Automotive TIC MarketAccording to report publish a new market research report on the “Automotive TIC Market: Global Size, Trends, Competitive, Historical and Forecast Analysis, 2020-2025”
Automotive TIC Market unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the Automotive TIC Market. Furthermore, the report points out major challenges and the latest growth plans embraced by key manufacturers that constitute the competitive spectrum of this business domain.
Automotive TIC Market is valued at USD 18.05Billion in 2018 and expected to reach USD 25.73Billion by 2025 with the CAGR of 5.2% over the forecast period.
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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 certificationservices 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 TICmarket reports –
Global automotive TIC market reports cover prominent players like SGS, Dekra Se, Applus, Eurofins GSC, Intertek Group Plc, Lux Sarl, SGS SA, TUV, Rheinland AG Group, Element Materials Technologyand others.
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TUV Rheinland has been opened India's first international certification testing lab for vehicles
News: 22Feb 2017- German firm TUV Rheinland India has been established Automotive Testing Lab in Bangalore for 2/3/4 wheelers. The lab has also service fortesting their Electronic Sub-Assemblies (ESA) parts. The new lab has been played significant role in for testing the vehicles of manufacturers and their vendors in order to continuously improve the quality as well as meet the local regulations as per AIS standards.
Global Automotive TIC Market Dynamics –
The key factor for growth of global Automotive TICmarket 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 globalautomotive TIC market in the forecast period.
Automotive TICMarket 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 287through 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 largestregion 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 increasinggovernment 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 in2019, 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 forAutomotive TICMarket Reports –
- Global Automotive TICMarket report covers in depth historical and forecast analysis.
- Global Automotive TICMarket 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 TICMarket report helps to identify opportunities in market place.
- Global Automotive TICMarket report covers extensive analysis of emerging trends and competitive landscape.
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Automotive TIC Market Segmentation –
Automotive TIC Market: by Service Type
• Testing
• Inspection
• Certification
Automotive TICMarket: by Sourcing Type
• In-house
• Outsourcing
Automotive TIC Market: by Application Type
• Electric Components and Electronics
• Telematics
• OEM Testing
• Others
Automotive TIC Market: by Regional & Country Analysis
• North America
o U.S.
o Mexico
o Canada
• Europe
o UK
o France
o Germany
o Italy
• Asia Pacific
o China
o Japan
o India
o Southeast Asia
• South America
o Brazil,
o Argentina
o Columbia
• The Middle East and Africa
o GCC
o Africa
o Rest of Middle East and Africa
Table of Content
1. Chapter - Report Methodology
1.1. Research Process
1.2. Primary Research
1.3. Secondary Research
1.4. Market Size Estimates
1.5. Data Triangulation
1.6. Forecast Model
1.7. USP’s of Report
1.8. Report Description
2. Chapter – Global Automotive TIC Market Overview: Qualitative Analysis
2.1. Market Introduction
2.2. Executive Summary
2.3. Global Automotive TIC Market Classification
2.4. Market Drivers
2.5. Market Restraints
2.6. Market Opportunity
2.7. Automotive TIC Market: Trends
2.8. Porter’s Five Forces Analysis
2.9. Market Attractiveness Analysis
3. Chapter - Global Automotive TIC Market Overview: Quantitative Analysis
4. Chapter – Global Automotive TIC Market Analysis: Segmentation By Type
5. Chapter – Global Automotive TIC Market Analysis: Segmentation By Application
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