Global TIC Market for Automotive Industry is Anticipated to grow at a Significant Pace and was USD 17 billion in 2020


Posted October 7, 2021 by industryno1

VynZ Research is a global market intelligence company providing research reports.

 
The global TIC market for the automotive industry is expected to witness a CAGR of 4.3% during the forecast period. The automotive testing, inspection, and certification (TIC) market is anticipated to grow significantly during the forecast period due to the increasing trend of digitalization in the automotive sector owing to the COVID-19 pandemic.

There is an increase in automobile production in emerging economies, paradigm shift in inclination towards outsourcing TIC services, increasing disposable income in emerging countries, increasing use of automotive electronics to maintain passenger and vehicle safety, rising instances of auto recall owing to component failures, and increasing initiatives by the government to impose mandatory regulatory standards are the factors influencing the growth of TIC market in the automotive industry.

The growing adoption of electric and hybrid vehicle production has created promising opportunities for the growth of the automotive TIC market. Thus automotive TIC is used for offering services to the automotive TIC manufacturers to improve the efficiency, production level, and production process according to the mandatory standards.

Download Free Sample Copy Of Research Report: https://www.vynzresearch.com/semiconductor-electronics/tic-market-for-automotive-industry/request-sample

The COVID-19 outbreak has resulted in the disruption of cash flow resulting in a liquidity crisis in the automotive TIC market. Moreover, there is a huge decline in the market capitalization resulting in a fall of demand and supply network in the TIC market for automotive manufacturers. Nevertheless, TIC is playing a crucial role by offering assurance that the products and services offered to the customers will provide safety and health standards.

Based on end-use industry, the TIC market for the automotive industry is divided into vehicle inspection services, electrical components and electronics, interior & exterior materials and components, electromobility/electric vehicles, automotive fuels, fluids, and lubricants, homologation testing, Advanced Driver Assistance Systems (ADAS) testing, durability testing, OEM testing, telematics, emission testing, acoustic testing, and others.

Electric systems and components are anticipated to have a high CAGR during the forecast period In the TIC market for the automotive industry owing to various tests related to electrical parameter testing such as power distribution and environmental performance testing of vehicles, including tensile, stress, volatility, and flammability test, mechanical performance testing including vibrations, stress, fatigue, and mechanical shock, altitude simulation, battery test, FMVT, etc.

Europe is expected to have a dominant position in the TIC market for the automotive industry as Europe is a significant hub for the automotive sector as there is a large number of automobile manufacturing companies such as Robert Bosch GmbH, Volkswagen AG, Daimer AG. So, there is a need to deploy efficient testing and inspection ecosystem in these companies.

Some of the key players operating in the TIC market in the automotive industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

Source: VynZ Research
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By VynZ Research
Phone 9960288381
Business Address Noida, India
Country India
Categories Business , Free , Industry
Tags tic market for automotive , tic market for automotive industry , tic market for automotive industry analysis , tic market for automotive industry growth , tic market for automotive industry share , tic market for automotive industry size , tic market for automotive industry trend , tic market for automotive industry value
Last Updated October 7, 2021