According to this latest publication from Meticulous Research®, the automotive TIC market is expected to grow at a CAGR of 2.2% from 2020 to 2027 to reach $17.2 billion by 2027. The growth in this market is mainly driven by the factors such as growing automobile production in emerging economies, strict regulatory standards imposed by governments on the automotive industry, and growing number of instances of vehicle recall due to component failure.
Furthermore, the growing adoption of electric vehicles, growing awareness among consumers regarding product quality and safety, and incorporation of technological advancements with rising adoption of connected devices in automotive industry are offering significant growth opportunities for market players. However, dynamic regulations/standards across different regions and lack of skilled resources can obstruct the growth of the market.
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The global automotive TIC market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on by service type (testing, inspection, & certification), sourcing type (in-house & outsourced), supply chain services (design, production, distribution, selling & operation), application (vehicle inspection services, electric components & electronics, interior & exterior materials, and components, electric vehicles, hybrid vehicles, & battery systems, automotive fuels, fluids, & lubricants, homologation testing, advanced driver assistance systems (ADAS) testing, durability testing, OEM testing, telematics & others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Rising Sales of Electric Vehicles to Drive the Growth of Automotive TIC Market
During the last decade, the automotive market in the developed countries has remained stable and maintained a consistent production rate. In contrast, several emerging markets especially in Asia Pacific region have more than doubled their market size in the last few years. The emerging markets are expected to hold the key to the modern-day automotive industry’s consistent growth, as the automotive industry is focusing its shifting towards emerging markets from mature markets.
At the beginning of 2000, the emerging economies represented only one-fourth of the total world automotive production, while they made up for more than half in 2015. This indicates the consistent growth of the automobile industry took place particularly in emerging economies such as China, India, and Mexico. For instance, in China, less than 4 million cars were produced in 2000 and reached to almost 24 million in 2017.
Asia-Pacific: The largest regional market
The Asia-Pacific region is estimated to command the largest share of the global automotive TIC market in 2020, followed by Europe, North America, Latin America, and the Middle East & Africa. The economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities due to favorable government policies is attracting several global automotive players to expand their presence in the APAC region.
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This, in turn, is supporting the technological transition of automobile manufacturing and services industry in this region; consequently, supporting the growth of the automotive TIC services market in this region. Furthermore, rising vehicle production, increasing demand for autonomous & luxury vehicles, growing sales of electric cars, strict government regulations for vehicle safety & quality, and technological development in the automotive sector is also encouraging automobile market growth, consequently, driving the growth of the automotive TIC services market in the Asia Pacific region.
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in automotive TIC market over last 4-5 years. The key players profiled in the global automotive TIC market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Norges Elektriske Materiellkontroll (NEMKO) (Norway), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd’s Register Group Limited (U.K.), and Element Materials Technology Ltd.(U.K.), among others.
Scope of the report:
Automotive TIC Market by Service Type
Automotive TIC Market by Sourcing Type
Automotive TIC Market by Supply Chain Services
Automotive TIC Market by Application
Vehicle Inspection Services
Electric Components and Electronics
Interior and Exterior Materials and Components
Electric Vehicles, Hybrid Vehicles, and Battery Systems
Automotive Fuels, Fluids, and Lubricants
Advanced Driver Assistance Systems (ADAS) Testing
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Key questions answered in the report-
Which are the high growth market segments in terms of the service type, sourcing type, supply chain services, application, and regions/countries?
What is the historical market for automotive TIC across the globe?
What are the market estimates and forecasts for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global automotive TIC market?
Who are the major players in the global market and what share of the market do they hold?
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