Automotive TIC Market 2021 Size, Share, Industry Trends, Future Development, Outlook, Growth Analysis and 2028 Forecast

The global automotive TIC market size is expected to gain momentum due to the increasing demand for safety and quality in vehicles during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Automotive TIC Market, 2021-2028.” The increasing automobile production, outsourcing TIC services, strict regulatory standards, automotive electronics adoption to maintain passenger and vehicle safety, and consumer awareness of product quality are major factors contributing to the market’s growth.

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What does the Report Offer?

The report for automotive TIC aids in understanding the dynamics and structure of the global market by evaluating market segments and projecting the market size. The clear depiction of competitive analysis of key competitors in the market by product, price, financial situation, and product portfolio.

List of Key Players Profiled in the Global Market for Automotive TIC:

  • Bureau Veritas S.A.
  • TUV Nord Group
  • Dekra SE
  • Mistras Group
  • Element Materials Technology
  • British Standards Institution
  • Norges Elektriske Materiellkontroll

Increasing Government Regulations to Stimulate Growth

The global automotive TIC market growth is expected to grow due to the rising environmental concerns during the projected period. Various regulatory rules pertaining to passenger safety and environmental issues apply to the automotive industry. These standards have a direct impact on and influence on the design of vehicle components. Major regulatory organizations employ tariffs and other trade barriers to punish and warn firms who violate pollution and safety standards, such as by continuing to utilize defective equipment.

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Increasing Investment Opportunities to Promote Growth in Asia Pacific

Asia Pacific is expected to hold the largest global automotive TIC market share during the forecast period. The growth of indigenous industries, which leads to an increase in exports, strict standards, demanding standards, and growing urbanization in emerging countries such as China, have become appealing destinations.

Europe is expected to have a sizable share of the market. The market is expected to be driven by the continued development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies. Because of the existence of major vehicle manufacturing businesses, Europe is an essential hub for the automotive industry.

Increasing Number of Mergers to Create Opportunities for Market Growth

Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by several companies. Acquisitions, partnerships, and collaborations, were seen as inorganic growth tactics in the market. These efforts have paved the road for market players to expand their business and client base. Key participants in the automotive TIC are expected to benefit from lucrative growth prospects in the coming years.

Automotive TIC Market Segmentation:

By Service Type

  • Testing
  • Inspection
  • Certification

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

By Geography

  • North America (USA, Canada, and Mexico)
  • Europe (Germany, France, U.K., and Rest of Europe)
  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)
  • Rest of the World

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Industry Development-

  • BuJuly 2019: Applus+ Automotive division in the United States was awarded four contract renewals for statutory vehicle inspections. Applus+’s position as a strong player in the US market is strengthened by these contracts, demonstrating the company’s commitment to providing governments, manufacturers, and traders with the best solutions for improving vehicle safety and lowering harmful vehicle emissions.

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