According to
the new market research report "Automotive TIC Market
by Service Type (Testing, Inspection, Certification), Sourcing Type, Application
(Vehicle Inspection, Electrical Systems, & Components), and Geography;
Periodic Technical Inspection Market, by Region - Global Forecast to
2024", 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 the automotive TIC 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.
Browse 99 market data Tables
and 35 Figures spread through 180 Pages and in-depth TOC on Automotive
TIC Market
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Vehicle
inspection services to account for largest size of automotive inspection
market, by application, during forecast period
Vehicle
inspection services (VIS) are offered by automotive TIC companies. It is a
technical inspection service provided by TIC companies for commercial vehicles
(commercial van and truck fleets; heavy and mid-duty trucks; tractors;
trailers; construction equipment; forklifts) and passenger vehicles (cars,
motorcycles, pick-up trucks, boats and recreational trailers, all-terrain
vehicles (ATVs), and recreational vehicles (RVs)). VIS services should ideally
follow national/international regulatory standards for environmental
protection. These services are also applicable to imported and used vehicles.
Used vehicle inspection is another innovative approach that can be employed if
a vehicle is returned with damage beyond expectations (excessive wear and
tear), which drastically impacts its resale value. Vehicle inspection offers an
autonomous and undisputable calculation of each returned vehicle’s value so
that the customer can claim the cost of repairs or check the difference between
the resale and market values. It is verified by the Vehicle Inspection
Management System (VIMS), which takes the entire inspection process into
consideration and provides a detailed cost analysis of every fault in the car.
In-house
automotive TIC service market for electric vehicles, hybrid electric vehicles,
and battery systems is expected to grow at highest CAGR during forecast period
In
automotive applications, in-house testing for 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.
The market for electric vehicles is rapidly growing owing to factors such
as increasing urbanization, growing demand for global hybrid vehicles, rising
car sales in emerging markets, surging demand for air-conditioning systems with
improved efficiency, and declining battery prices. Electric and hybrid electric
vehicles largely depend on their batteries, which act as energy storage
systems. The performance and safety check of such batteries is, therefore,
crucial, which requires comprehensive battery testing services such as battery
life cycle testing, battery abuse testing, battery performance testing, and
battery environmental testing/battery durability testing.
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US held the
largest share of North American automotive TIC market in 2018
According to
the American Automotive Policy Council, automakers and their suppliers are the
largest contributors to the automotive TIC market in the US, representing
around 3% of the GDP. They are also one of the largest exporters of vehicles
and parts; in the past 5 years, the country exported vehicles and parts that
are worth over USD 692 billion in the past 5 years. The US offers an ideal
environment for innovation that has facilitated massive advancements in the
automotive sector. The US is an undisputed world leader when it comes to
innovation, manufacturing, and marketing in the automotive sector. According to
the Organisation Internationale des Constructeurs dAutomobiles (OICA), as of
2018, the US accounted for almost 11.8% of the total automotive production
worldwide (with 11,314,705 units). The US also has a highly-skilled workforce
in the automotive industry. MISTRAS Group Inc. and UL LLC are the TIC companies
based in the US.
Key players
operating in the automotive TIC market are 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), and MISTRAS Group, Inc. (MISTRAS) (US).
