Press release
Automotive Testing Inspection Certification (TIC) Market
The Automotive Testing Inspection Certification (TIC) Market Overview provides an in-depth analysis of market trends, dynamics, segmentation, geographical penetration, competitive landscape, and the impact of COVID-19 on various segments:Market Summary:
The global automotive TIC market reached approximately USD 18 billion in 2022 and is expected to hit USD 25 billion by 2030, displaying a CAGR of 4.2% during 2023-2030.
The sector's growth is attributed to increasing traffic fatalities and heightened vehicle production, emphasizing the importance of TIC in ensuring high-quality parts and vehicles.
Market Dynamics and Trends:
Rising road accidents: Increasing traffic accidents globally have drawn attention to the quality of vehicles sold worldwide, propelling the demand for TIC. The WHO states that nearly 1.3 million people die in road traffic accidents annually.
Growing vehicle production and awareness of vehicle testing: With an increase in vehicle production worldwide, the demand for safety and comfort features has led to significant research and development in testing electronic components and adhering to legal requirements.
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Market Segment Analysis:
Passenger cars segment's dominance: The passenger car segment is expected to exhibit rapid growth and control over 50% of the market due to increased sales and growing purchasing power.
Geographical Penetration:
North America's electric vehicle growth: North America is projected to contribute more than 30% to the market due to the rise in electric vehicles and the implementation of new laws and regulations, such as the EPA's modifications to emissions testing protocols.
Competitive Landscape:
Major players in the industry include SGS SA, Intertek Group Plc, Robert Bosch Gmbh, Siemens AG, among others.
Key Developments: Significant initiatives like facility expansions, acquisitions of testing facilities, and the establishment of new testing facilities for electric vehicles indicate market growth and technological advancements.
COVID-19 Impact on Automotive TIC Market:
The impact spans various segments like autonomous and connected vehicles, electrical components and electronics, environmental testing, crash tests, among others.
Notable developments include SGS SA's expansion of automobile testing services and DEKRA's acquisition of Movon Corporation, enhancing its vehicle testing network.
The Automotive Testing Inspection Certification Market is witnessing substantial growth owing to increased awareness of vehicle safety, rising vehicle production, and the need for compliance with stringent regulatory standards. This growth is reflected in various segments, including passenger cars, electric vehicles, and stringent testing regulations for vehicle safety. Additionally, market players are continually expanding and innovating to meet the increasing demands and technological advancements in the automotive sector.
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