Global Automotive TIC Market, By Service Type (Testing Services, Inspection Services, Certification Services, Other Services), Sourcing Type (In-House, Outsourced), Application (Electrical Systems and Components, Telematics, Vehicle Inspection Services, Homologation Testing, Interior & Exterior Materials, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).– Industry Trends and Forecast to 2025
Market Analysis: Global Automotive TIC Market
The Global Automotive TIC Market is expected to reach USD 31.6 billion by 2025, from USD 18.11 billion in 2017 growing at a CAGR of 7.2% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year is 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Automotive TIC Market
Automotive TIC validates the test and inspection results against the standard set by the government, international standardization and other. Currently, it is widely used by the manufacturer to show that their products are manufactured according to the government standardization and regulations. It also helps the manufacturer to improve the marketability of their products. According to Statista, the consumer electronic segment amounts to USD 301,311 million in 2018. Most of the revenue is generated from China.
According to the International Council on Clean Transportation, new car registration in EU increased to 14.60 million in 2016. The strongest growth took place in the sports utility vehicle segment that is about 3.7 million new cars were SUVs. Thus the above factor proves the automotive industry is growing and will derive the demand of Automotive TIC.
- Growth in automotive production worldwide
- Raising awareness about safety among consumers
- Stringent regulations and standards in automotive industry
- Varying regulations and standards across regions
- Time consuming for the overseas qualification test
Segmentation: Global Automotive TIC Market
By Service Type
- Testing Services
- Inspection Services
- Certification Services
- Other Services
By Sourcing Type
- Electrical Systems and Components
- Vehicle Inspection Services
- Homologation Testing
- Interior & Exterior Materials
- North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of MEA
Competitive Landscape: Global Automotive TIC Market
The global automotive TIC market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Automotive TIC market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Automotive TIC Market
The key players operating in the global automotive TIC market are –
- Applus Services SA
- Bureau Veritas SA
- Intertek Group PLC
- Eurofins Scientific
- SGS SA
The other players in the market are TUV Nord Group, Eurofins Scientific, ASTM International, Element Materials Technology, Lloyd’s Register Group Limited, Mistras Group, Inc, DNV GL Group AS, Rina S.P.A., Norges Elektriske Materiellkontroll, Dekra Certification GmbH, ALS Limited, BSI Group, SAI Global Limited, and UL LLC among other.
In, July, 2018, SGS SA invested in new accreditations, laboratory services, testing facilities and parameters which will hlp the company with latest development, capabilities and new service available.
Research Methodology: Global Automotive TIC Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an aAnalyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Historical and current market size and projection up to 2025
- Market trends impacting the growth of the global automotive TIC market
- Analyze and forecast automotive TIC market on the basis of service type, sourcing type, and application
- Trends of key regional and country-level markets for service type, sourcing type, and application
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis