openPR Logo
Press release

Automotive TIC Market worth $20.4 billion by 2025

09-16-2020 06:40 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

According to the new market research report " Automotive TIC Market with COVID-19 impact by Service (Testing, Inspection, Certification), Sourcing, Application (Vehicle Inspection, Electrical & Components), and Geography; Periodic Technical Inspection Market by Region - Global Forecast to 2025" is expected to grow from USD 16.5 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 4.3%. The growth of the automotive TIC market can be attributed to the increasing automobile production in emerging economies, growing inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures. The market penetration of the automotive TIC market is also analyzed for both pre-and post-COVID-19 scenarios.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215

Vehicle inspection services to account for largest size of automotive inspection market, by application, during forecast period

Vehicle inspection services (VIS) are offered by automotive TIC companies. It is a technical inspection service provided by TIC companies for commercial vehicles (commercial van and truck fleets; heavy and mid-duty trucks; tractors; trailers; construction equipment; forklifts) and passenger vehicles (cars, motorcycles, pick-up trucks, boats and recreational trailers, all-terrain vehicles (ATVs), and recreational vehicles (RVs)). VIS services should ideally follow national/international regulatory standards for environmental protection. These services are also applicable to imported and used vehicles. Used vehicle inspection is another innovative approach that can be employed if a vehicle is returned with damage beyond expectations (excessive wear and tear), which drastically impacts its resale value. Vehicle inspection offers an autonomous and undisputable calculation of each returned vehicle’s value so that the customer can claim the cost of repairs or check the difference between the resale and market values. It is verified by the Vehicle Inspection Management System (VIMS), which takes the entire inspection process into consideration and provides a detailed cost analysis of every fault in the car.

In-house automotive TIC service market for electric vehicles, hybrid electric vehicles, and battery systems is expected to grow at highest CAGR during forecast period

In automotive applications, in-house testing for electronic control units (ECUs) and other core components is done by automakers at their manufacturing facilities. They are collaborating with public bodies and organizations including customs, competition authorities, and industrial health and safety authorities for conducting activities related to quality control and assurance. The market for electric vehicles is rapidly growing owing to factors such as increasing urbanization, growing demand for global hybrid vehicles, rising car sales in emerging markets, surging demand for air-conditioning systems with improved efficiency, and declining battery prices. Electric and hybrid electric vehicles largely depend on their batteries, which act as energy storage systems. The performance and safety check of such batteries is, therefore, crucial, which requires comprehensive battery testing services such as battery life cycle testing, battery abuse testing, battery performance testing, and battery environmental testing/battery durability testing.

US held the largest share of North American automotive TIC market in 2019

According to the American Automotive Policy Council, automakers and their suppliers are the largest contributors to the automotive TIC market in the US, representing around 3% of the GDP. They are also one of the largest exporters of vehicles and parts; in the past 5 years, the country exported vehicles and parts that are worth over USD 692 billion in the past 5 years. The US offers an ideal environment for innovation that has facilitated massive advancements in the automotive sector. The US is an undisputed world leader when it comes to innovation, manufacturing, and marketing in the automotive sector. According to the Organisation Internationale des Constructeurs dAutomobiles (OICA), as of 2018, the US accounted for almost 11.8% of the total automotive production worldwide (with 11,314,705 units). The US also has a highly-skilled workforce in the automotive industry. MISTRAS Group Inc. and UL LLC are the TIC companies based in the US.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=175873215

Key players operating in the automotive TIC market are DEKRA SE (DEKRA) (Germany), TÜV SÜD Group (TÜV SÜD) (Germany), Applus Services S.A. (Applus+) (Spain), SGS Group (SGS) (Switzerland), TÜV Nord Group (TÜV Nord) (Germany), TÜV Rheinland Group (TÜV Rheinland) (Germany), Bureau Veritas S.A. (Bureau Veritas) (France), Intertek Group PLC (Intertek) (UK), Eurofins Scientific (Eurofins) (Luxembourg), Element Materials Technology (Element) (UK), Lloyd’s Register Group Limited (Lloyd’s) (UK), and MISTRAS Group, Inc. (MISTRAS) (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automotive TIC Market worth $20.4 billion by 2025 here

News-ID: 2134931 • Views: 625

More Releases from MarketsandMarkets

Zinc Chemicals Market | Key players operating in the market include Boliden, Pur …
The report "Zinc Chemicals Market by Type (Zinc Oxide, Zinc Sulfate, Zinc Carbonate, Zinc Chloride), Application (Rubber Compounding, Agriculture, Glass & Ceramics, Paint & Coatings, Chemicals, Food & Pharmaceuticals, Textiles), and Region - Global Forecast to 2022", The market is driven by the increased demand for zinc chemicals from various applications, such as rubber compounding, glass & ceramics, and pharmaceuticals. The global zinc chemicals market is estimated at USD 7.98
Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Industry w …
According to recent market research "Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market by Type (Epoxy, Acrylic, Silicone, and Others), End-Use Industry Oil & Gas, and Petrochemical, Marine, Energy & Power) and Region - Global Forecast to 2027", The global CUI & SOI coatings market size is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%. Worldwide,
Smart Home Products | The Rise of the Smart Home: The Popular Trends That Guide …
Many people consider their home as an oasis of comfort, security and peace. The trends that make it an admired destination are changing annually. Smart homes are hot on the catalogues these days with new set-ups at the forefront giving them a big boost! Smart Home is quickly becoming the popular name of the home today with so many different products available to offer a unique smart experience. It's an
APAC to grow at the highest CAGR in Temperature Sensor Market (2021-2028)
Rising environmental concerns and growing demand for sustainable solutions, coupled with investment in R&D by government organizations are major factors contributing to the growth of temperature sensor market. The report provides information on key companies in the market and their offerings, every detail on definitions, industry news, challenges faced by the players in the market. It also presents company profiles illustrating their key innovations around growth drivers for high-growth segments

All 5 Releases


More Releases for TIC

Global Automotive TIC Market Size – Forecasts to 2026
The results analyzed by GME showed that the Global Automotive TIC market will grow with a CAGR value of 4.1 percent, to hit xx billion USD by 2026. The demand will rise rapidly with the rising automotive industry and the increasing adoption of automotive electronics. Browse 151 Market Data Tables and 111 Figures spread through 179 Pages and in-depth TOC on "Automotive TIC Market - Forecast to 2026" https://www.globalmarketestimates.com/market-report/global-automotive-tic-market-2584 By Service
Automotive TIC Market Size, Share, Growth, Industry Analysis, Forecast 2026
In 2018, the global Automotive TIC market size was 14000 Million USD and it is expected to reach 20500 Million USD by the end of 2025, with a CAGR of 5.6% during 2019-2025. The Automotive Testing, Inspection and Certification (TIC) sector consists of conformity assessment bodies that provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification. The rising number of accidents, increasing automation in vehicles,
Tic Disorder Therapeutics- Pipeline Analysis 2018
Tic disorder is a type of mental disorder, characterized by sudden and nonrhythmic movements. According to the World Health Organisation (WHO), this disease can be categorized into five types; transient, combined vocal and multiple motor, unspecified, and chronic motor tic disorder. Download the sample report @ https://www.pharmaproff.com/request-sample/1089 Some of the symptoms of the disease are facial grimacing, excessive blinking, uncontrollable movements of the legs, and sound such as throat clearing. Majorly
Meska Market is Booming Worldwide | Nexira, TIC Gums, KANTILAL BROTHERS
HTF MI recently introduced Global Meska Market study with in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status to 2023. The market Study is segmented by key regions which is accelerating the marketization. At present, the market is developing its presence and some of the key players from the complete study are Nexira, TIC Gums, KANTILAL BROTHERS, Kapadia Gum Industries Pvt. Ltd., Nutriroma, Powder
Testing, Inspection, and Certification (TIC) Services Market Forthcoming Develop …
Market Study Report adds 2018-2024 global Testing, Inspection, and Certification (TIC) Services market report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more. Meticulously analyzed in terms of pivotal industry segments, global testing, inspection, and certification (tic) services market report effectively covers the scope of this space in terms of service, type, application, and the
Global Testing, Inspection, and Certification (TIC) Market: Increasing Overseas …
Leading players in the global testing, inspection, and certification (TIC) market are adopting different competitive strategies to strengthen their position in this highly fragmented arena. These include research and development, service development, and mergers and acquisitions, finds Transparency Market Research (TMR) in a new study. Bureau Veritas SA, SGS Group, Intertek Group PLC, and Dekra SE are the top four companies in the market, accounting for nearly 29% of the