[175 Pages Report] The automotive TIC market is expected to increase from USD 18.13 billion in 2017 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023.
The
growth of this market is mainly driven by increasing automotive
production worldwide, inclination toward outsourcing TIC services,
vehicle recalls due to failure of components, and enforcement of
stringent government regulations and standards in the automotive sector
worldwide.
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Major
players of the automotive TIC ecosystem in various regions have been
identified and their offerings, regional presence, and distribution
channels have been understood through the in-depth discussions for this
study. To find the overall market size, top-down and bottom-up
approaches have been used to estimate the market size of other
individual markets by using percentage splits obtained from the
secondary sources, such as Hoovers, Bloomberg Business, Factiva, and
OneSource, as well as primary research.
Testing
services accounted for a share larger than the other TIC services in
the automotive TIC market, by service type in 2018. Quality control is
very important for automotive manufacturing operations and for
additional safety, testing, and reporting measures, which require
advanced test equipment and instruments in automotive manufacturing
facilities and laboratories. Testing services assist manufacturers in
improving the marketability of their products and lowering costs in
pre-production phases (R&D, selection of suppliers, etc.). Most of
these tests are performed as per standard analytical methodology.
The
vehicle inspection service (VIS) application accounted for the largest
share of the automotive TIC market, based on application, in 2018. VIS
is a pack of bundled services wherein new or used automobile go through a
wide range of services such as inspection of electrical systems and
components, interior & exterior materials and components, and other
applications. VIS is a combination of multiple services, and these
services are primarily offered by most TIC service providers, thus
holding maximum share in the market during the forecast period.
Asia
Pacific (APAC) accounted for the largest share of the automotive TIC,
by geography in 2018. The automotive industry is subject to strict
safety regulations in a few APAC countries such as Japan and South
Korea; demands for passenger cars is also on the rise in these
countries. Countries such as China are estimated to 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 could boost the implementation of safety
regulations. Increased production of motor vehicles in countries such as
India, China, Japan, and South Korea is significantly contributing
towards the growth of the automotive TIC market in the APAC region.
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Varying
automotive regulatory standards across countries is the major
restraining factor for the growth of the automotive TIC market. DEKRA SE
and TÜV SÜD Group are the top-ranked service providers in the
automotive TIC market. These players rely on their diversified service
portfolio, global reach, and growth strategies such as expansions, and
mergers and acquisitions to hold a large share of the overall automotive
TIC market.
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