The automotive TIC market is expected to grow from USD 19.51 billion in 2018 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023
NEW YORK, July 17, 2018 /PRNewswire/ -- The automotive TIC market is expected to grow at a CAGR of 7.23% from 2018 to 2023
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The automotive TIC market is expected to grow from USD 19.51 billion in 2018 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023. Some driving factors for the growth of this market are increased automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of strict government regulations & standards in the automotive sector worldwide. The automotive TIC market is further driven by increasing deployment of electronic systems in the automotive industry and growing awareness among consumers about safety. However, varying automotive regulatory standards across countries can restrain the growth of the automotive TIC market.
The automotive TIC market for certification services is expected to grow at a higher CAGR during the forecast period
In the automotive TIC ecosystem, certification services validate the test and inspection results against a range of pre-specified standards set by governments, international standardization institutions, or clients.In the current scenario, certification services are widely used by manufacturers to demonstrate that their products adhere to government/regulatory mandates, as well as to improve the marketability of their offerings.
The market for certification services is likely to grow at a higher CAGR owing to the increasing concentration of the third-party service providers in this market.
In-house sourcing type held major share of the automotive TIC market in 2018
The share of in-house automotive TIC market will be more in comparison with the outsourced type during the forecast period.A company must invest in necessary in-house infrastructure in terms of technology, test and measurement equipment, and skilled personal/experts to perform automotive TIC activities in their manufacturing facilities.
In the automotive application, in-house testing for ECUs and other core components is done by automotive manufacturers at their manufacturing facilities.In the current scenario, the automotive TIC market is primarily governed by in-house players owing to critical quality concerns and company norms.
Most of the tier I and II automotive companies are equipped with in-house setup owing to their large production base. These companies are financially strong and are capable of performing TIC activates.
The automotive TIC market in APAC is expected to grow at the highest CAGR during the forecast period
Asia Pacific is expected to be the fastest-growing region for the automotive TIC market.In this study, APAC includes India, China, Japan, South Korea, Australia, and rest of APAC (RoAPAC).
This region has become a global focal point for investors looking to make large investments or expand business. Improving lifestyles and rising number of metro cities with steadily growing populations have played a vital role in increasing the production and sale of passenger cars in the APAC region.
Profile breakdown of primary participants:
• By Company: Tier 1 – 35 %, Tier 2 – 42%, and Tier 3 – 23%
• By Designation: C-Level Executives – 28%, Directors – 35%, and Others – 37%
• By Region: North America – 22%, Europe – 26%, APAC – 39%, and RoW – 13%
The major players profiled in this report are:
• DEKRA SE (Germany)
• TÜV SÜD Group (Germany)
• Applus Services S.A. (Spain)
• SGS Group (Switzerland)
• TÜV Nord Group (Germany)
• TÜV Rheinland Group (Germany)
• Bureau Veritas S.A. (France)
• Intertek Group PLC (UK)
• Eurofins Scientific (Luxembourg)
• Element Materials Technology (UK)
• Lloyd's Register Group Limited (UK)
• MISTRAS Group, Inc. (US)
• UL LLC (US)
• DNV GL Group AS (Norway)
• SAI Global Pty Limited (Australia)
• British Standards Institution (BSI) (UK)
• RINA S.p.A. (Italy)
• Norges Elektriske Materiellkontroll (NEMKO)(Norway)
• NSF International Inc. (US)
• EQS – (Engineering, Quality, and Safety) (Portugal) Olympus (Japan)
Research Coverage
The study segments the automotive TIC market report into service type (testing, inspection, certification, others), sourcing type (in-house and outsourced), and application (electrical systems and components; electric vehicles, hybrid electric vehicles, and battery systems; telematics; fuels, fluids, and lubricants; interior & exterior materials and components; vehicle inspection services; homologation testing; and other applications). This automotive TIC market study forecasts the market size for various segments with respect to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report
This report would help market leaders/new entrants in this market in the following ways:
1. This report segments the automotive TIC market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides a detailed analysis of the automotive TIC market with the help of competitive leadership mapping and value chain analysis, including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provides them information about key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to reinforce their position in the business.
5. The competitive landscape section includes the competitor ecosystem along with recent and important developments, including expansions and mergers and acquisitions in the automotive TIC market.
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