The US TIC Market is Thriving: Projected to Show Favorable Growth Worth USD 46,306.7 Billion in 2026
According to BlueWeave Consulting, the US electrical & electronic Testing, Inspection, & Certification is expected to grow at a significant rate during the forecast period. The US TIC Market is projected to reach the valuation of 46,306.7 billion by the year 2026 by growing at a CAGR of 5.72% during the forecast period 2020- 2026.
US Electrical & Electronic TIC Overview
Electrical & Electronic TIC services include auditing, inspection, quality assurance, compliance testing, and certification services. Such services are utilized by firms operating across diverse industry verticals to progress the efficiency and competitiveness of manufacturing processes.
Increased Demand in Automotive Testing
The integration of electronics architecture in vehicles has been steadily increasing in the automotive industry. Additionally, the increasing need for comfort and safety has triggered massive innovations and research and development efforts from original equipment manufacturers and automotive dealers for the testing of electronics parts and compliance with International and U.S. government regulations. The demand for automotive testing will be bolstered by the laws governing vehicle fuel emissions and consumption.
Growing demand for onboard diagnostic tools
The need for onboard diagnostic testing has augmented in recent years owing to the self-diagnostic capability of onboard diagnostic equipment. Onboard diagnostic delivers complete control over the engine. In addition to detecting vehicle faults, onboard diagnostic tools also deliver emission control by providing early recommendations about possible component failure. The troubleshooting properties of onboard diagnostic II permit technicians or users to distinguish vehicle faults. With the aid of onboard diagnostic tools, users can read the status of the engine and identify the problem themselves, rather than going to the auto shop to detect the problem.
Increased demand in automotive testing
The automobile industry has experienced a constant rise in the incorporation of electronics architecture in automobiles. The increasing need for comfort and safety has paved the way for massive innovations and research and development efforts from original equipment manufacturers and automotive dealers for the testing of electronics parts and compliance with international and U.S. government regulations. Furthermore, the overall heaviness of the vehicles has augmented owing to the combination of electronic features. The regulations about vehicular fuel emissions and consumption will foster the demand for automotive testing.
Also, the United States Department of Transportation’s National Highway Traffic Safety Administration (NHSA) established a national program encompassing new standards intended to decrease Greenhouse Gas (GHG) emissions so as to progress the fuel economy. The EPA has also set greenhouse gas emissions standards under the Clean Air Act to lessen the emission of GHG. The rigorous Euro 6 norms, launched by the European Union (EU), aim at making cars cleaner by letting down the exhaust discharge of harmful gases such as carbon monoxide (CO), nitrogen oxide (NOx), and hydrocarbons. The new Euro 6 norms have diverse standards for diesel and petrol cars. Such factors are playing a major role in boosting the growth of automotive testing even in the United States.
TIC Market: Competitive Landscape
Key players operating in the United States Electrical & Electronics Testing, Inspection and Certification (TIC) market include UL LLC., Intertek Group plc., Eurofins Scientific, SGS SA, Bureau Veritas., Applus+, QIMA, CESI S.p.A, NTA and Nemko. These players are adopting strategies such as new product development, partnerships, and acquisitions to remain competitive in the United States Electrical & Electronics Testing, Inspection, and Certification (TIC) market.