The automotive industry is transforming at a faster rate owing to the development of cutting-edge technologies and stringent environmental regulatory policies. This report on the automotive TIC market is a platform that explains applications, market trends, and varieties of TIC services, ranging from testing, inspection, and certification to auditing and quality control and assurance. These services help automakers to improve their performance and products; ensure the reliability and integrity of their products, processes, assets, and systems; as well as mitigate risks while bolstering their brands.
The global automotive TIC market is expected to grow from USD 16.5 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 4.3%.
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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 are the major factors propelling the automotive TIC market growth. However, the global automotive industry is facing a slowdown due to the spread of coronavirus, resulting in disrupted supply chains, shut down of manufacturing, and decline in vehicle sales globally. The decline in sales of vehicles has impacted the global automotive TIC market.
Among all service types, certification services are expected to witness the highest CAGR in the automotive TIC market during the 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.
Vehicle inspection services accounted for a majority share of the overall automotive TIC market in 2018. The mandate of periodic technical inspection of vehicles by governments in countries such as the US and Germany drives the market for vehicle inspection services. DEKRA SE (Germany), a leader in vehicle inspection, expanded its inspection business in Denmark by acquiring AL-SYN ApS. This acquisition took place in October 2018. AL-SYN is operating 6 inspection stations in the Danish regions of Jylland and Funen.
The automotive TIC market for outsourced services is expected to grow at a higher CAGR during the forecast period. The market for outsourced services is likely to witness a higher growth rate in the coming years owing to the growing focus of automotive companies on getting TIC services from experts, increasing the efficiency of third-party service providers owing to their well-established facilities, along with time and cost constraints that automotive companies have. Project deadlines and large orders are a few of the other key reasons owing to which automotive giants outsource their TIC requirements.
Among all regions, the market in Europe is expected to growth at the highest CAGR during the forecast period. Consistent development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies is expected to drive the studied market during the forecast period. European automotive sector calls for vehicle renewal incentives to kickstart economic recovery after COVID-19. The European automotive sector is proposing a plan comprising 25 actions to support a strong restart of the sector and the economy at large. The plan was issued by the four associations representing the full automotive supply chain: from equipment and tire suppliers, to vehicle manufacturers, to dealers and workshops (ACEA, CECRA, CLEPA and ETRMA). As part of the action plan, the sector calls for coordinated vehicle renewal schemes for all vehicle types and categories across the EU. This is intended to boost private and business demand, support economic recovery across the board.
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The global automotive TIC market was valued at USD 16.9 billion in 2019 and is expected to reach USD 22.1 billion by 2024, at a CAGR of 5.5%.
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 are the major factors propelling the automotive TIC market growth.The automotive industry is transforming at a faster rate owing to the development of cutting-edge technologies and stringent environmental regulatory policies.
This report on the automotive TIC market is a platform that explains applications, market trends, and varieties of TIC services, ranging from testing, inspection, and certification to auditing and quality control and assurance.
These services help automakers to improve their performance and products; ensure the reliability and integrity of their products, processes, assets, and systems; as well as mitigate risks while bolstering their brands.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215Among all service types, certification services are expected to witness the highest CAGR in the automotive TIC market during the forecast period.
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.Vehicle inspection services accounted for a majority share of the overall automotive TIC market in 2018.
DEKRA SE (Germany), a leader in vehicle inspection, expanded its inspection business in Denmark by acquiring AL-SYN ApS.
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 Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215 Vehicle inspection services to account for largest size of automotive inspection market, by application, during forecast periodVehicle inspection services (VIS) are offered by automotive TIC companies.
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.
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 periodIn 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.
