Automotive TIC Market Worth 27.66 Billion USD by 2023

PUNE, India, July 2, 2018 /PRNewswire/ --

According to a new market research report "Automotive TIC Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-House and Outsourced), Application (Vehicle Inspection Services, Telematics, and Electrical Systems and Components), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the 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. The growth of this market will be driven by increased automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of strict government regulations and standards in the automotive sector worldwide.

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Testing services held the larger share of the automotive TIC market in 2018 

There is a significant focus on quality control for automotive manufacturing operations and additional safety, testing, and reporting measures, which require advanced test equipment and instrumentation in automotive manufacturing facilities and laboratories. Testing services assist manufacturers to improve the marketability of their products and lower costs in pre-production phases (R&D, selection of suppliers, etc.). Automotive lighting & components, connected car solutions, testing for materials, and reliability are some of the major areas where automotive testing can be applied for ensuring compliance of products/services with required standards and regulations.

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Outsourced sourcing type is expected to grow at a higher CAGR during the forecast period 

The outsourced automotive TIC market comprises a variety of independent service providers primarily providing TIC services. The overall outsourced TIC market is highly fragmented, owing to the presence of small and midsized players. The major players in this market are Dekra, SGS Group, Bureau Veritas SA, TÜV SÜD, and Intertek Group Plc. The outsourced automotive TIC market is likely to witness an increase in demand. This can be attributed to automotive companies increasingly opting for expert service providers, attractive service portfolio of third-party service providers, well-established facilities of third-party service providers, and time and cost constraints of automotive companies. Project deadlines and large orders are the other key reasons for automotive giants to outsource their TIC requirements.

Automotive TIC market for vehicle inspection services application held the largest share of the automotive TIC market 2018 

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 safety inspections before registration. Vehicle inspection services are performed for new as well as used/resale vehicles. Vehicle inspection services for new vehicles include comprehensive inspection of overall vehicle (including inspection of electrical systems and components); electric vehicles, hybrid electric vehicles, and battery systems; telematics; and others.

APAC accounted for the largest share of the automotive TIC market in 2018 

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. Stringent safety regulations are present in a few APAC countries, such as Japan and South Korea, and demands for passenger cars is on the rise in these countries. Countries such as China could come up with vehicle and road safety regulations owing to growing population as well as vehicle demand. Reasons such as limited infrastructure and increasing number of accidents would possibly boost the implementation of safety regulations.

DEKRA SE (Germany), TÜV SÜD Group (Germany), Applus Services S.A. (Spain), SGS Group (Switzerland), and TÜV Rheinland Group (Germany) are the major players covered in this report, along with their market ranking analysis. The report also covers other key players in this market such as TÜV Nord 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), and Olympus (Japan).

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