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.
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.
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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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