Automotive TIC Market by Service Type, Sourcing Type, Application and Geography - Global Forecast to 2023 - ResearchAndMarkets.com

DUBLIN--()--The "Automotive TIC Market by Service Type, Sourcing Type, Application and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The automotive TIC market is expected to grow from USD 19.51 billion in 2018 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023.

In the automotive 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 that their products adhere to government/regulatory mandates, as well as to improve the marketability of their offerings. The market for certification services is likely to grow at a higher CAGR owing to the increasing concentration of the third-party service providers in this market.

The share of in-house automotive TIC market will be more in comparison with the outsourced type during the forecast period. A company must invest in necessary in-house infrastructure in terms of technology, test and measurement equipment, and skilled personal/experts to perform automotive TIC activities in their manufacturing facilities. In the automotive application, in-house testing for ECUs and other core components is done by automotive manufacturers at their manufacturing facilities.

In the current scenario, the automotive TIC market is primarily governed by in-house players owing to critical quality concerns and company norms. Most of the tier I and II automotive companies are equipped with in-house setup owing to their large production base. These companies are financially strong and are capable of performing TIC activates.

Market Dynamics

Drivers

  • Increasing Automotive Production Worldwide
  • Outsourcing Tendencies in TIC Services Market
  • Stringent Regulations and Standards in Automotive Industry
  • Growing Trend of Electronic Systems Adoption in the Automotive Industry
  • Growing Awareness About Safety Among Consumers
  • Increasing Instances of Vehicle Recall Due to Components Failures

Restraints

  • Varying Regulations/Standards Across Regions

Opportunities

  • Growth Opportunities for Small and Mid-Sized Businesses in the TIC Ecosystem
  • Growth of Electric Vehicles (EVS) and Hybrid Vehicles Market

Challenges

  • Long Lead Time Required for Overseas Qualification Tests

Companies Profiled

  • Applus Services S.A.
  • British Standards Institution (BSI)
  • Bureau Veritas S.A.
  • Dekra Se
  • DNV GL Group As
  • Element Materials Technology
  • Engineering, Quality, and Safety (EQS)
  • Eurofins Scientific
  • Intertek Group PLC
  • Lloyd's Register Group Limited
  • Mistras Group, Inc.
  • Norges Elektriske Materiellkontroll (NEMKO)
  • NSF International
  • Rina S.P.A.
  • Sai Global Pty Limited
  • SGS Group
  • TUV Nord Group
  • TUV Rheinland AG Group
  • TUV SUD Group
  • UL LLC

For more information about this report visit https://www.researchandmarkets.com/research/r3bkjf/automotive_tic?w=4.

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Related Topics: Supply Chain Management

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Supply Chain Management