The Automotive TIC market will show impressive year-on-year growth between 2017 and 2023
The report published by Knowledge Sourcing Intelligence LLP titled “Automotive Testing Inspection and Certification Market – Forecast from 2018 to 2023” studies the various factors affecting the demand for various types of services worldwide. The report has been segmented by service (testing, inspection, certification), sourcing (outsourced, in-house) and application (telematics, electrical systems and components, interior and exterior material, homologation testing, others).
In addition, the demand for automotive TIC has been estimated based on the geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions. The demand for Automotive TIC services would primarily be driven by increasing automotive production coupled with the trend towards the installation of various electronic components to improve customer comfort. Intense competition in the automotive and the automotive components industry will further propel the demand for these services. Growing demand for electric and hybrid vehicles coupled with booming investment towards the commercialization of autonomous vehicles and stringent government regulations will present growth opportunities to automotive TIC vendors in the coming years.
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By service, certification is projected to hold a significant market share in the automotive testing inspection and certification market in 2018.
It is estimated that the demand for certification services will grow at an impressive rate on account of stringent government regulations towards consumer safety. Furthermore, certification helps in improving the consumer confidence and gives an enterprise a competitive edge in the highly competitive market. This will add to the growing demand for these services. High demand for automation and infotainment will augment the demand for TIC services over the forecast period.
The Asia Pacific region is estimated to hold a significant share in the automotive testing inspection and certification market the forecast period.
The Asia Pacific region is the largest automotive manufacturer and holds the lion’s share in the manufacturing of automotive components worldwide. Presence of major vendors along with favorable government policies will add to the demand for automotive components, thereby adding to the demand for TIC services. In addition, high growth rate and booming disposable income will act as a catalyst promoting the growth for these services. Long-term cost-effectiveness by reducing the number of recalls will further boost the demand for TIC services in the APAC region during the next five years.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global automotive TIC market. It consists of company profiles of the leading companies such as Bureau Veritas S.A., SGS SA, Dekra Group, Intertek Group plc, TUV SUD, BSI Group, DNG VL and TÜV Nord Group.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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