TIC Services to Witness the highest CAGR in the automotive TIC Market

Posted June 9, 2022 by ctom7000

The automotive TIC market for outsourced services is expected to rise at a faster CAGR
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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The global automotive TIC market is expected to grow from USD 16.5 billion in 2020 to USD 20.4 billion by 2025,at a CAGR of 4.3%. The major factors propelling the automotive industry are 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, increasing consumer awareness of product quality and safety, and increasing vehicle recalls due to component failures. However, due to the spread of the coronavirus, the worldwide automobile industry is experiencing a slowdown, resulting in interrupted supply chains, plant shutdowns, and a drop in global car sales. The global automotive TIC market has been influenced by the fall in vehicle sales.

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.

During the forecast period, the automotive TIC market for outsourced services is expected to rise at a faster CAGR. Because of 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, and the time and cost constraints that automotive companies face, the market for outsourced services is expected to grow at a faster rate in the coming years. Automotive giants outsource their TIC requirements for a variety of reasons, including project deadlines and big orders.

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Among all regions, the market in Europe is expected to growth at the highest CAGR during the forecast period. Consistent development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies is expected to drive the studied market during the forecast period.
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Issued By Tom
Country United Kingdom
Categories Advertising
Tags automotive tic market
Last Updated June 9, 2022