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Market Research Report

Automotive TIC Market - Growth, Trends, and Forecast (2019 - 2024)

Published by Mordor Intelligence LLP Product code 866694
Published Content info 100 Pages
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Automotive TIC Market - Growth, Trends, and Forecast (2019 - 2024)
Published: June 1, 2019 Content info: 100 Pages
Description

Market Overview

The automotive TIC market is expected to register a CAGR of 7.3% during the forecast period 2019-2024. TIC ensures the development of high-quality components and vehicles while supporting automotive suppliers in continuous improvements of existing technologies and new innovations to make mobility safer, secure and more physically efficient.

  • The increasing trend of adoption of electronic systems in the automobiles has lead to the demand for testing equipment. With the adoption of electronic systems, special care needs to be taken to test them on a regular basis in order to maintain its efficiency.
  • The increasing amount of cases for component failures in automobiles has led to increased adoption of TIC. The component failures result in a huge amount of cost to the company as well as lead to customer dissatisfaction.
  • The adoption of TIC requires skilled labors to operate and understand the algorithms. It also requires a basic infrastructure in order to implement the TIC into the process.

Scope of the Report

The automotive testing, certification and knowledge services optimize quality and safety in accordance with national and international standards and regulations like TS 16949 and ISO 26262. The International standard-setting bodies composed of representatives from various national standards organizations define the different testing, inspection and certification services in the international standard series ISO/IEC 17000:2004.

Key Market Trends

Testing is Expected to Hold a Significant Market Share.

  • The testing and analysis services enable to check that products and commodities have the required properties. The test for compliance with applicable standards, regulations, and specifications, is usually performed in the laboratory and also provided on-site testing for manufacturing and process industries.
  • The service providers are focussing on developing a large network of laboratories operating worldwide. Offering state-of-the-art laboratory equipment and field-specific technical expertise, their facilities are strategically located for the clients' benefit, granting easier access from ports and major manufacturing locations.
  • The testing is the most important part of the automobile as it informs the manufacturers whether it is in compliance with the manufacturing standards. The companies with low expenditure pattern in automobile industry complete the testing and introduce the product in the market to avoid fatal errors. The increased number of automobile sales will have a direct impact on the growth rate of Testing due to the increased emphasis on driver safety.

North America is Expected to Hold a Significant Market Share

  • The United States has dominated the light vehicle segment. With the increased manufacturing of cars in the United States, the North America region is expected to notice a substantial growth in the forecast period.
  • The Center for Automotive Research (CAR) at Germany's Duisburg-Essen University expects sales of US light vehicles to fall 4% in 2019 to 16.6 million and slip to 16.5 million in 2020. CAR said in a report that its forecast doesn't include the impact of a possible trade war with Europe.
  • With the impact of the trade war, it is expected to notice a dip for the smaller period of time but is expected to gain traction in sales of automobiles after that. The light vehicle retail sales in the United States, in 2018, was recorded at 17213.5 by the US Bureau of Economic Analysis. This shows the significant impact of the United States in global automotive sales.

Competitive Landscape

The market consists of several major players. In terms of market share, none of the players own a major chunk of market share and thus the market is moving towards fragmentation. The competitors are coming up with different ways to demonstrate their dominance.

  • April 2019 - TUV SUD has collaborated with the Society of Automotive Engineers International (SAE), China Automotive Technology and Research Center (CATARC), Shanghai Intelligent Automotive Center (SIAC), and International Transportation Innovation Center (ITIC) to establish an international alliance to develop and harmonize global standards of test methods and uniformly recognized standards for automated driving.
  • April 2019 - Just three weeks before the first racing weekend in Hockenheim, the teams of new German Touring Car Championship gathered at the DEKRA Lausitzring race track in the south of Brandenburg, Germany. It is a particularly fitting way to start the 2019 season, as the DTM and DEKRA are linked by a partnership that stretches back 30 years. In other words, when DEKRA joined the DTM, the current champion Gary Paffett was just seven years old.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • Report customization as per the client's requirements
  • 3 months of analyst support
Table of Contents
Product Code: 66568

Table of Contents

1 INTRODUCTION

  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Introduction to Market Drivers and Restraints
  • 4.3 Market Drivers
    • 4.3.1 Increasing Trend of Adoption of Electronic Systems in the Automobiles
    • 4.3.2 Increasing Amount of Cases For Component Failures in Automobiles
  • 4.4 Market Restraints
    • 4.4.1 Huge Requirement of Skilled Labor
  • 4.5 Industry Attractiveness - Porter's Five Force Analysis
    • 4.5.1 Threat of New Entrants
    • 4.5.2 Bargaining Power of Buyers/Consumers
    • 4.5.3 Bargaining Power of Suppliers
    • 4.5.4 Threat of Substitute Products
    • 4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

  • 5.1 By Service
    • 5.1.1 Testing
    • 5.1.2 Inspection
    • 5.1.3 Certification
  • 5.2 Geography
    • 5.2.1 North America
    • 5.2.2 Europe
    • 5.2.3 Asia-Pacific
    • 5.2.4 Rest of the World

6 COMPETITIVE LANDSCAPE

  • 6.1 Company Profiles
    • 6.1.1 TUV SUD
    • 6.1.2 Applus Services, S.A.
    • 6.1.3 Dekra SE
    • 6.1.4 SGS Group
    • 6.1.5 Bureau Veritas Group
    • 6.1.6 Intertek Group plc
    • 6.1.7 Mistras Group

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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