Automotive TIC Market Size

Market Outlook:

Automotive TIC Market size surpassed USD 19.47 Billion in 2023 and is set to exceed USD 28.69 Billion by end of the year 2032, observing around 4.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 19.47 Billion
• CAGR (2024-2032): 4.4%
• Forecast Year Value (2032): USD 28.69 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing Stringency of Safety and Quality Regulations: The automotive industry is increasingly subject to stringent safety and quality regulations imposed by government authorities and industry organizations. This has led to a greater demand for TIC services to ensure compliance with these regulations, driving the growth of the automotive TIC market.

2. Technological Advancements in the Automotive Industry: The rapid advancement of technology in the automotive sector, such as the development of electric vehicles, autonomous driving systems, and connected car technologies, has created a need for specialized TIC services to validate the safety, performance, and reliability of these innovations.

3. Globalization of Automotive Supply Chain: The globalization of the automotive supply chain has led to a greater reliance on TIC services to ensure the quality and compliance of automotive components and products across different regions and markets, driving the growth of the automotive TIC market.

4. Increasing Consumer Awareness and Demand for Quality: Consumers are becoming more aware and conscious of the safety and quality aspects of their vehicles, leading to an increased demand for TIC services to verify the performance and safety of automotive products, presenting opportunities for growth in the automotive TIC market.

Industry

Report Scope

Report Coverage	Details
Segments Covered	Vehicle Type, Service Type, Sourcing Type, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	SGS S.A., Bureau Veritas, Intertek Group plc, Eurofins Scientific, DEKRA SE, TÜV SÜD AG, Applus+, MTS Systems.

1. High Cost of TIC Services: The high cost associated with TIC services, including testing, inspection, and certification, can be a significant restraint for automotive manufacturers, especially for smaller companies with limited financial resources.

2. Lack of Standardization and Harmonization in Regulations: The lack of uniformity in safety and quality regulations across different regions and markets can pose challenges for automotive TIC providers in delivering consistent and cost-effective services, thereby restraining market growth.

3. Impact of COVID-19 Pandemic: The automotive TIC market has been affected by the COVID-19 pandemic, leading to disruptions in supply chains, reduced production volumes, and decreased demand for TIC services as automotive manufacturers face financial constraints and operational challenges. This has been a major restraint for the automotive TIC market in the short term.