Global Automotive TIC Market is expected to reach US$ XX Bn by 2026 from US$ 18.61 Bn in 2018 at CAGR of XX%.
Global Automotive TIC Market
The key driving factors of the TIC market are growth in automotive production and increasing awareness about safety in consumers. Changing regulations and standards across regions and time consuming for the overseas qualification test is the restraint of automotive TIC market.
Global automotive TIC market is segmented by service type, sourcing type, application and region. Service type is divided into testing service, inspection services, and certification services. Sourcing type are split into in-house and outsourced. Application are classified as electrical Systems and Components, telematics, vehicle inspection services, homologation testing, interior & exterior materials. Region-wise divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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.
Based on service type, testing services dominating in the automotive TIC market. Quality testing is very important for automotive manufacturing operations and for additional safety, testing, and reporting measures, which require advanced test equipment and instruments in automotive manufacturing facilities and laboratories. Testing services help manufacturers in improving the marketability of their products and lowering costs in pre-production phases.
On the basis of sourcing type, outsourcing and increasing end-user quality expectations have resulted in a higher demand for independent TIC services. The outsourced automotive TIC market is likely to witness a rise in demand. This can be attributed to automotive companies more and more opting for expert service providers, attractive service portfolio of third-party service providers, well-established facilities of third-party service providers, and time and cost constraints of automotive companies.
In terms of region, Asia Pacific (APAC) accounted for the largest share of the automotive TIC market, by region in 2018. 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.
Key players operating on the automotive TIC market are, UV Nord Group, Eurofins Scientific, ASTM International, Element Materials Technology, Lloyd’s Register Group Limited, Mistras Group, Inc, DNV GL Group AS, Rina S.P.A., Norges Elektriske Materiellkontroll, Dekra Certification GmbH, ALS Limited, BSI Group, SAI Global Limited, and UL LLC.
The objective of the report is to present comprehensive analysis of Global Automotive TIC Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers. The report also helps in understanding Global Automotive TIC Market dynamics, structure by analyzing the market segments, and project the Global Automotive TIC Market size. Clear representation of competitive analysis of key players by Global Automotive TIC Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automotive TIC Market make the report investor’s guide.
Scope of the Global Automotive TIC Market Report are,
Global Automotive TIC Market, by Service type
• Testing service
• Inspection services
• Certification services
Global Automotive TIC Market, by Sourcing type
Global Automotive TIC Market, by Application
• Electrical Systems and Components
• Vehicle inspection services
• Homologation testing
• Interior & exterior materials
Global Automotive TIC Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
Key players operating on Global Automotive TIC Market,
• UV Nord Group
• Eurofins Scientific
• ASTM International
• Element Materials Technology
• Lloyd’s Register Group Limited
• Mistras Group, Inc.
• DNV GL Group AS
• Norges Elektriske Materiellkontroll
• Certification GmbH
• ALS Limited
• BSI Group,
• SAI Global Limited
• UL LLC.
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