A recent report on Automotive TIC Market provides a detailed analysis on the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and latest growth trends accepted by key players that form a part of the competitive spectrum of this business.
Automotive TIC Market is valued at USD 18.05 Billion in 2018 and expected to reach USD 25.73 Billion by 2025 with a CAGR of 5.2% over the forecast period.
Increasing sale of the automobile vehicles along with government strict rules and regulations for quality testing of the vehicles as well as government initiatives to support electric vehicles productions are some important factor driving the growth of automotive TIC market.
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Automotive TIC is the process of testing, inspection and certification of vehicles. These services are performed by either automobile manufacturer or private service provider. The main purpose of these services is to measure the standard of vehicles set by government bodies in respective countries. Testing, Inspection and Certification (TIC) services are diversified in many industries sectors including a variety of standards and legislation. The service is required in many industries like automotive, agriculture, oil & gas, tourism, and logistics.
Recent study shows that testing inspection and certification services are widely used adopted by the leading players due to surge in the electric vehicle manufacturing which needs testing certifications. As per the International Energy Agency (IEA) in 2018, the global electric car sale was registered to over 5.1 million, increased by 2 million from as compare to 2017 and which was almost increased by 100% for new electric car sales.
The global Automotive TIC market is segmented on the basis service type, sourcing, application, and region and country level. On the basis on service type, the automotive TIC market is segmented into testing, inspection and certification. On the basis of sourcing, the market is segmented into in-house and outsourcing. On the basis of application, the global automotive TIC market is divided into Electric Components and Electronics, Telematics, and OEM Testing.
The regions covered in global automotive TIC market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global automotive TIC market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key players for global automotive TIC market reports –
Global automotive TIC market reports cover prominent players like,
Intertek Group Plc
Rheinland AG Group
Element Materials Technology
Global Automotive TIC Market Dynamics –
The key factor for growth of global Automotive TIC market is increasing sale of automobiles including booming growth in the electric vehicle sale with the latest advanced technology with surge in population. As per the International Organization of Motor Vehicle Manufacturers (OIEC) in 2019, the sale of automobile was registered around 95 million around the globe including light commercial vehicles, heavy trucks, buses and coaches. This rise in the sale of vehicles as well as increasing adoption of electric vehicles and its certification has created huge demand for the automotive TIC market. Moreover, technological advancements in automotive vehicles like development of hybrid vehicles which require testing kits, and other related parts for inspection may create huge opportunity for the automotive TIC market. For instance, in 2017 the Company from India named Comstar Automotive Technologies (CATL) a leading auto component manufacturer, has developed an integrated starter generator (ISG) system for hybrid vehicles which helps to save fuel by 7-15 percent in a hybrid vehicles. However the automotive TIC market is hampered by initial investment for setting up the inspection and testing facility is high as well as it require high skilled workforce for quality assurance of automobile components and parts. Moreover rising focus on research & development using the advanced technology like blockchain, AI, IoT as well as government funding and initiatives to support the electric automobile vehicle production may create huge opportunity for global automotive TIC market in the forecast period.
Automotive TIC Market Regional Analysis –
North America is dominating the automotive TIC market with the high potential rate due to presence of highly skilled workforce and raising the government initiative for electric vehicle manufacturing followed by Europe region. As per the federal government of America has invested around USD 287 through the America's Transportation Infrastructure Act of 2019 (ATIA) for next five years with 27% increase compared to previous year. Such boost in the investments and increase in the US government initiatives may create huge demand for the automotive TIC market during the forecast period. Further Europe is the second largest region for the automotive TIC market owing to surge in the electric vehicle sales. As per the Center of Automotive Management organization, Germany has registered around 110,000 electrified vehicles in 2019 which requires the TIC facility.
The Asia Pacific and the Africa is expected to emerge as the fastest-growing regional market due to rapidly increasing government funding for the production of automotives as well as increased demand for electric vehicles due to high population. As per the Center of Automotive Management organization in 2019, China has shown sale of around 1 million electric vehicles with 4.4% market share. This propels the demand for the automotive TIC services in this region.
Key Benefits for Automotive TIC Market Reports –
Global Automotive TIC Market report covers in depth historical and forecast analysis.
Global Automotive TIC Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Automotive TIC Market report helps to identify opportunities in market place.
Global Automotive TIC Market report covers extensive analysis of emerging trends and competitive landscape.
Automotive TIC Market Segmentation –
by Service Type: Testing, Inspection, Certification
by Sourcing Type: In-house, Outsourcing
by Application Type: Electric Components and Electronics, Telematics, OEM Testing, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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