Market Research Report
Automotive TIC Market by Service Type (Testing, Inspection, Certification), Sourcing (In-house and Outsourcing), Application (Vehicle Inspection, Electric Components and Electronics, OEM Testing, Telematics) and Geography - Global Forecast to 2025
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|Published||Content info||153 Pages
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|Automotive TIC Market by Service Type (Testing, Inspection, Certification), Sourcing (In-house and Outsourcing), Application (Vehicle Inspection, Electric Components and Electronics, OEM Testing, Telematics) and Geography - Global Forecast to 2025|
|Published: June 24, 2019||Content info: 153 Pages||
Automotive TIC Market by Service Type (Testing, Inspection, Certification), Sourcing (In-house and Outsourcing), Application (Vehicle Inspection, Electric Components and Electronics, OEM Testing, Telematics) and Geography-Global Forecast to 2025
The global automotive TIC services market is expected to grow at a CAGR of 6.4% from 2019 to reach $32.7 billion by 2025. TIC services improve the quality of manufacturing process by testing/inspecting/and certifying in compliance with regulations/standards across the globe. This helps in the production of high quality, safe, and reliable automotive products/components. This is one of the major factors driving the growth of automotive TIC services market.
The overall automotive TIC market is mainly categorized by service (testing, inspection, and certification), sourcing (in-house and outsourcing), application (telematics, vehicle inspection services, electrical components & electronics, electro mobility/electric vehicles, automotive fuels, fluids, and lubricants, interior & exterior materials and components, homologation testing, advanced driver assistance systems testing, durability testing, emission testing, acoustic testing, OEM testing, and others), and geography.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, opportunities, and trends. Factors such as increasing automotive production, consumer awareness about safety and environment awareness, and technological advancements are expected to drive the growth of the global automotive TIC services market. However, stringent trade policies and regulations, high time required performing overseas qualification tests, lack of skilled resources, and government and environmental regulations are expected to restrain the growth of this market.
Based on the sourcing, the global automotive TIC services market is segmented into in-house and outsourcing. In-house segment accounted for the largest share of the global automotive TIC services market by location in 2018. Factors such as high visibility and high degree of control over processes and improved delivery performance are primarily driving the growth of this market segment.
On the basis of service type, the global automotive TIC services market is segmented into testing, inspection, and certification. Testing services segment accounted for the largest share of the global automotive TIC services market by service type in 2018, owing to high demand for quality and safety products and strong recommendations from the regulatory authorities to ensure the safety, quality, and efficiency of the products. However, telematics segment is expected to grow at the highest growth rate owing to growing interest among automotive manufacturers to design vehicles using telecommunications.
Based on the application, Vehicle Inspection Services (VIS) segment accounted for the major share of the global automotive testing services market in 2018. The key benefits of TIC for vehicle inspection, such as monitoring vehicle damage throughout the supply chain; assessment of costs of repair for damaged vehicles; provide safe & reliable vehicles; improve quality, efficiency, & safety; and reduce environmental impact of road traffic, costs, delivery lead-times are supporting the growth of this application segment. Furthermore, growing focus of government to implement legislations that help to reduce road accidents and the environmental impact of non-compliant vehicles are further supporting the growth of automotive TIC services market for vehicle inspection.
An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). Asia Pacific commanded the largest share of the global automotive TIC services market in 2018, followed by Europe and North America. Factors such as strong support from the government to promote the development of automotive industry, rising focus of manufacturers to support innovation and strengthen their position in this region, and increasing investments/funds from the manufacturers and government in automotive industry are expected to drive the growth of Automotive TIC services market in this region.
The key players operating in the global automotive testing, inspection, and certification market report are Dekra Se, SGS, Applus, Eurofins Scientific, TUV Rheinland AG Group, TUV SUD SGS, Bureau Veritas, TUV NORD Group, and Element Materials Technology among many others.