Automotive TIC (Testing, Inspection, Certification) Market to Be Worth $32.7 Billion by 2025- Exclusive Report by Meticulous Research®
Vehicle Inspection Services Application Segment to Dominate the Automotive TIC Market During the Forecast Period (2019-2025)
LONDON, July 12, 2019 (Newswire.com) - Meticulous Research® published the latest market research report on the highly intriguing industry segment “Automotive TIC (Testing, Inspection, Certification)” in the past week. The report states that the global Automotive TIC market will increase at a CAGR of 6.4% from 2019 to reach USD $32.7 billion by 2025, driven by increasing automotive production worldwide, consumer awareness about safety and environment awareness, and technological advancements.
The report provides meticulous analysis by segmenting this market on the basis of service (testing, inspection, and certification), sourcing (in-house and outsourcing), application (telematics, vehicle inspection services, electrical components and electronics, electromobility/electric vehicles, automotive fuels, fluids, and lubricants, interior and exterior materials and components, homologation testing, advanced driver assistance systems testing, durability testing, emission testing, acoustic testing, OEM testing, and others), and geography.
Geographically, Asia-Pacific commanded the largest share in this market, followed by Europe. The major share of Asia-Pacific is mainly attributed to strong support from the government to promote the development of the automotive industry, the rising focus of manufacturers to support innovation and strengthen their position in this region, and increasing investments/funds from manufacturers and government in the automotive industry.
“The global economic profit of the automotive sector is high and attracting major manufacturers to invest more in developing countries. The countries like the U.S. has experienced high profit and recovered economic crisis. The current scenario shows that the Europe, Japan, and South Korea have stagnant growth in terms of profit. On the other hand, the developing countries like China, India, and Japan are emerging countries and have a high potential for profits,” said Uddhav Sable, Research Director at Meticulous Research®
Among the applications, the Vehicle Inspection Services (VIS) segment commanded the largest share in this market, majorly due to its key benefits, such as monitoring vehicle damage throughout the supply chain, assessment of costs of repair for damaged vehicles, providing safe and reliable vehicles, improving quality, improving efficiency and safety, reducing environmental impact of road traffic, and reducing costs and delivery lead-times.
The key players analyzed in the global Automotive TIC market are Dekra Se, SGS, Applus, Eurofins Scientific, TUV Rheinland AG Group, TUV SUD SGS, Bureau Veritas, TÜV NORD Group, and Element Materials Technology.
The report is available for purchase in electronic format with multiple license choices and sectional purchases, starting from $499 only.
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Source: Meticulous Market Research Pvt. Ltd.