Shibuya-ku, Tokyo, Japan, Japan, Feb 03, 2021, 08:35 /Comserve / -- Few leading players in the TIC market are: SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), Others
The Testing, Inspection, and Certification (TIC) market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024—growing at a CAGR of 4.91%. The growth of the TIC market is driven by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors. However, the complex nature of supply chains and long lead time for overseas qualification tests pose major challenges for players in the TIC market.
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SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd’s Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US) are a few leading players in the TIC market.
“Escalating need to get products certified will boost the demand for certification services in the coming years”
The market for certification services is estimated to grow at a higher CAGR during the forecast period. Certification demonstrates a company’s credibility in the market. Certification services in the TIC market validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. Generally, certification or safety marks are applied to the product. This service is crucial for manufacturers to demonstrate the compliance of their products with specific standards and improve the marketability of their products.
“Requirement of highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time contributing to the growth of the automotive with the highest CAGR during the forecast period”
The market for the automotive application is estimated to grow at the highest CAGR during the forecast period. Automotive testing requires highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time of a vehicle. Governments are increasingly focusing on implementing legislation to prevent road accidents and minimize the environmental impact of non-compliant vehicles. Manufacturers and suppliers have to ensure higher safety standards, sustainable quality, and operational excellence in meeting government safety standards.
“The market in APAC is expected to witness the highest CAGR during the forecast period”
The market in APAC is estimated to grow at the highest higher CAGR during the forecast period. Countries in APAC such as China and Japan are the most developed countries, with significant export capacity. However, its imports are mainly targeted at the agriculture, petroleum, and mining industries, among others. Major industries in APAC include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services to stay in compliance with international standards.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
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Research Coverage:
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the TIC market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to the TIC market.
The report provides insights on the following pointers:
TABLE OF CONTENTS
1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKET SCOPE 22
1.3.2 MARKETS COVERED 22
1.3.3 GEOGRAPHIC SCOPE 23
1.3.4 YEARS CONSIDERED 24
1.4 CURRENCY 24
1.5 STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 27
2.1.1.1 Data from secondary sources 27
2.1.2 PRIMARY DATA 28
2.1.2.1 Data from primary sources 28
2.1.2.2 Key industry insights 29
2.1.2.3 Breakdown of primaries 29
2.2 MARKET SIZE ESTIMATION 30
2.2.1 BOTTOM-UP APPROACH 30
2.2.2 TOP-DOWN APPROACH 30
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 31
2.4 LIMITATIONS 32
2.5 RESEARCH ASSUMPTIONS 32
3 EXECUTIVE SUMMARY 34
4 PREMIUM INSIGHTS 39
4.1 LUCRATIVE OPPORTUNITIES IN TIC MARKET 39
4.2 TIC MARKET, BY SOURCING TYPE 40
4.3 TIC MARKET, BY SERVICE TYPE 40
4.4 TIC MARKET IN APAC, BY APPLICATION AND SERVICE TYPE 41
4.5 TIC MARKET, BY COUNTRY 42
5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
5.2.1 DRIVERS 44
5.2.1.1 Increase in disposable income and rapid urbanization in developing economies 44
5.2.1.2 High growth in product recalls across the world 44
5.2.1.3 High adoption of outsourcing service model by worldwide manufacturers 45
5.2.1.4 Increased requirement for harmonized standards 45
5.2.1.5 Surge in illicit trading, counterfeiting, and piracy practices across the world 46
5.2.1.6 Enforcement of rigorous government regulations and standards across various sectors 46
5.2.2 RESTRAINT 47
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