Automotive Testing Inspection and Certification Market worth US$31.600 billion in 2027
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the Automotive Testing Inspection and Certification Market – which provides a forecast from 2022 to 2027”.
The growing number of new vehicle markets, as well as stricter regulatory restrictions implemented by governments worldwide, is responsible for stimulating the global expansion of the Automotive Testing Inspection and Certification Market.
As per the report, the Automotive Testing Inspection and Certification Market is expected to grow at a CAGR of 4.72% to reach US$31.600 billion by 2027, from US$22.881 billion in 2020.
One of the major drivers of the automotive testing, inspection, and certification (TIC) market is the adoption of environmental and safety laws for the automotive industry across the globe. This is expected to drive up the automotive TIC market. Moreover, with the rapid growth in the economical state of countries after the COVID-19 pandemic, the automotive TIC market is expected to rise. Furthermore, the failure of car companies to provide safer and proper functioning cars has created a market for the automotive testing and inspection market.
The COVID-19 pandemic really affected the automotive TIC market, due to the disruptions in supply and the closure of manufacturing plants. The industry is however recovering but at a slow rate.
Based on Service, the Automotive Testing, Inspection, and Certification market is categorized into Testing, Inspection, and Certification. Among the segments, testing services have been known to hold the largest share and are expected to continue holding a major share throughout the projected period. However, the inspection segment has also been gaining popularity, mostly due to the stricter government safety and environmental regulations.
Based on Sourcing, the Automotive Testing Inspection and Certification market is divided into Outsourced and In-house. The In-house market holds the majority of the market share, as it is cost-effective and allows for specified testing and inspection within the organization. However, the outsourcing market has also been rapidly growing, mostly due to the ability to employ expertise from outside the organization and to provide a new perspective to the organization.
Based on Application the Automotive Testing Inspection and Certification market is segmented into Telematics, Electrical Systems & Components, Interior & Exterior materials, Homologation Testing, and Others. The telematics system that covers the GPS systems, on-board diagnosis, etc for vehicles is reported to have the highest growth rate in the market, due to the safety, security, and communication ability of the system. Electrical systems and components have also been reported to be rapidly growing in the automotive TIC market.
Based on Geography North America, South America, Europe, the Middle East and Africa, and Asia Pacific are the regions that make up the Automotive Testing, Inspection, and Certification market. Asia Pacific region is leading the automotive TIC market, accounting for most of the technological advancements and the fastest economical developments in the industry, and are expected to drive up the market. China holds the largest share among other APAC countries. North America is also expected to become a significant market in the upcoming years.
As part of the report, the major players operating in the Automotive Testing and Certification market that have been covered are Bureau Veritas S.A., SGS SA, Dekra Group, Intertek Group Plc, TUV SUD, BSI Group, TUV Nord Group, ATIC, Applus+, NTS
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/automotive-testing-inspection-and-certification-market
This analytic report segments the Automotive Testing Inspection and Certification market on the following basis
- By Service
- By Sourcing
- By Application
- Electrical Systems & Components
- Interior & Exterior Material
- Homologation Testing
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- North America
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