Automotive TIC Market is valued at USD 18.05 Billion in 2018 and expected to reach USD 25.73Billion by 2025 with the CAGR of 5.2% over the forecast period.
Brandessence Market Research is working on a new report title “Automotive TIC(Testing, Inspection, Certification) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2026
Recent study shows that testing inspection and certificationservices are widely used adopted by the leading players due to surge in the electric vehicle manufacturing which needs testing certifications. As per the International Energy Agency (IEA) in 2018, the global electric car sale was registered to over 5.1 million, increased by 2 million from as compare to 2017 and which was almost increased by 100% for new electric car sales.
TUV Rheinland has been opened India’s first international certification testing lab for vehicles
News: 22Feb 2017- German firm TUV Rheinland India has been established Automotive Testing Lab in Bangalore for 2/3/4 wheelers. The lab has also service fortesting their Electronic Sub-Assemblies (ESA) parts. The new lab has been played significant role in for testing the vehicles of manufacturers and their vendors in order to continuously improve the quality as well as meet the local regulations as per AIS standards.
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The global Automotive TIC market is segmented on the basis service type, sourcing, application, and region and country level. On the basis on service type, the automotive TIC market is segmented into testing, inspection and certification. On the basis of sourcing, the market is segmented into in-house and outsourcing. On the basis of application, the global automotive TIC market is divided into Electric Components and Electronics, Telematics, and OEM Testing.
The regions covered in global automotive TIC market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global automotive TIC market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key players for global automotive TIC Market reports –
Global automotive TIC market reports cover prominent players like SGS, Dekra Se, Applus, Eurofins GSC, Intertek Group Plc, Lux Sarl, SGS SA, TUV, Rheinland AG Group, Element Materials Technologyand others
Automotive TIC Market Regional Analysis –
North America is dominating the automotive TIC market with the high potential rate due to presence of highly skilled workforce and raising the government initiative for electric vehicle manufacturing followed by Europe region.As per the federal government of America has invested around USD 287through the America’s Transportation Infrastructure Act of 2019 (ATIA) for next five years with 27% increase compared to previous year. Such boost in the investments and increase in the US government initiatives may create huge demand for the automotive TIC market during the forecast period. Further Europe is the second largestregion for the automotive TIC market owing to surge in the electric vehicle sales. As per the Center of Automotive Management organization, Germany has registered around 110,000 electrified vehicles in 2019 which requires the TIC facility.
The Asia Pacific and the Africa is expected to emerge as the fastest-growing regional market due to rapidly increasinggovernment funding for the production of automotives as well as increased demand for electric vehicles due to high population.As per the Center of Automotive Management organization in2019, China has shown sale of around 1 million electric vehicles with 4.4% market share. This propels the demand for the automotive TIC services in this region.
Key Benefits forAutomotive TIC Market Reports –
- Global Automotive TIC Market report covers in depth historical and forecast analysis.
- Global Automotive TIC Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Automotive TIC Market report helps to identify opportunities in market place.
- Global Automotive TIC Market report covers extensive analysis of emerging trends and competitive landscape.
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