Growth Rate |
3.4% of CAGR |
|
Largest Market |
Europe |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2023-2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Vehicle Type (Passenger Cars, Commercial Vehicles), Service Type (Testing Services, Inspection Services, Certification Services), Sourcing Type (In-House, Outsourced), Application and Region |
|
Geographies Covered |
North America, Asia Pacific, Europe, and Rest of the World |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Increasing demand for hydrogen as an alternate fuel and autonomous vehicles |
|
Key Market Drivers |
Rapid advancements in the automotive industry |
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.
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 industry 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.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=175873215
Key Market Players:
The Automotive TIC Companies are DEKRA SE (Germany), TÜV SÜD Group (Germany), Applus+ (Spain), SGS Group (Switzerland), TÜV Rheinland Group (Germany), among others.
Recent Developments:
In April 2023, TUV Rheinland updated its certification program for hydrogen to ensure the safety and reliability of hydrogen technology and infrastructure. The new certification program covers various aspects of the hydrogen value chain, including production, storage, transportation, and usage. It also addresses emerging topics such as the use of hydrogen in fuel cells for mobility applications. The updated program reflects the latest technological and regulatory developments in the hydrogen industry and is designed to help companies and organizations meet the growing demand for safe and sustainable hydrogen solutions.
In March 2023, Applus+ launched eReformas, a digital platform that provides a more efficient and flexible inspection service for users of statutory vehicle inspection in Spain. Through the eReformas platform, customers can view and manage appointments, track the inspection process in real-time, receive alerts on their mobile devices, and even make online payments. Applus+ expects the eReformas platform to improve customer satisfaction and streamline the inspection process, ultimately resulting in safer vehicles on the road.
In March 2023, SGS announced that it has signed an agreement to sell its Automotive Asset Assessment and Retail Network Services operations to Zurich-based asset management firm, Conzzeta AG. The agreement includes selling the business, assets, and employees and transferring certain liabilities. The deal is expected to close in the second quarter of 2023, subject to customary closing conditions.
In November 2022, DEKRA has launched a cybersecurity certification program that covers all types of electric vehicle supply equipment (EVSE). The program is the first of its kind globally. It is based on well-known cybersecurity standards, such as ETSI EN 303 645 or IEC 62443, to help EVSE manufacturers ensure their products are equipped with appropriate security solutions against significant security threats.
In November 2022, SGS announced its membership in the Automotive Electronics Council’s (AEC) Technical Committee. The AEC is a leading forum for developing reliable, high-quality automotive electronic components standards. The collaboration with AEC will enable SGS to provide its customers with testing services for automotive electronic components that comply with AEC’s high-quality standards.
In May 2022, TÜV SÜD has developed a program to evaluate the sustainability of battery production in a pilot project with Microvast Holdings. Microvast Holdings is a leading supplier of battery technology for specialized and commercial vehicles. The sustainability assessment program by TÜV SÜD aims to assist manufacturers in developing more sustainable battery production processes, focusing on ecological, social, and economic aspects.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=175873215
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Related Reports:
Automotive Test Equipment Market – Global Forecast to 2025
EV Test Equipment Market – Global Forecast to 2027
Automotive Diagnostic Scan Tools Market – Global Forecast to 2026
Driving Simulator Market – Global Forecast to 2025
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish MehraMarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-tic-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-tic.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets