Press release
Automotive TIC Market Surging to $18.63 Billion by 2031
Redding California, March 13, 2024 - Meticulous Research®, a leading provider of comprehensive market research, introduces its latest report, "Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Supply Chain Service, Application (Vehicle Inspection, ADAS, OEM Testing, Durability Testing, Telematics, Others), Geography-Forecast to 2031." The report projects that the automotive Testing, Inspection, and Certification (TIC) market will reach a valuation of $18.63 billion by 2031, showcasing a steady CAGR of 3.6% from 2024 to 2031.Download free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=4977
Market Dynamics:
The growth of the automotive TIC market is propelled by several factors, including the increasing production of automobiles in emerging economies, stringent regulations and standards in the automotive industry, and the rising instances of vehicle recalls due to component failure. Despite these drivers, challenges such as dynamic regulations/standards across regions and a shortage of skilled personnel restrain the market's growth. On a positive note, the growing adoption of electric vehicles, heightened consumer awareness regarding product quality and safety, and the increased use of connected devices in the automotive industry present growth opportunities for market players. However, concerns over the reliability of new TIC service providers pose a significant challenge to market growth.
Based on Service Type:
Testing Services: Expected to account for the largest market share in 2024.
Inspection Services: Expected to record the highest CAGR during the forecast period, driven by stringent rules for vehicle inspection, growing consumer awareness, and increasing government focus on automotive inspection services.
Browse in depth: https://www.meticulousresearch.com/product/automotive-tic-market-4977
Based on Sourcing Type:
In-house Services: Expected to account for the larger share in 2024.
Outsourced Services: Expected to record a higher CAGR during the forecast period, driven by the benefits of outsourcing, including access to skilled expertise, increased focus on core activities, better risk management, and improved in-house efficiency.
Based on Supply Chain Service:
Design: Expected to account for the largest share in 2024.
Operation: Expected to record the highest CAGR during the forecast period, driven by increasing concerns regarding the safety and quality of vehicles, boosting the demand for automotive design services.
Click here for top trending blog: https://meticulousblog.org/top-10-companies-in-automotive-tic-market/
Based on Application:
Vehicle Inspection Services (VIS): Expected to account for the largest share in 2024.
Telematics: Expected to record the highest CAGR during the forecast period, driven by increasing demand for fleet telematics, integration of connected vehicle technologies, adoption of wireless communications devices, and integration of safety features into vehicles.
Geographical Insights:
Asia-Pacific: Expected to account for the largest share in 2024.
North America: Expected to record the highest CAGR during the forecast period, driven by easy availability of automotive TIC services, presence of major automotive manufacturers, and easy access to advanced services.
Quick Buy: https://www.meticulousresearch.com/Checkout/85249521
Key Players:
Leading players in the automotive TIC market include SGS S.A., Bureau Veritas S.A., Intertek Group Plc., Dekra SE, TÜV SÜD, TÜV Rheinland Ag Group, DNV GL, British Standards Institution (BSI), Norges Elektriske Materiellkontroll (NEMKO), Eurofins Scientific SE, Applus+, TÜV Nord Group, Mistras Group, Lloyd's Register Group Limited, and Element Materials Technology Ltd.
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition
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