“Growing demand for testing, inspection and certification to ensure vehicles safety and development in automobile technologies will increase demand for automotive TIC services in coming years.”
The global automotive TIC market is projected to grow from USD 17.7 billion in 2023 to USD 20.9 billion by 2028, registering a CAGR of 3.4%. The increasing focus on sustainability and environmental regulations in the automotive industry has led to a shift in demand for TIC services. With the rise of electric vehicles and the need for accurate emissions testing and certification, TIC providers play a crucial role in ensuring compliance with environmental standards. Additionally, the emergence of new technologies such as advanced driver assistance systems and autonomous vehicles, has created opportunities for TIC companies to offer testing and certification services for these innovative solutions. Furthermore, the automotive TIC market has benefited from the increasing complexity of vehicle components and systems, requiring comprehensive testing and inspection to guarantee safety and performance. As the automotive industry continues to evolve and adapt to changing market demands, the need for quality assurance, safety compliance, and environmental sustainability will drive the growth of automotive TIC market.
“TIC for vehicle inspection services to be the largest segment in North American market during the forecast period”
TIC for vehicle inspection is expected to be the largest segment during the forecast period. North America has stringent regulations regarding vehicle safety, emissions, and overall compliance with standards. Vehicle inspection services are essential for verifying and ensuring that vehicles meet these regulatory requirements and are safe and roadworthy. Consumer awareness and demand for quality and reliable vehicles contribute to the growth of vehicle inspection services. Buyers in North America are increasingly conscious of safety and quality aspects and often seek independent inspections to assess the condition and reliability of used vehicles.
“TIC for Connectivity and Telematics to be a promising segment during the forecast period”
Telematics refers to the integration of telecommunication and informatics in an automobile. It combines consumer communications and information features, including hands-free voice communications, navigation, in-car computing, and wireless networking with the standard functions of automotive entertainment systems. Rapid digitalization and technological advancements across the Asia Pacific region have led to increased connectivity and integration of vehicles with various digital platforms and services. Telematics systems involving telecommunications and informatics enable vehicles to communicate, exchange data, and access services in real-time. This connectivity enhances vehicle functionality, safety, and user experience, driving the demand for TIC services to ensure telematics systems’ reliability, security, and compliance. The increasing consumer demand for connected car features and services is driving the demand for telematics and connectivity in the automotive market. Consumers are seeking enhanced convenience, entertainment, and safety features in their vehicles, such as in-car infotainment systems, navigation, emergency services, and remote-control capabilities. TIC services play a vital role in certifying these connected car systems’ functionality, interoperability, and cybersecurity, providing assurance to consumers and automotive manufacturers.
“TIC for EV Motors to be the fastest growing segment in the European market during the forecast period”
The growth of the automotive TIC market is expected to be driven by the rapid expansion of electric vehicle (EVs). As Europe leads the way in the adoption of electric mobility, the demand for TIC services tailored explicitly to EV motors is on the rise. TIC providers play a crucial role in ensuring EV motors’ safety, quality, and compliance by conducting comprehensive testing, inspection, and certification processes. EV motors’ increasing complexity and technological advancements necessitate specialized TIC services to ensure they meet regulatory requirements and industry standards. With the European automotive industry witnessing a significant shift towards electric vehicles, the demand for TIC services related to EV motors is projected to experience substantial growth. TIC companies will play a vital role in supporting the expansion of the EV market by providing reliable and efficient testing and certification services for EV motors in the European automotive industry.
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