Meticulous Research® – leading global market research company published a research report titled “Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing, Supply Chain (Design, Production), Application (VIS, Materials, Components, EVs, Fuels, Lubricants, Homologation, ADAS, Telematics), and Geography– Global Forecast to 2027”
According to this latest publication from Meticulous Research®, 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. The growth in this 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 growing number of 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 significant growth opportunities for market players. However, dynamic regulations/standards across different regions and lack of skilled resources can obstruct the growth of the market.
The global automotive TIC market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on by service type (testing, inspection, & certification), sourcing type (in-house & outsourced), supply chain services (design, production, distribution, selling & operation), application (vehicle inspection services, electric components & electronics, interior & exterior materials, and components, electric vehicles, hybrid vehicles, & battery systems, automotive fuels, fluids, & lubricants, homologation testing, advanced driver assistance systems (ADAS) testing, durability testing, OEM testing, telematics & others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on service type, the testing services segment is estimated to command the largest share of the overall automotive TIC market in 2020. 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.
Based on sourcing type, the in-house segment is estimated to command the largest share of the overall automotive TIC market in 2020. 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.
Geographically, the Asia-Pacific region is estimated to command the largest share of the overall automotive TIC market in 2020. The economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities due to favorable government policies are some of the factors attracting several global automotive players to expand their presence in the APAC region. This, in turn, is supporting the technological transition of automobile manufacturing and services industry in this region; as a result, supporting the growth of the automotive TIC services market in this region.
Some of the key players operating in the global automotive TIC market are 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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