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With 4.3% CAGR, Automotive TIC Market Trends to Surpass USD 20.4 billion by 2025

The global automotive TIC market is expected to grow from USD 16.5 billion in 2020 to USD 20.4 billion by 2025; it is expected to grow at a CAGR of 4.3%.

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With 4.3% CAGR, Automotive TIC Market Trends to Surpass USD 20.4 billion by 2025

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  1. MarketsandMarkets Presents With 4.3% CAGR, Automotive TIC Market Trends to Surpass USD 20.4 billion by 2025 Automotive TIC Market with COVID-19 impact, by Service (Testing, Inspection, Certification), Sourcing, Application (Vehicle Inspection, Electrical & Components), and Geography; Periodic Technical Inspection Market, by Region - Global Forecast to 2025 https://www.marketsandmarkets.com/Market-Reports/automotive-tic-market-175873215.html

  2. The global automotive TIC market is expected to grow from USD 16.5 billion in 2020 to USD 20.4 billion by 2025; it is expected to grow at a CAGR of 4.3%. Key players operating in the automotive TIC market are DEKRA SE (DEKRA) (Germany), TÜV SÜD Group (TÜV SÜD) (Germany), Applus Services S.A. (Applus+) (Spain), SGS Group (SGS) (Switzerland), TÜV Nord Group (TÜV Nord) (Germany), TÜV Rheinland Group (TÜV Rheinland) (Germany), Bureau Veritas S.A. (Bureau Veritas) (France), Intertek Group PLC (Intertek) (UK), Eurofins Scientific (Eurofins) (Luxembourg), Element Materials Technology (Element) (UK), Lloyd’s Register Group Limited (Lloyd’s) (UK), and MISTRAS Group, Inc. (MISTRAS) (US). Browse 182 market data Tables and 35 Figures spread through 220 Pages and in-depth TOC on "Automotive TIC Market - Global Forecast to 2025"

  3. Rising focus of governments to impose strict regulatory standards on the automotive industry The global automotive industry is subject to various government regulations pertaining to passenger safety, as well as environmental concerns (emission levels, fuel economy, noise, and pollution). These regulations/standards directly impact and influence vehicle component designs. Strict government laws compel automakers to add safety features, such as seatbelts, airbags, and crumple zones, in an automobile.  Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215 Mandate of periodic technical inspection (PTI) of vehicles by governments in countries such as the US and Germany Periodical technical inspection (PTI) is a regulation mandated by respective governments in many countries to ensure vehicles on the road are in good technical condition and conform to safety- and emission-related regulation. To help increase roadway safety, the transportation department of any country inspects passenger and commercial motor vehicles and ensures all parts and components are in good working condition.

  4. US is major market for periodical technical inspection services in North America The North American market has been segmented into the US, Canada, and Mexico. In the US, vehicle inspection rules vary according to the state. Some states such as Delaware, District of Columbia, North Carolina, and Hawaii require annual inspection for commercial vehicles and cars and biennial inspection for passenger vehicles to test the roadworthiness and safety of on-road vehicles, while Maryland requires an inspection prior to the registration or transfer of ownership only. The Department of Land Transport has made it mandatory that all the registered vehicles must be periodically tested and inspected to ensure roadway safety and comply with traffic safety regulations. For example, in the US, passenger cars need to be inspected biennial after registration, and commercial vehicles are required to pass an annual inspection after vehicle registration. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=175873215 Europe to continue to hold largest market share of automotive TIC market during forecast period The automotive TIC market in Europe has been further segmented into Germany, France, the UK, Italy, Spain, and Rest of Europe (RoE). Major TIC companies have their headquarters in Europe, and most of the companies generate their revenues through APAC and European countries. According to a European Commission report (2016), there are about 180 automobile facilities across the EU. Consistent development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies is expected to drive the studied market during the forecast period. Europe is an important hub for the automotive sector owing to the presence of major automobile manufacturing companies such as Robert Bosch GmbH (Germany), Volkswagen AG (Germany), and Daimler AG (Germany). However, the outbreak of COVID-19 has significantly affected the automotive sector of Europe.

  5. Recent Developments • In July 2019, the Applus+ Automotive division in the US won 4 contract extensions for statutory vehicle inspections. These contracts are reinforcing Applus+ as a strong player in the US market, proving its commitment to providing governments, manufacturers, and traders with the best solutions in improving vehicle safety and reducing harmful vehicle emissions. • In April 2019, TÜV SÜD signed a cooperation agreement with Thailand's Ministry of Industry and the Thailand Automotive Institute (TAI) governing the establishment of a battery testing center near Bangkok. The agreement paves the way for building the largest and most modern testing center for Li-ion batteries in the Association of Southeast Asian Nations (ASEAN), involving total investments of 13.5 million euros. • In March 2019, DEKRA opened its first periodical vehicle inspection (PVI) station in Shenzhen to enter the largest automotive market in the world. A second station, which is being built in Beijing, is likely to open later this year, which will strengthen the presence of DEKRA SE in the Chinese market. • COVID-19 Impact on Automotive TIC Market • Due to the spread of the coronavirus, manufacturing units around the world have been shut down, footfall in showrooms have fallen sharply, and vehicle sales have taken a huge hit. Major automotive players such as Fiat Chrysler Automobiles, Ford, PSA Group, Volkswagen, Ducati, Tesla, BMW, Rolls-Royce, General Motors are among the global automotive manufacturers who have suspended their production due to the COVID-19 pandemic. With economic and industrial activity largely put on hold, it is expected that there will be a severe demand-side impact leading to a sharp decline in vehicle sales volumes. The scenario is expected to affect the market, as the growth of this is directly related to the production of vehicles. However, COVID-19 is accelerating the trend trend of digitalization in the automotive TIC market. Automotive TIC companies are now relying on software solutions to conduct audits, damage assessments, and certifications. For instance, Bureau Veritas has launched specialized digital tools for a variety of sectors to support remote operations.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/automotive-tic.asp

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