Significant Growth in Automotive TIC Market by 2024


Posted July 15, 2020 by ctom7000

Automotive TIC Market Opportunities and Challenges
 
The global automotive TIC market was valued at USD 16.9 billion in 2019 and is expected to reach USD 22.1 billion by 2024, at a CAGR of 5.5%. 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, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures are the major factors propelling the automotive TIC market growth.

The automotive industry is transforming at a faster rate owing to the development of cutting-edge technologies and stringent environmental regulatory policies. This report on the automotive TIC market is a platform that explains applications, market trends, and varieties of TIC services, ranging from testing, inspection, and certification to auditing and quality control and assurance. These services help automakers to improve their performance and products; ensure the reliability and integrity of their products, processes, assets, and systems; as well as mitigate risks while bolstering their brands.

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Among all service types, certification services are expected to witness the highest CAGR in the automotive TIC market during the forecast period. In the TIC ecosystem, certification services validate the test and inspection results against a range of pre-specified standards set by governments, international standardization institutions, or clients. In the current scenario, certification services are widely used by manufacturers to demonstrate if their products adhere to the government/regulatory mandates, as well as to improve the marketability of their offerings.

Vehicle inspection services accounted for a majority share of the overall automotive TIC market in 2018. The mandate of periodic technical inspection of vehicles by governments in countries such as the US and Germany drives the market for vehicle inspection services. DEKRA SE (Germany), a leader in vehicle inspection, expanded its inspection business in Denmark by acquiring AL-SYN ApS. This acquisition took place in October 2018. AL-SYN is operating 6 inspection stations in the Danish regions of Jylland and Funen.

The automotive TIC market for outsourced services is expected to grow at a higher CAGR during the forecast period. The market for outsourced services is likely to witness a higher growth rate in the coming years owing to the growing focus of automotive companies on getting TIC services from experts, increasing the efficiency of third-party service providers owing to their well-established facilities, along with time and cost constraints that automotive companies have. Project deadlines and large orders are a few of the other key reasons owing to which automotive giants outsource their TIC requirements.

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Among all regions, the market in APAC is expected to growth at the highest CAGR during the forecast period. The market in APAC mainly constitutes major economies such as South Korea, Japan, China, Singapore, India, and Australia, which are expected to register high growth in the solid-state cooling market. Consumer awareness about the importance of certification is on the rise. Additionally, the growing population in emerging economies in APAC has accelerated the demand for passenger cars. The recent economic meltdown in Europe acted as a catalyst for the already growing automobile industry in APAC. Several European and American automobile manufacturers, such as Mercedes Benz (Germany) and General Motors (US), shifted their production plants to APAC. Owing to all these factors, automobile manufacturing in China and India is growing, making APAC one of the largest automotive markets with increasing sales and production of vehicles.
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Issued By Tom
Country United Kingdom
Categories Automotive , Technology
Tags Automotive TIC Market
Last Updated July 15, 2020