DUBLIN--(BUSINESS WIRE)--The "Global Automotive Testing, Inspection, and Certification (TIC) Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The automotive testing, inspection, and certification market will register a CAGR of almost 7% by 2023.
The growing automotive industry is one of the critical factors that will trigger the growth of the global automotive testing, inspection, and certification (TIC) market during the forecast period. The automotive industry consists of a number of companies that design, develop, manufacture, and sell various types of vehicles, such as passenger automobiles and light trucks. It has experienced significant growth globally, owing to a rise in automobile sales.
Also, the global increase in population is one of the primary reasons for market growth, as it leads to a rise in the demand for automobiles for convenient travel. Some of the significant automobile-producing countries are China, the US, Japan, Germany, and India. Many original equipment manufacturers (OEMs) are focusing on developing technology demanded by their customers.
The emergence of electric vehicles and autonomous vehicles has further helped in boosting the growth of the automotive industry. By including electric vehicles in their product lines, automobile manufacturers can meet strict carbon dioxide emission requirements. With the growth of the automotive industry, there is a rise in the need for proper TIC to ensure the safety and performance of vehicles. There is a significant focus on quality control for automotive manufacturing operations and additional safety, testing, and reporting measures. So, the rapid growth of the automotive industry is expected to fuel the demand for automotive TIC during the forecast period.
Increase in vehicle recalls
There has been a rise in the number of vehicles recalls owing to the failure of various parts and components, such as steering, tires, lighting, wheels, brakes, and gears. The growing number of vehicle recalls will increase the need for strict TIC of vehicles during manufacturing to prevent crashes and reduce human and financial losses. This is likely to fuel the demand for automotive TIC services during the forecast period.
The high cost of TIC in automotive industry
The high cost for testing, inspection, and certification of automobiles is one of the significant factors that affect the growth of the global automotive TIC market. The automotive TIC procedure is a long process and takes a long time once a vehicle is manufactured. Before an automobile can receive certification, it must be thoroughly inspected and approved by an inspection team of trained technicians and service managers. Before starting the certification process, the certification bodies ensure that each prospective vehicle is fitted with genuine parts and components. The process takes time, thereby increasing the overall lead time of the automotive TIC.
The market appears to be moderately fragmented. The presence of several companies, including Bureau Veritas and DEKRA SE makes the competitive environment quite intense. Factors such as the increase in vehicle recall and the growing automotive industry will provide significant growth opportunities to the automotive testing, inspection, and certification (TIC) manufacturers.
Eurofins GSC Lux Sarl, Intertek Group Plc, and SGS SA. are some of the major companies covered in this report.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY SOURCING TYPE
- Market segmentation by sourcing type
- Comparison by sourcing type
- In-house - Market size and forecast 2018-2023
- Outsourced - Market size and forecast 2018-2023
- Market opportunity by sourcing type
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2018-2023
- North America - Market size and forecast 2018-2023
- APAC - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Advent of over-the-air TIC for vehicles
- Emergence of digital TIC
- Rise in need of TIC for connected vehicles
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Bureau Veritas
- DEKRA SE
- Eurofins GSC Lux Sarl
- Intertek Group Plc
- SGS SA
PART 14: APPENDIX
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