Automotive TIC Market to be Worth $18.63 Billion by 2031

Meticulous Research®—a leading global market research company, published a research report titled, ‘Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Supply Chain Service, Application
(Vehicle Inspection, ADAS, OEM Testing, Durability Testing, Telematics, Others), Geography – Global Forecast to 2031.’
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According to this latest publication from Meticulous Research®, the automotive testing, inspection, and certification (TIC) market is projected to reach $18.63 billion by 2031, at a CAGR of 3.6% from 2024 to 2031. The growth of this market is mainly driven by increasing automobile production in emerging economies, stringent regulations and standards in the automotive industry, and the consistently rising instances of vehicle recall due to component failure. However, dynamic regulations/standards across different regions and the lack of skilled personnel restrain the growth of the automotive TIC market. Furthermore, the growing adoption of electric vehicles, rising consumer awareness regarding product quality and safety, and the increasing adoption of connected devices in the automotive industry are generating growth opportunities for market players. However, concerns over the reliability of new TIC service providers are a major challenge impacting market growth.
The automotive testing, inspection, and certification market is segmented by service type, sourcing type, supply chain service, and application. The study also evaluates industry competitors and analyzes the market at the regional and country levels.