The automotive testing, inspection, and certification market will register a CAGR of almost 7% by 2023
NEW YORK, June 5, 2019 /PRNewswire/ --
About this market
The growing automotive industry is one of the critical factors that will trigger the growth of the global automotive testing, inspection, and certification (TIC) market during the forecast period. The automotive industry consists of a number of companies that design, develop, manufacture, and sell various types of vehicles, such as passenger automobiles and light trucks. It has experienced significant growth globally, owing to a rise in automobile sales. Also, the global increase in population is one of the primary reasons for market growth, as it leads to a rise in the demand for automobiles for convenient travel. Some of the significant automobile-producing countries are China, the US, Japan, Germany, and India. Many original equipment manufacturers (OEMs) are focusing on developing technology demanded by their customers. The emergence of electric vehicles and autonomous vehicles has further helped in boosting the growth of the automotive industry. By including electric vehicles in their product lines, automobile manufacturers can meet strict carbon dioxide emission requirements. With the growth of the automotive industry, there is a rise in the need for proper TIC to ensure the safety and performance of vehicles. There is a significant focus on quality control for automotive manufacturing operations and additional safety, testing, and reporting measures. So, the rapid growth of the automotive industry is expected to fuel the demand for automotive TIC during the forecast period. Our analysts have predicted that the automotive testing, inspection, and certification market will register a CAGR of almost 7% by 2023.
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Market Overview
Increase in vehicle recalls
There has been a rise in the number of vehicles recalls owing to the failure of various parts and components, such as steering, tires, lighting, wheels, brakes, and gears. The growing number of vehicle recalls will increase the need for strict TIC of vehicles during manufacturing to prevent crashes and reduce human and financial losses. This is likely to fuel the demand for automotive TIC services during the forecast period.
The high cost of TIC in automotive industry
The high cost for testing, inspection, and certification of automobiles is one of the significant factors that affect the growth of the global automotive TIC market. The automotive TIC procedure is a long process and takes a long time once a vehicle is manufactured. Before an automobile can receive certification, it must be thoroughly inspected and approved by an inspection team of trained technicians and service managers. Before starting the certification process, the certification bodies ensure that each prospective vehicle is fitted with genuine parts and components. The process takes time, thereby increasing the overall lead time of the automotive TIC.
For the detailed list of factors that will drive and challenge the growth of the automotive testing, inspection, and certification (TIC) market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including Bureau Veritas and DEKRA SE makes the competitive environment quite intense. Factors such as the increase in vehicle recall and the growing automotive industry will provide significant growth opportunities to the automotive testing, inspection, and certification (TIC) manufacturers. Eurofins GSC Lux Sarl, Intertek Group Plc, and SGS SA. are some of the major companies covered in this report.
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