South Korea Automotive Testing Inspection Certification Market Overview
[195 Pages] The South Korean automotive TIC (testing, inspection, certification) market was estimated at USD 554.5 million in 2022 and is projected to witness lucrative growth by reaching up to USD 1026.5 million by 2030. The market is growing at a CAGR of 8.0% during the forecast period (2023-2030). South Korea has a leading global automotive industry and is home to renowned automotive brands such as KIA and Hyundai.
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 government has implemented policies to support the growth of the industry, including tax incentives, subsidies for research and development and infrastructure investment. It has also implemented strict regulations and standards for the automotive industry, which has resulted in a strong demand for automotive testing and inspection services in the country.
South Korea Automotive Testing Inspection Certification Market Scope and Summary
|
Metrics |
Details |
|
CAGR |
8.0% |
|
Size Available for Years |
2021-2030 |
|
Forecast Period |
2023-2030 |
|
Data Availability |
Value (US$) |
|
Segments Covered |
Type, Product Type and Vertical |
|
Regions Covered |
South Korea |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know more Insights - Download Sample
South Korea Automotive Testing Inspection Certification Market Dynamics and Trends
New technological advancements in the South Korean automotive industry to propel market growth
Automakers in South Korea are developing new technologies such as autonomous vehicles and artificial intelligence (AI) enabled smart automotive devices. To ensure that these new technologies meet the regulatory and safety standards, demand for automotive testing and certification has increased in South Korea. Technological advancements are driving the South Korean automotive TIC market growth by creating new specialized testing and certification protocols to ensure their compliance with regulations.
The expansion of electric vehicle production will create new growth prospects for the South Korea automotive TIC market
Many South Korean automakers are gradually expanding the production of electric vehicles. EV batteries must undergo rigorous testing to ensure their safety and reliability. The South Korean government has invested heavily in the development of EV battery technology, creating a significant demand for TIC services related to battery testing and certification. Furthermore, testing and certification compliance is also required for charging infrastructure and finished vehicles.
South Korea Automotive Testing Inspection Certification Market Segment Analysis
The South Korea automotive TIC (testing, inspection, certification) market is segmented based on type, product type and vertical.
Due to their high volume, passenger vehicles dominate the market
Passenger vehicles dominate the South Korean market with a share of nearly 89%, since the leading South Korean automakers such as Hyundai and KIA mainly manufacture passenger vehicles. Furthermore, South Korea is a developed country and has a high proportion of car ownerhsip among the population. TIC services are required to ensure compliance with these regulations, which include various tests and inspections such as crash tests, emissions tests and safety tests.
Source: DataM Intelligence Analysis (2023)
South Korea Automotive Testing Inspection Certification Companies and Competitive Landscape
The major players 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.
COVID-19 Impact on South Korea Automotive Testing Inspection Certification Market
By Type
- Autonomous and Connected Vehicles
- Automotive Fluids
- Electrical Components and Electronics
- Electro Mobility / Electric Vehicles
- Materials and Components - Composites, Plastics and Metals
- Engine and Gears
- Environmental Testing
- Systems Testing
- Others
By Product Type
- Engine Dynamo Meter
- Wheel Alignment Tester
- Chassis Dynamo Meter
- Vehicle Emission Tester
- Transmission Dynamometer
- Fuel Injection Pump Tester
- Advanced Battery Analyzer
- Durability Tester
- Endurance Tester
- Flammability Tester
- Gas Analyzer
- Impact Or Crush Testers
- Torsional Fatigue Tester
- Vibration Tester
- Others
By Vertical
- Passenger Vehicle
- Commercial Vehicle
Key Developments
- On April 28, 2023, UL Solutions, a multinational testing and certification company signed a collaboration agreement with the Korea Testing Certification Institute for safety and performance evaluation of electric vehicle batteries and chargers.
- On April 21, 2023, the Korea Transportation Safety Authority, in collaboration with Durr, a multinational German mechanical engineering company and dSpace, a company specializing in automotive electronics, announced that it has developed new test methods to evaluate the functionality of modern advanced driver assistance systems (ADAS).
- On May 25, 2022, Hankook Tire, a South Korean tire manufacturer, opened the Technoring, a new proving ground in Taean, South Korea. The facility covers 1,260,000 sq.m and features 13 testing tracks, designed to accommodate all types of vehicles from supercars to trucks and buses and also includes facilities for high-speed driving at up to 250km/h.
Why Purchase the Report?
- To visualize the global South Korea automotive TIC (testing, inspection, 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 (testing, inspection, certification) 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
