Automotive TIC Market Worth $32.7 Billion by 2025
- savibangar91
- May 28, 2019
- 2 min read
Meticulous Research®– a leading global market research company published a research report titled “Automotive TIC market by service type (testing, inspection, certification), sourcing (in-house and outsourcing), application (vehicle inspection, electric components and electronics, OEM testing, telematics), and geography - global forecast to 2025”.
According to this latest publication from Meticulous Research®, the global automotive testing, inspection, certification market is forecasted to reach $32.7 billion in 2025 from USD 22.5 billion in 2019, growing at a CAGR of 6.4%. The growth of this market is driven by factors such as growing automotive production worldwide, consumer awareness about safety and environment, and technological advancements. Moreover, small scale and medium sized business and potential for small cars in the emerging market are the factors providing opportunities in this market. On the other hand, stringent trade policies and regulations, high time required to perform overseas qualification tests, lack of skilled resources, and government and environmental regulations are expected to hinder the growth of this market.
The global automotive testing, inspection, certification market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025- by Service Type (Testing, Inspection, Certification), Sourcing (In-house and Outsourcing), and Application (Vehicle Inspection Services, Electric Components and Electronics, Interior & Exterior Materials and Components, Electro Mobility/ Electric Vehicles, Automotive Fuels, Fluids, and Lubricants, Homologation Testing, Advanced Driver Assistance Systems testing, Durability Testing, OEM Testing, Telematics, Emission testing, Acoustic Testing, Others). The study also evaluates industry competitors and analyzes the market at regional and country level.
Research Sample @
Based on service type, the global automotive TIC market is segmented into testing, inspection, and certification. Testing services segment accounted for the largest share of global automotive TIC market in 2018, owing to growing demand for high quality and safety products and strong recommendations from the regulatory authorities to ensure the safety, quality, and efficiency of the products. However, telematics segment is expected to grow at fastest growth rate owing to growing interest among automotive manufacturers to design vehicles using telecommunications.
On the basis of sourcing, automotive TIC market is segmented into in-house and outsourcing. In-house segment accounted for the largest share of global automotive testing, inspection, certification market in 2018 as it maintains higher visibility and higher degree of control over processes, which further improves the delivery performance.
This research report analyzes major geographies and provides comprehensive analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the largest share of global automotive TIC services market in 2018. Factors such as strong support from the government to promote the development of automotive industry, rising focus of manufacturers to support innovative research and expand their position in this region, increasing investments/funds from the manufacturers and government in automotive industry are expected to drive the growth of the automotive TIC services market in this region.
The key players profiled in the global automotive testing, inspection, certification market report are Dekra Se, SGS, Applus, Eurofins Scientific, TUV Rheinland AG Group, TUV SUD SGS, Bureau Veritas, TÜV NORD Group, and Element Materials Technology.
Browse in-depth Report on
Contact Us: Meticulous Research® Email- sales@meticulousresearch.com
Comments