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(CTA).The global automotive TIC market was valued at USD 16.9 billion in 2019 and is expected to reach USD 22.1 billion by 2024; it is expected to grow at a CAGR of 5.5%.Increasing automobile production in emerging economies, growing inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures are the major drivers for the automotive TIC market.Download Free PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215Market for outsourced TIC services offered for electrical systems and components is expected to grow at higher CAGR during forecast periodPerformance testing of electric and electronic automotive components includes climate testing, mechanical testing, vibration testing, electrical testing, durability testing, and EMC testing.
Electrical systems and components in the automotive industry are subject to tests related to electrical parametric testing, such as power distribution and environmental performance testing of vehicles, including tensile, stress, volatility, and flammability test, as well as mechanical performance testing including vibrations, stress, fatigue, and mechanical shock.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.
Europe to continue to hold largest market share of automotive TIC during forecast periodThe automotive TIC market in Europe has been further segmented into Germany, France, the UK, Italy, Spain, and Rest of Europe (RoE).