“The automotive TIC market is expected to grow at a CAGR of 7.23% from 2018 to 2023”
The automotive TIC market is expected to grow from USD 19.51 billion in 2018 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023. Some driving factors for the growth of this market are increased automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of strict government regulations & standards in the automotive sector worldwide. The automotive TIC market is further driven by increasing deployment of electronic systems in the automotive industry and growing awareness among consumers about safety. However, varying automotive regulatory standards across countries can restrain the growth of the automotive TIC market.
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“The automotive TIC market for certification services is expected to grow at a higher CAGR during the forecast period”
In the automotive 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 that their products adhere to government/regulatory mandates, as well as to improve the marketability of their offerings. The market for certification services is likely to grow at a higher CAGR owing to the increasing concentration of the third-party service providers in this market.
“In-house sourcing type held major share of the automotive TIC market in 2018”
The share of in-house automotive TIC market will be more in comparison with the outsourced type during the forecast period. A company must invest in necessary in-house infrastructure in terms of technology, test and measurement equipment, and skilled personal/experts to perform automotive TIC activities in their manufacturing facilities. In the automotive application, in-house testing for ECUs and other core components is done by automotive manufacturers at their manufacturing facilities. In the current scenario, the automotive TIC market is primarily governed by in-house players owing to critical quality concerns and company norms. Most of the tier I and II automotive companies are equipped with in-house setup owing to their large production base. These companies are financially strong and are capable of performing TIC activates.
“The automotive TIC market in APAC is expected to grow at the highest CAGR during the forecast period”
Asia Pacific is expected to be the fastest-growing region for the automotive TIC market. In this study, APAC includes India, China, Japan, South Korea, Australia, and rest of APAC (RoAPAC). This region has become a global focal point for investors looking to make large investments or expand business. Improving lifestyles and rising number of metro cities with steadily growing populations have played a vital role in increasing the production and sale of passenger cars in the APAC region.
Profile breakdown of primary participants:
• By Company: Tier 1 – 35 , Tier 2 – 42, and Tier 3 – 23%
• By Designation: C-Level Executives – 28%, Directors – 35%, and Others – 37%
• By Region: North America – 22%, Europe – 26%, APAC – 39%, and RoW – 13%
The major players profiled in this report are:
• DEKRA SE (Germany)
• TÜV SÜD Group (Germany)
• Applus Services S.A. (Spain)
• SGS Group (Switzerland)
• TÜV Nord Group (Germany)
• TÜV Rheinland Group (Germany)
• Bureau Veritas S.A. (France)
• Intertek Group PLC (UK)
• Eurofins Scientific (Luxembourg)
• Element Materials Technology (UK)
• Lloyd’s Register Group Limited (UK)
• MISTRAS Group, Inc. (US)
• UL LLC (US)
• DNV GL Group AS (Norway)
• SAI Global Pty Limited (Australia)
• British Standards Institution (BSI) (UK)
• RINA S.p.A. (Italy)
• Norges Elektriske Materiellkontroll (NEMKO)(Norway)
• NSF International Inc. (US)
• EQS – (Engineering, Quality, and Safety) (Portugal) Olympus (Japan)
Related Report:
Testing Inspection and Certification (TIC) Market by Application Aerospace (Airframe Avionics Rotor System PSU Lighting) Life Sciences (Healthcare Agriculture Pharma Medical Personal Care Environmental) and Geography - Global Forecast to 2020
The factors such as new regulations and standards, outsourcing of the testing, inspection, and certification services, concern about product quality and safety, and globalization of the trade are driving the testing, inspection, and certification market. Regulatory bodies are involved in developing and publishing the new standards to meet the international quality and also to satisfy the end-users’ needs regarding the product quality. Food and healthcare sectors are highly regulated sectors due to the higher concern about product quality and hygiene. Hence, these sectors require the manufacturers to follow stringent standards. Similarly, the manufacturers in the medical devices industry also need to comply with the mandated quality and safety standards.
Globalization of the trade leads to a complex supply chain which can impact the product quality; therefore, TIC services are required at every stage of the supply chain to maintain the product quality. The report on the testing, inspection and certification market reviews the latest market trends such as adoption of stringent regulations and standards, simpler and more productive non-destructive testing, and adoption of the rapid testing method would help estimate the future growth prospects. The emerging economies are providing a growth opportunity to the small and medium sized companies in the TIC market. The in-depth geographic analysis in the report provides strategic business intelligence for TIC sector investments. The study reveals profitable investment strategies for TIC companies, business executives, product marketing managers, new business investors, and many more in preferred locations.
Read More: https://watchersofmarkets.com/products/testing-inspection-and-certification-tic-market-by-application-aerospace-airframe-avionics-rotor-system-psu-lighting-life-sciences-healthcare-agriculture-pharma-medical-personal-care-environmental-and-geography-global-forecast-to-2020
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