From GlobeNewswire: 2024-06-10 16:00:00

The Global Automotive TIC Market is projected to grow from USD 19.91 billion in 2023 to USD 29.3 billion by 2033, with a CAGR of 3.94%. Automotive TIC involves evaluating, reviewing, and certifying products for regulatory ethics and safety standards to ensure they meet industry requirements. Demand for automotive TIC services is increasing due to the rise of electric and autonomous vehicles, creating opportunities for businesses in functional safety testing and cybersecurity evaluations. The high installation and maintenance costs of automotive TIC services may hinder growth, along with limited access to critical testing and certification. The testing segment is expected to dominate the market, driven by the need to verify quality, safety, and performance of vehicles, while in-house sourcing is anticipated to hold the largest market share due to improved control and delivery performance. Passenger cars are predicted to lead the market, with Asia Pacific expected to hold the largest market share due to increased urbanization and disposable income, fueling growth in countries like China and India. North America is poised to grow rapidly, supported by easy access to automotive TIC services and major automotive producers in the region. Major vendors in the market include DEKRA, Intertek Group, TUV Rheinland Group, SGS Group, and others. In May 2024, DEKRA established the first Wi-Fi Alliance Authorized Test Laboratory focused on the automotive industry in Stuttgart, Germany, to ensure high-quality testing for products. The Global Automotive TIC Market is segmented by service type, sourcing type, vehicle type, and region, providing a comprehensive analysis for decision-makers in various industries.



Read more at GlobeNewswire: Global Automotive TIC Market Size To Worth USD 29.3 Billion