Automotive TIC - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Automotive TIC Market is accounted for $16.90 billion in 2019 and is expected to reach $29.92 billion by 2027 growing at a CAGR of 7.4% during the forecast period. Some of the key factors propelling the market growth include 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, and surging adoption of automotive electronics to maintain passenger and vehicle safety. However, varying regulations/standards across regions is likely to hamper the market.
Automotive testing, inspection, and certification services (TIC) are done to check roadworthiness of a vehicle. Automotive TIC authenticates the test and inspection results against the standard set by the government, international standardization. Presently, it is commonly used by the manufacturer to show that their products are manufactured according to the government standardization and regulations. The automotive testing, inspection, and certification (TIC) are vital steps in the success of the automotive manufacturers and suppliers. This helps in the production of high quality, safe, and reliable automotive products/components.
By application, 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.
On the basis of geography, Asia Pacific (APAC) is expected to have considerable market growth during the forecast period. The automotive industry is subject to strict safety regulations in a few Asia Pacific countries such as Japan and South Korea demands passenger cars are also on the increase these countries. Increased production of motor vehicles in countries which are India, China, Japan, and South Korea is significantly contributing to the growth of the automotive TIC market in the APAC region.
Some of the key players in Automotive TIC market include TUV Nord Group, Bureau Veritas S.A., Intertek, British Standards Institution (BSI), Rina S.P.A., Lloyd’s, Mistras, Dekra SE, TUV SUD, UL LLC, Eurofins, Element Materials, UV Nord Group, Applus+, SGS Group, TUV Rheinland AG Group, DNV GL, Norges Elektriske Materiellkontroll (NEMKO), Nsf International, and Engineering, Quality, and Safety (EQS).
Sourcing Types Covered:
Service Types Covered:
• Inspection Services
• Testing Services
• Certification Services
• Other Services
• Homologation Testing
• Electrical Systems and Components
• Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
• Automotive Fuels, Fluids, and Lubricants
• Interior and Exterior Materials and Components
• Advanced Driver Assistance Systems (ADAS) Testing
• OEM Testing
• Durability Testing
• Emission Testing
• Acoustic Testing
• Passenger Cars
• Commercial Vehicles
• Other Applications
• Other Service Providers (OSP)
Automotive Applications Covered:
• Adas and Safety Controller
• Chassis and Body Controller
• Functional Safety
• Cockpit Controller
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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