Automotive TIC Market

Market Leader - Automotive TIC Market

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. Some of the key factors driving this market growth are increased automotive production worldwide, preference for outsourced TIC services, vehicle recalls due to failure of components, enforcement of strict government regulations and standards in the automotive sector worldwide, increasing deployment of electronic systems in the automotive industry, and growing consumer awareness about safety.

Automotive TIC services help ensure that a product meets required regulatory standards related to quality, technical safety, and performance. Testing is carried out in laboratories and helps manufacturers improve the marketability of their products and reduce costs in the preproduction phase. Inspection services are used to examine traded goods-from manufacturing to the end user-to ensure that products/services comply with buyers’ specifications. Certification services verify test and inspection results against pre-specified standards set by governments and international standardization bodies.

The automotive TIC market for certification service is expected to grow at the highest CAGR during the forecast period. Certification services in the automotive TIC market validate test and inspection results against a range of pre-specified national and international standards set by governments, standardizing bodies, or clients. The certification service is crucial for manufacturers to demonstrate compliance of their products with regulatory standards, thereby improving the marketability of products/services. Certifications ensure that manufacturers follow safety, quality, and environmental standards and norms during the production process.

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The automotive TIC market for electric vehicles, hybrid electric vehicles, and battery systems application is expected to grow at the highest CAGR during the forecast period. The market for electric vehicles is rapidly growing owing to urbanization, growing demand for global hybrid vehicles, rising car sales in emerging markets, improved air conditioning systems, and declining battery prices. The performance and safety check of batteries is crucial, which requires comprehensive battery testing services such as battery lifecycle testing, battery abuse testing, battery performance testing, and battery environmental testing/battery durability testing. Automotive battery and electric vehicle testing also include tests conducted to check effects of cell/module/pack level, cycle life (charge/discharge cycling), abuse, fire exposure, overcharge, mechanical shock, and others.

The automotive TIC market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Consumer awareness about the importance of testing, inspection, and certification services is growing. Additionally, growing population in developing APAC economies has accelerated demands for passenger cars. The recent economic meltdown in Europe and North America acted as a catalyst for the already growing automobile industry in APAC. Several European and American automobile manufacturers such as Mercedes Benz (Germany) and General Motors (U.S.) shifted their production plants to the APAC region. Owing to these factors, the automobile manufacturing market in China and India are growing, making APAC one of the largest automotive markets with increasing sales and production.

Related Reports:

Automotive TIC Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-House and Outsourced), Application (Vehicle Inspection Services, Telematics, and Electrical Systems and Components), and Geography - Global Forecast to 2023

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Report Code
SE 6416
Published ON
Jul, 2018
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