Global Automotive TIC Market is valued USD 17.9 billion in 2017 is anticipated to grow USD 31.2 billion with the compounded annual growth of 7.20% over the forecast period 2018-2025.
New York 16 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Automotive TIC Market industry is poised to raise USD 3.1 billion by 2025. The growth of this market is mainly driven by increasing automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of stringent government regulations and standards in the automotive sector worldwide. The global testing, inspection and certification market is experiencing growth owing to the factors such as increased outsourcing of testing, inspection & certification services and diversified requirement of products and standard regulations. Regulations pertaining to quality, health and environment safety have become stringent in the recent past which is driving the demand for these services. Apart from this, end-user demand seeking third party assurance and improved risk awareness and focus on risk prevention are also the major factor which are expected to boost the demand for testing, inspection and certification services across the globe. Furthermore, increasing trade between countries as a result of globalization has also impacted the growth of this market positively. Considering these positive factors, the demand for testing, inspection, and certification services is set to rise during the forecast period from 2018 – 2025. The growth of this market will be driven by increased automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of strict government regulations and standards in the automotive sector worldwide.
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Global Automotive TIC Market Size study, by Automotive Application (Adas & Safety Controller, Cockpit Controller, Chassis &Body Controller), by Service Type (Testing Services, Inspecting Services, Certification Services), by Sourcing Type, by Service Application and by Regional Forecasts 2018-2025
The industry is seeming to be fairly competitive. Some of the leading market playersDekra se, LLC, TUV SUD Group, Applus Services S.A, SGS Group, TUV Nord Group, TUV Rheinland AG Group, Bureau Veritas S.A, Intertek Group PLC, Eurofins Scientific, UL LLC, Sai Global Pty Limited, Rina S.P.A and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Asia Pacific (APAC) accounted for the largest share of the automotive TIC, by geography in 2018
- Increased production of motor vehicles in countries such as India, China, Japan, and South Korea is significantly contributing towards the growth of the automotive TIC market.
.Bizwit Research & Consulting LLP has considered following segments for the study:
By Automotive Application:
- Adas & Safety Control
- Cockpit Controller
- Chassis & Body Controller
By Service Type:
- Testing Service
- Inspection Service
- Certification Service
By Sourcing Type:
By Service Application:
- Electrical System & Component
- Electric Vehicles, Hybrid Electric Vehicles, & Battery System
- Fuel, Fluids & Lubricants
- Interior and Exterior Material Component
- Vehicle Inspection Services
- Homologation Testing
- North America
- Asia Pacific
- Latin America
- Rest of the World