Resources
About Us
Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Supply Chain Service, Application (Vehicle Inspection, ADAS, OEM Testing, Durability Testing, Telematics, Others), Geography - Global Forecast to 2031
Report ID: MRAUTO - 104276 Pages: 200 Feb-2024 Formats*: PDF Category: Automotive and Transportation Delivery: 24 to 48 Hours Download Free Sample ReportThe Automotive TIC Market is projected to reach $18.63 billion by 2031, at a CAGR of 3.6% during the forecast period 2024–2031. The growth of this market is mainly driven by increasing automobile production in emerging economies, stringent regulations and standards in the automotive industry, and the consistently rising instances of vehicle recall due to component failure. However, dynamic regulations/standards across different regions and the lack of skilled personnel restrain the growth of the automotive TIC market. Furthermore, the growing adoption of electric vehicles, rising consumer awareness regarding product quality and safety, and the increasing adoption of connected devices in the automotive industry are generating growth opportunities for market players. However, concerns over the reliability of new TIC service providers are a major challenge impacting market growth.
The automotive sector is facing several challenges, including stringent environmental and safety regulations. Globalization and liberalization have highlighted safety as a prime concern among automotive consumers. Increasing risks on the road have compelled consumers to prioritize vehicle safety. Hence, manufacturers are increasingly implementing safety testing services to comply with government guidelines. Also, increasing public awareness regarding pollution has encouraged automotive manufacturers to implement advanced automotive testing services.
Click here to: Get Free Sample Pages of this Report
Stringent government standards are being implemented to ensure driver and passenger safety and reduce vehicular emissions. Each country has set its own regulations that automotive manufacturers must comply with in order to be able to sell their products across different markets around the world. For instance, in the U.S., the National Highway Traffic Safety Administration (NHTSA) and the National Transportation Safety Board (NTSB) have recommended that collision avoidance systems be integrated into vehicles as part of standard equipment.
Furthermore, the Department of Transportation sets and enforces regulations related to motor vehicle safety. Other entities, including ARC Quality Centers, ensure that regulations are relative and product quality is always improved for better safety. Automobile equipment, such as tires, wheels, lighting, brakes, and gears, are subject to strict standardization to prevent crashes and reduce human and financial losses. Furthermore, governments have also been imposing stringent environmental regulations on OEMs (Original Equipment Manufacturers) to control CO2 emissions. Such stringent government regulations and standards have necessitated the adoption of vehicle testing, inspection, and certification services among automotive manufacturers to ensure product quality and safety.
Based on service type, the automotive TIC market is broadly segmented into testing services, inspection services, and certification services. In 2024, the testing services segment is expected to account for the largest share of the automotive TIC market. The segment’s large share is attributed to the rising need to ensure the quality, safety, and performance of vehicles and automotive components and the growing focus on innovation in the automotive industry. Furthermore, several players operating in this market are increasingly investing in research and development (R&D) to expand their offerings and offer advanced testing environments, contributing to the growth of this segment.
Based on sourcing type, the automotive TIC market is broadly segmented into in-house services and outsourced services. In 2024, the in-house services segment is expected to account for the larger share of the automotive TIC market. The segment’s large market share can be attributed to the high visibility and degree of control over processes and improved delivery performance provided by in-house TIC.
Based on supply chain service, the automotive TIC market is broadly segmented into design, production, distribution, sales, and operation. In 2024, the operation segment is expected to account for the largest share of the automotive TIC market. The segment’s large market share can be attributed to the extensive use of these services in evaluating vehicle damage and tracking after-sales issues to reduce the risks associated with vehicle sales, delivery, and maintenance.
Based on application, the automotive TIC market is broadly segmented into vehicle inspection services, electrical components & electronics, interior & exterior materials & components; electric vehicles, hybrid vehicles, and battery systems; automotive fuels, fluids, and lubricants; homologation testing, Advanced Driver Assistance System (ADAS) testing, durability testing, OEM testing, telematics, and other applications. In 2024, the vehicle inspection services segment is expected to account for the largest share of the automotive TIC market. The segment’s large market share can be attributed to the growing government focus on implementing legislation to reduce road accidents and the environmental impacts of non-compliant vehicles.
Based on geography, the automotive testing, inspection, and certification market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to register the highest CAGR during the forecast period. The high growth of the automotive TIC market in North America is driven by the easy availability of automotive TIC services, the presence of major automotive manufacturers, and easy access to advanced services. Also, consistently rising vehicle production and increasing R&D expenditures in the automotive industry to improve labs and manufacturing facilities contribute to the high growth of this regional market.
The key players operating in the automotive TIC market include 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.).
Particulars |
Details |
Number of Pages |
200 |
Format |
|
Forecast Period |
2024-2031 |
Base Year |
2023 |
CAGR |
3.6% |
Estimated Market Size (Value) |
$18.63 Billion by 2031 |
Segments Covered |
By Service Type
By Sourcing Type
By Supply Chain Service
By Application
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Latin America, and the Middle East & Africa |
Key Companies Profiled |
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.) |
The automotive TIC market is projected to reach $18.63 billion by 2031, at a CAGR of 3.6% during the forecast period.
The growth of this market is mainly driven by increasing automobile production in emerging economies, stringent regulations and standards in the automotive industry, and the consistently rising instances of vehicle recall due to component failure. Furthermore, the growing adoption of electric vehicles, rising consumer awareness regarding product quality and safety, and the increasing adoption of connected devices in the automotive industry are generating growth opportunities for market players.
The key players operating in the automotive testing, inspection, and certification 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.
Based on service type, the testing services segment is expected to account for the largest share of the automotive TIC market.
Based on sourcing type, the outsourced services segment is expected to record the higher CAGR during the forecast period.
Based on supply chain service, the operation segment is expected to account for the largest share of the automotive TIC market.
Based on application, the telematics segment is expected to record the highest CAGR during the forecast period.
North America is projected to register the highest growth rate during the forecast period.
Published Date: Jun-2024
Published Date: Jun-2024
Published Date: Jun-2024
Published Date: Apr-2024
Published Date: Apr-2024
Please enter your corporate email id here to view sample report.
Subscribe to get the latest industry updates