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Automotive TIC Market to be Worth $18.63 Billion by 2031
Automotive TIC Market by Service Type (Testing, Inspection, Certification), Sourcing, Supply Chain (Design, Production), Application (VIS, Materials, Components, EVs, Fuels, Lubricants, Homologation, ADAS, Telematics), and Geography– Global Forecast to 2027”, the automotive TIC market is expected to grow at a CAGR of 2.2% from 2020 to 2027 to reach $17.2 billion by 2027.Download sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=4977?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=27-03-2024
Automotive testing, inspection, and certification services are performed to check the roadworthiness of a vehicle under different conditions and scenarios. This is a standard procedure performed by government-certified agencies to check whether a vehicle is capable to meet the current safety and performance standards regarding vehicles enacted by the governing bodies of a respective country. Currently, it is widely used by the manufacturers to show that their products are manufactured according to government standardization and regulations. It also helps the manufacturer to improve the marketability of their products. Ensuring safety and reliability in transportation services has become one of the key focus points for companies in the automotive testing, inspection, and certification market.
The growth in the overall automotive TIC market is mainly driven by the factors such as growing automobile production in emerging economies, strict regulatory standards imposed by governments on the automotive industry, and consistently growing instances of vehicle recall due to component failure. Furthermore, the growing adoption of electric vehicles, growing awareness among consumers regarding product quality and safety, and incorporation of technological advancements with rising adoption of connected devices in automotive industry are offering growth opportunities for the market players. However, dynamic regulations/standards across different regions and lack of skilled resources can obstruct the growth of this market.
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According to data published by Autocar India Magazine, the global vehicle sales in March 2020 dipped to just above 5 million units and witnessed a significant drop of 39% compared to sales in March 2019. Top global automotive manufacturing countries including China, the U.S., Germany, the U.K. and India stood still in terms of manufacturing and sales during the first quarter of 2020. The U.S. and China registered double-digit decline in automobile sales; however, Europe witnessed the worst decline in more than 38 years. Combined sales of Europe-27 registered a drop of 52% compared to previous year. The losses made automotive companies fall back years and will certainly take a long time to regain their growth trajectory. However, sales in electric cars, especially in some European countries show positive signs of growth. Electric vehicles including hybrids, plug-ins, and full electrics recorded a positive growth of 15% and total market share of 17.4% in the European countries. Major automotive producing countries including Japan, South Korea, and India have already announced relief packages for manufacturing sectors including automotive sector.
Based on service type, the testing service segment is estimated to command the largest share of the overall automotive TIC market in 2020. The large share of this segment is attributed to the high demand for quality and safety products and strong recommendations from the regulatory authorities to ensure the safety, quality, and efficiency of the products. Besides, continuous investments in R&D activities by service providers to expand their presence and to provide test environment is expected to support the growth of this market segment. However, the inspection services segment is expected to grow at the fastest CAGR during the forecast period. Stringent rules for vehicle inspection to ensure governing safety, emissions, or both and growing consumer awareness about the safety & product quality are supporting the growth of the automotive inspection services market over the forecast period. Moreover, the increasing investment in the automotive inspection services industry by leading players is further expected to encourage the demand for these services.
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Based on sourcing type, the in-house segment is estimated to command the largest share of the overall automotive TIC market in 2020. Conducting in-house TIC services allow manufacturers to exert higher levels of control by keeping services and personnel under direct control; therefore, in-house services are likely to capture a larger share of the automotive TIC market. In-house services not only lower the risks associated with poor vehicle maintenance, including equipment failure and crashes, but also enable manufacturers to identify the problems instantaneously. However, the outsourcing segment is anticipated to grow with the fastest CAGR during the forecast period. Outsourcing help manufacturers to get access to skilled expertise, focus on core activities, manage the risks effectively, and increase in-house efficiency. Increasing demand for automotive testing, certification, and inspection services is placing a strain on the in-house TIC workforces and processes of companies that are anticipated to drive the fast growth of the outsourcing segment.
Based on supply chain service, the operations segment is estimated to account for the largest share of the overall automotive TIC market in 2020. This can be attributed to the wide use of these services in vehicle damage evaluation and tracking after-sale issues to reduce the risks associated with the sale, delivery, and maintenance. However, the design services segment is expected to grow at the highest CAGR during the forecast period. Increasing concern regarding the safety & quality of vehicles is expected to encourage the demand for automotive design services. Besides, the growing adoption of electric vehicles and increasing deployment of connectivity technologies are also supporting the growth of the design services segment in the overall automotive TIC industry.
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Based on application, the vehicle inspection services segment is estimated to account for the largest share of the overall automotive TIC market in 2020, which is primarily attributed to the growing government focus to implement legislation to reduce road accidents and environmental impact of non-compliant vehicles. However, the telematics segment is expected to grow with the fastest CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing demand for fleet telematics, connected vehicle technologies, adoption of wireless communications, and integration of safety features into vehicles. Besides, the increasing government rules and regulations for the safety, security, and tracking of vehicles across the globe is supporting the growth of the automotive TIC services market for telematics.
The global automotive TIC market is consolidated and dominated by few major players, namely SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Norges Elektriske Materiellkontroll (NEMKO) (Norway), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd’s Register Group Limited (U.K.), and Element Materials Technology Ltd.(U.K.), among others.
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