LONDON, Oct. 10, 2022 /PRNewswire/ -- The Automotive TIC Market is valued at USD 16.63 Billion in 2021 and expected to reach USD 23.06 Billion by 2028 with a CAGR of 4.78% over the forecast period.
Automotive TIC Market By Service Type (Testing, Inspection, Certification), By Sourcing Type (In-House, Outsourcing), By Application Type (Electric Components And Electronics, Telematics, OEM Testing, Others), Industry Analysis, Trends, And Forecast, 2021-2028
Automotive TIC Market Scope
The Global Automotive TIC Market is one which is going to show growth continuously in the coming years. Automotive TIC Size is going to expand on account of the increase in the automobile production, which is taking place particularly in the emerging economies, the growth in inclination towards the outsourcing of TIC services, rise in the focus of governments for imposing the stricter regulations and the standards on automotive industry. Surge in the adoption of the automotive electronics for the maintaining passenger and the vehicle safety, augmenting consumer awareness regarding the quality and safety of products and the increase in number of instances of the vehicle recalls because of the component failures.
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Automotive TIC Market: Competitive Analysis
Some of the major automotive TIC companies are DEKRA SE, TÜV SÜD Group, Applus Services S.A., TÜV Nord Group, TÜV Rheinland Group, Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific, Element Materials Technology, Lloyd's Register Group Limited and MISTRAS Group, Inc. The companies are working on innovation and recovering from the slump of the coronavirus times.
Along with this report is also focusing the Below Companies:
- Eurofins GSC
- Intertek Group Plc
- Lux Sarl
- SGS SA
- Rheinland AG Group
- others.
Automotive TIC Market Key Drivers
Automotive TIC Market Growth is happening due to the many regulations of the government due to the safety of the passengers along with the consumer concerns regarding the environment. The standards/regulations impact the design of the vehicle component directly. The strict laws of the government compel the automakers to add the safety features like airbags, seatbelts, and the crumple zones in the automobiles. The main regulatory bodies impose the tariffs and the other barriers for penalizing and discouraging the manufacturers from flouting of emissions and the safety norms.
With the globalization in the businesses and trades, the distinct local regulations and standards are going to create the barriers for acceptance of the products internationally. This is going to create the conflicts between international and local standards therefore hindering the growth of the market. there are variations in the regulatory standards across the different regions leading to the discrepancies in the tax rates therefore incurring the additional costs from the companies. For helping in increase of the roadway safety, the department of transportation of any country inspects the passenger and the commercial motor vehicles and is going to ensure all the parts and components in working condition.
The performance and testing of the electronic and electric automotive components includes the testing of climate, vibration testing, mechanical testing and electrical testing, EMC testing and the durability testing. The electrical systems and the components in this industry are subject to the tests related to the electrical parametric testing like the power distribution and the environmental performance testing of the vehicles which includes the tensile, volatility, stress and the flammability test along with the mechanical performance testing including the stress, fatigue, vibrations and the mechanical shock.
The EMC testing and the RF testing is going to help in the improvement of the safety of the electric and the devices used in the electric vehicles. The EMC testing services are going to include the radiated emission test, conducted transient emission test, conducted emission test, radiated immunity test, electrostatic discharge test and the voltage variations test.
Automotive TIC Market: Key Trends
Automotive TIC Trends suggest that because of the spread of the coronavirus infection, the manufacturing units all over the world are shutting down and the footfall in the showrooms have been sharply falling due to which the vehicular sales have taken a major hit. The major manufacturers are all suspending their production because of the coronavirus pandemic. the economic and industrial activity is put on hold and it is expected that the impact is going to be major from the demand side. This further led to a major decline in the sales volumes of the vehicles. This is a scenario which will be affecting the market as the growth of it is going to be directly related to the production of the vehicles. The market however has been helped in terms of the digitalization int eh market. The companies are now working towards the recovery with the pandemic reach its endgame.
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Automotive TIC Market: Segmentation Analysis
Vehicle inspection services segment is a pack of the bundled services where the new or the used automobiles go through many ranges of the services like the inspection of the electrical systems and the components, interior and exterior materials as well as components and the other applications This is a combination of many services and the services are offered by the service providers. This will keep accounting for the largest share over the coming years too.
By Service Type:
- Testing
- Inspection
- Certification
By Sourcing Type:
- In-house
- Outsourcing
By Application Type:
- Electric Components and Electronics
- Telematics
- OEM Testing
- Others
Automotive TIC Market Regional Analysis
Automotive TIC Market Regional Analysis Suggests that the North American market is going to show the highest rate of growth with the number of inspections that are required by the market. The regulations require the annual inspection of many commercial vehicles and cars and the biennial inspection of the passenger vehicles for the testing of the roadworthiness and safety of the on-road vehicles. This kind of a requirement in this market is going force the market players to grow here as the law forces the consumers to come to the companies for their market tests.
The Automotive TIC Market in the region of Europe has many companies spread across UK, Italy, France and Spain. The major companies have their headquarters in Europe and most of the companies also generate their companies from the regions in Europe. The companies also generate their revenue from the Asia Pacific region. Due to the consistent development of the vehicle to the infrastructure, vehicle to vehicle and the internal entertainment technologies is going to be expected to drive the market in the coming years. Europe is turning out to be an important market for the automobile industry with the growth of the electric vehicle environment in the industry. This is going to define the growth of the market in the coming years as companies would need consistent testing.
On Special Requirement Automotive TIC Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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