Press Release   -

Automotive TIC Market to Reach 21,244.40 USD Million by 2028

The Global Automotive TIC Market is expected to reach 21,244.40 USD Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.10% from 2022 to 2028.

The rising focus of governments to impose strict regulatory standards on the automotive industry and increasing automobile production is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The testing services segment held a significant share in 2021. This is attributable to the increasing focus of service providers on developing a large network of laboratories operating across the globe. Further, the increased number of automobile sales is also expected to support the segmental growth of the market.
• The in-house TIC services segment is projected to grow at a Significant Compound Annual Growth Rate (CAGR) during the forecast period since these services let manufacturers exert control by keeping the services personnel and also lowers the risks associated with poor vehicle maintenance.
• Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the rising investments and economic developments in emerging economies such as India, and China in the region. Furthermore, the increasing government incentives and improved living standards with rising per capita income are also anticipated to support the regional growth of the market.

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The increasing focus of governments to impose strict regulatory standards on the automotive industry is anticipated to augment the growth of the Automotive TIC Market in the years to come owing to the rise in the number of accidents worldwide. Hence, most manufacturers strictly follow the procedure of testing and inspection before they are sold to consumers. The regulations and norms imposed by the government authorities also impact the vehicle component designs and compel automakers to add safety features, like airbags, smart rear-view mirrors, seatbelts, and crumple zones, in an automobile. Further, automobile manufacturers are also currently forced to develop fuel-efficient vehicles resulting in lower emissions with emission control systems, such as catalytic converters using turbochargers; the use of lithium-ion batteries, and exhaust gas recirculation (EGR) systems. Further, the increasing automotive sale owing to the increasing urbanization, industrialization, and rising disposable income of consumers is also expected to propel the demand.

However, the varying regulations/standards across regions and the long time required for overseas qualification tests is expected to hamper the growth of the market in the years to come. Moreover, the compulsion of periodic technical inspection (PTI) of vehicles by governments and the adoption of electric vehicles and hybrid electric vehicles are expected to create immense opportunities for the growth of the market within the forecast period.

Europe held the largest shares in 2021. This is attributable to the presence of a significant automotive industry in the region. Furthermore, the consistent development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies is also expected to fuel the regional growth of the market. Additionally, the presence of many leading automobile manufacturing companies in the region is also expected to support the growth of the Automotive TIC Market Market in the region.

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