Global TIC Market for Electronics & Electrical Products Industry is Anticipated to grow at a Significant Pace and was USD 26 billion in 2020

Published Date: Oct, 2021

The TIC market for the electronics & electrical products industry is expected to witness a CAGR of 5.1% during the forecast period. Testing, inspection, and Certification market in electronics & electricals products provide compliance in testing, auditing, inspection, quality assurance, and certification services. TIC services are used in various industrial verticals to enhance productivity and efficiency in the manufacturing process. This will result in meeting internationally accepted standards, regulations, and policies set by the government to improve the product quality. TIC market for electronics and electrical products is growing owing to the mounting demand for household appliance testing and the rising adoption of equipment validation. The growing smart home projects will fuel the market growth in electronics and electrical products over the projected period.

The COVID-19 pandemic has disrupted the production and the supply chain globally. This has led the companies to rethink and should work on optimizing the asset, managing the cost, and take strategic initiatives resulting in the growth of TIC services in the electronics & electrical products industry. Moreover, TIC market is observing growth during the COVID 19 crisis owing to digitalization and development of services such as remote auditing, visual inspection, virtual inspections, etc.  

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Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " TIC Market for Electronics & Electrical Products Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Audio, Video & Household Appliances, Battery, Cells & Accumulators, Electrical Toys & Childcare, E-Cigarettes, IoT & Information Technology, Lighting & Luminaries, Machinery, Microelectronics, Solar Energy Technology, Cybersecurity Services, Chemical & Material Services, and Others), and Region - Global Forecast to 2027"

By service type, the testing segment holds the largest market share in the TIC market for the electronics & electrical products industry during the forecast period.

Based on service type, the TIC market for the electronics & electrical products industry is segmented into testing, inspection, and certification. Testing dominates the market owing to the rising globalization, growing brand protection policies, presence of diverse product standards in various regions, initiatives taken by the government to produce quality products. The kind of equipment to be tested will define the testing requirement like CLASS I (earthed) or CLASS II (double insulated).

Global TIC Market for Electronics & Electrical Products Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest) Certification

 (High CAGR)

Industry Vertical

Audio, Video & Household Appliances, Battery, Cells & Accumulators, Electrical Toys & Childcare, E-Cigarettes, IoT & Information Technology, Lighting & Luminaries, Machinery, Microelectronics, Solar Energy Technology, Cybersecurity Services, Chemical & Material Services, and Others

Audio, Video & Household Appliances  

(Significant Growth)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Europe (Significant Growth)

 

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“Europe is witnessing a significant share in the TIC market for the electronics & electrical products”

Europe also holds a significant share in the TIC market for electronics and electrical products as Germany is one of the leading contributors in the field of information and technology and major key players in the field of semiconductors, power electronics, and ICT are in the region.

Some of the key players operating in the TIC market in the electronics & electrical industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV Nord, Applus+, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV Nord, Applus+, and DNV GL

Global TIC Market for Electronics & Electrical Products Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Audio, Video & Household Appliances
  • Battery, Cells & Accumulators
  • Electrical Toys & Childcare
  • E-Cigarettes
  • IoT & Information Technology
  • Lighting & Luminaries
  • Machinery
  • Microelectronics
  • Solar Energy Technology
  • Cybersecurity Services
  • Chemical & Material Services
  • Others

Geographical Segmentation

TIC Market for Electronics & Electrical Products Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Electronics & Electrical Products Industry is Anticipated to grow at a Significant Pace and was USD 26 billion in 2020