PUBLISHER: Grand View Research | PRODUCT CODE: 1405950
PUBLISHER: Grand View Research | PRODUCT CODE: 1405950
The global automotive TIC market size is expected to reach USD 72.51 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 10.7% from 2023 to 2030. This growth is driven by the expanding automotive industry, propelled by increased disposable incomes, urbanization, and the rising adoption of electric vehicles. The surge in automotive production heightens the demand for TIC services to ensure vehicles adhere to safety and quality standards. The increasing complexity of automotive technology, including features like advanced driver-assistance systems (ADAS) and autonomous driving, necessitates more advanced TIC services to guarantee vehicle safety and reliability.
The growth of the market is propelled by the increasing automotive production and technological advancements in the industry. With the global automotive sector on steady growth, the rising production volume necessitates a higher demand for TIC services to ensure thorough testing, inspections, and certifications (TIC), meeting safety standards and regulatory requirements. Additionally, the industry's shift towards advanced technologies, such as electric vehicles, autonomous driving systems, and connectivity features, requires comprehensive TIC services to validate the safety, performance, and compliance of these vehicles. As the automotive sector continues to adopt more advanced technologies, the demand for specialized TIC expertise is expected to grow.
Major players in the market are consistently striving to maintain leadership through innovative strategies. Substantial investments in research and development (R&D) enable companies to enhance testing, inspection, and certification capabilities, employing cutting-edge technologies like simulation, data analytics, and artificial intelligence (AI). Additionally, strategic mergers and acquisitions (M&A) are common approaches for expanding product offerings, geographical reach, and customer bases, reinforcing competitive positions. Continuous product launches cater to evolving industry needs, addressing technological advancements, regulatory requirements, and market trends, with a parallel focus on digital transformation initiatives for enhanced operational efficiency and customer experience.