South Korea Automotive TIC (Testing, Inspection and Certification) Market - 2023-2030
The South Korean automotive TIC (testing, inspection, certification) market was estimated at US$ 554.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 1026.5 million by 2030. The market is growing at a CAGR of 8.0% during the forecast period (2023-2030).
The South Korean automotive TIC market commands a market share of nearly 8% within the Asia-Pacific region, making it the third largest in the region after China (49%), Japan (29%) and India (10%). The automotive industry is a strategic sector of the South Korea economy, making the country a key producer and exporter of automobiles globally.
As a result, the demand for TIC services in South Korea is high and the market is expected to continue to grow in the coming years. Services offered by major testing and inspection agencies in the South Korean automotive market include testing and inspection services for safety and environmental compliance, quality control and certification services for international standards.
Market Dynamics
Increase in South Korean automotive exports
South Korea is a major production hub for the global automotive industry, with leading brands such as Hyundai and KIA being based in the country. The country is also a leading exporter of automobiles, with more than US$ 50 billion worth of cars being exported in 2022, representing a growth of 16.4% over the previous year, according to data from Korea’s Ministry of Trade, Industry and Energy. Automobile exports require extensive regulatory testing and certification, especially since many export markets do not have well-developed testing infrastructure.
New stringent government regulations will create lucrative opportunities for South Korea automotive TIC market growth.
The South Korean government has created several stringent regulations in recent years pertaining to automotive safety and emission standards. Recently, in May 2023, the South Korean government has announced plans to further tighten safety standards for electric vehicle batteries following growing concerns over battery fires. New stringent government regulations are likely to lead to new testing protocols and propel the South Korea automotive TIC market growth.
COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The South Korea automotive TIC (testing, inspection and certification) market is segmented based on type, product type and vertical.
Electric and electronic components to have a high share in the South Korean market
South Korea has become a leading producer of automotive electric and electronic components such as batteries, ECU units and lighting systems. With the advent of electric vehicles, South Korea is expected to be a key hub for the production of new critical technologies such as EV batteries and electric motors. As such, electrical and electronic component testing is a crucial aspect of the automotive TIC market in South Korea and is expected to continue to garner a significant share in the future.
Competitive Landscape
The major global players in the market include SGS SA, Intertek PLC, TÜV Rheinland, Bureau Veritas, UL Solutions, Element Materials Technology, Dekra, Rohde & Schwarz GmbH & Co KG, Anritsu and AVL List GmbH.
Why Purchase the Report?
• To visualize the South Korea automotive TIC (testing, inspection and certification) market segmentation based on product, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of South Korea automotive TIC market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The South Korea automotive TIC (testing, inspection, certification) market report would provide approximately 36 tables, 43 figures and 195 Pages.
Target Audience 2023
• Automotive Manufacturers
• Automotive Testing Companies
• Industry Investors/Investment Bankers
• Research Professionals
• Regulatory Agencies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Type
- 3.2. Snippet by Product Type
- 3.3. Snippet by Vertical
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increase in South Korea automotive exports
- 4.1.2. Restraints
- 4.1.2.1. Stagnating automotive production
- 4.1.3. Opportunity
- 4.1.3.1. New stringent government regulations for automotive standards
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 7.1.2. Market Attractiveness Index, By Product
- 7.2. Autonomous and Connected Vehicles*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Automotive Fluids
- 7.4. Electrical Components and Electronics
- 7.5. Electro Mobility / Electric Vehicles
- 7.6. Materials and Components - Composites, Plastics and Metals
- 7.7. Engine and Gears
- 7.8. Environmental Testing
- 7.9. Systems Testing
- 7.10. Others
- 8. By Product Type
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 8.1.2. Market Attractiveness Index, By Application
- 8.2. Engine Dynamo Meter*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Wheel Alignment Tester
- 8.4. Chassis Dynamo Meter
- 8.5. Vehicle Emission Tester
- 8.6. Transmission Dynamometer
- 8.7. Fuel Injection Pump Tester
- 8.8. Advanced Battery Analyzer
- 8.9. Durability Tester
- 8.10. Endurance Tester
- 8.11. Flammability Tester
- 8.12. Gas Analyzer
- 8.13. Impact Or Crush Testers
- 8.14. Torsional Fatigue Tester
- 8.15. Vibration Tester
- 8.16. Others
- 9. By Vertical
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.1.2. Market Attractiveness Index, By Application
- 9.2. Passenger Vehicle*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Commercial Vehicle
- 10. Competitive Landscape
- 10.1. Competitive Scenario
- 10.2. Market Positioning/Share Analysis
- 10.3. Mergers and Acquisitions Analysis
- 11. Company Profiles
- 11.1. SGS SA *
- 11.1.1. Company Overview
- 11.1.2. Product Portfolio and Description
- 11.1.3. Financial Overview
- 11.1.4. Key Developments
- 11.2. Intertek PLC
- 11.3. TUV Rheinland
- 11.4. Bureau Veritas
- 11.5. UL Solutions
- 11.6. Element Materials Technology
- 11.7. Dekra
- 11.8. Rohde & Schwarz GmbH
- 11.9. Anritsu
- 11.10. AVL List GmBH
- LIST NOT EXHAUSTIVE
- 12. Appendix
- 12.1. About Us and Services
- 12.2. Contact Us
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