The automotive TIC market is expected to grow from USD 16.9 billion in 2019 to USD 22.1 billion by 2024, at a CAGR of 5.5%
NEW YORK, Nov. 6, 2019
NEW YORK, Nov. 6, 2019 /PRNewswire/ -- Automotive TIC market to grow at CAGR of 5.5% from 2019 to 2024
The automotive TIC market is expected to grow from USD 16.9 billion in 2019 to USD 22.1 billion by 2024, at a CAGR of 5.5%. The growth of this market can be attributed to the increasing automobile production in emerging economies, growing inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures. However, varying regulations/standards across various regions is the factor that restrains the market growth.
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Certification services to register highest CAGR in automotive TIC market, by service type, during forecast period
In the 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 if their products adhere to the government/regulatory mandates, as well as to improve the marketability of their offerings.
Certification services re crucial for manufacturers to ensure the compliance of their products with regulatory standards, thereby improving the marketability of products/services.Certifications ensure that manufacturers have followed safety, quality, and environmental standards and norms during the production process.
A few of the major certifications in the automotive industry are ISO/TS 16949, ISO 9001, AS9100C, ISO 20000, ISO 27001, EU Data Protection Directive, TL 9000, ESD S20.20, OHSAS 18001, ANSI/AIHA Z10, ISO 50001, Superior Energy Performance (SEP), ISO 14001, and ISO 14064.
In-house services to hold larger size of automotive TIC market, by sourcing type, during forecast period
In automotive applications, in-house testing of electronic control units (ECUs) and other core components is done by automakers at their manufacturing facilities.They are collaborating with public bodies and organizations including customs, competition authorities, and industrial health and safety authorities for conducting activities related to quality control and assurance.
Conducting in-house TIC services allow manufacturers to exert higher levels of control by keeping services and personnel under direct control; therefore, in-house services are likely to capture a larger share of the automotive TIC market. In-house services not only lower the risks associated with poor vehicle maintenance, including equipment failure and crashes but also enable manufacturers to identify the problems instantaneously.
Vehicle inspection services to hold largest size of automotive TIC market, by application, during forecast period
Vehicle inspection is the process of inspecting vehicles to ensure that they conform to safety and emission regulations mandated by national or subnational governments.Vehicles have to undergo a safety inspection before registration.
Vehicle inspection services are performed for new, as well as used/resale vehicles. Vehicle inspection services for new vehicles include a comprehensive inspection of the overall vehicle, which includes inspection of electrical systems and components; electric vehicles, hybrid electric vehicles, and battery systems; telematics; and others.
Automotive TIC market in APAC is expected to grow at highest CAGR during forecast period
Asia Pacific is expected to be the fastest-growing region in terms of the automotive TIC market.In this study, APAC represents India, China, Japan, South Korea, Australia, and Rest of APAC (RoAPAC).
This region has become a global focal point for investors focusing on making huge investments or seeking business expansion opportunities.Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially in China and India.
These units are required to manufacture products in compliance with internationally accepted standards. Domestic markets in APAC are rapidly growing owing to the rising per capita income of the middle-class population in these countries.
Breakdown of Profile of Primary Participants:
• By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
• By Designation: C-level Executives – 26%, Directors – 40%, and Others – 34%
• By Region: North America – 47%, Europe – 28%, APAC – 19%, and RoW – 6%
DEKRA SE (DEKRA) (Germany), TÜV SÜD Group (TÜV SÜD) (Germany), Applus Services S.A. (Applus+) (Spain), SGS Group (SGS) (Switzerland), TÜV Nord Group (TÜV Nord) (Germany), TÜV Rheinland Group (TÜV Rheinland) (Germany), Bureau Veritas S.A. (Bureau Veritas) (France), Intertek Group PLC (Intertek) (UK), Eurofins Scientific (Eurofins) (Luxembourg), Element Materials Technology (Element) (UK), Lloyd's Register Group Limited (Lloyd's) (UK), MISTRAS Group, Inc. (MISTRAS) (US) are a few key players in the automotive TIC market.
Research Coverage:
• The study covers the automotive TIC market. It aims to estimate the size and growth potential of this market across different segments, such as by service type, sourcing type, application, and geography. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying This Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall automotive TIC market and the market based on segments covered in this report.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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