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Automotive Testing, Inspection And Certification (TIC) Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Testing, Inspection And Certification (TIC) Global Market Analysis
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According to The Business Research Company's, The automotive testing, inspection and certification (TIC) market size has grown strongly in recent years. It will grow from $19.98 billion in 2023 to $21.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing vehicle recalls, increasing in the automotive manufacturing sector, rise in connected vehicle technologies, rise of brand protection policies, and increasing concerns for consumer safety.
The automotive testing, inspection and certification (TIC) market size is expected to see strong growth in the next few years. It will grow to $29.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasingly relying on software solutions, increasing risk of the life due to accidents, growing industrialization and infrastructure development, growing popularity of electric vehicles (EVs), and rising vehicular pollution. Major trends in the forecast period include advanced driver-assistance systems (ADAS), advancements in connected vehicles, increase in the trend of digitalization, and rise of new automotive technologies.
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Market Drivers and Trends:
The increasing number of road accidents is expected to propel the growth of the automotive testing, inspection, and certification (TIC) market going forward. The rise in road accidents is due to distracted driving, driving under the influence, reckless driving, and weather conditions. Automotive testing, inspection, and certification (TIC) plays a crucial role in reducing road accidents by ensuring that vehicles and their components meet high safety, reliability, and performance standards. For instance, in March 2024, according to a report published by Eurostat, a Luxembourg-based government agency, around 20,653 people were killed in road accidents in the European Union in 2022, an increase of 3.7% compared with 2021. Therefore, the increasing number of accidents drives the growth of the automotive testing, inspection, and certification (TIC) market.
Major companies operating in the automotive testing, inspection, and certification (TIC) market are focusing on developing advanced solutions, such as artificial intelligence-powered platforms, to enhance testing accuracy and efficiency. Artificial intelligence-powered platforms for vehicle inspection refer to systems that use AI technology to automatically analyze and assess the condition of vehicles, improving accuracy and efficiency in the inspection process. For instance, in March 2023, Applus+, a Spain-based vehicle inspection services provider, launched eReformas, a new digital solution in Spain. It is an artificial intelligence-powered platform that digitizes the process of vehicle reforms or modifications at periodic technical inspection (PTI) stations. The key features of eReformas include digitizing the documentation process, where customers can access the eReformas website to select the service they need and upload the required documents. The system automatically analyzes the documents to verify their correctness and informs the user of the result.
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Major Key Players of the Market:
Eurofins Scientific SE, SGS SA, Bureau Veritas SA, Intertek Group PLC, DEKRA, UL Solutions, Element Materials Technology, Exova Group Limited, ALS Limited, Apave Group, BSI Group(British Standards Institution), RINA, MISTRAS Group, Kiwa NV, NSF International, SAI Global, The Smithers Group Inc., Method Park, TÜV Rheinland, DNV GL(Det Norske Veritas Germanisher Lloyd)
Automotive Testing, Inspection And Certification (TIC) Market 2024 Key Insights:
• The automotive testing, inspection and certification (TIC) market size is expected to see strong growth in the next few years. It will grow to $29.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Impact Of Rising Road Accidents On The Automotive Testing, Inspection, And Certification (TIC) Market
• AI-Powered Platforms Revolutionize Automotive Testing, Inspection, And Certification Market
• Asia-Pacific was the largest region in the automotive testing, inspection and certification (TIC) market in 2023
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