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TIC Services for Automotive Market to Witness Huge Growth from 2018-2023
Testing services held the larger share of the automotive TIC market during 2018-2023
[175 Pages Report] The automotive TIC market is expected to increase from USD 18.13 billion in 2017 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023.
The growth of this market is mainly driven by increasing automotive production worldwide, inclination toward outsourcing TIC services, vehicle recalls due to failure of components, and enforcement of stringent government regulations and standards in the automotive sector worldwide.
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Major players of the automotive TIC ecosystem in various regions have been identified and their offerings, regional presence, and distribution channels have been understood through the in-depth discussions for this study. To find the overall market size, top-down and bottom-up approaches have been used to estimate the market size of other individual markets by using percentage splits obtained from the secondary sources, such as Hoovers, Bloomberg Business, Factiva, and OneSource, as well as primary research.
Testing services accounted for a share larger than the other TIC services in the automotive TIC market, by service type in 2018. Quality control is very important for automotive manufacturing operations and for additional safety, testing, and reporting measures, which require advanced test equipment and instruments in automotive manufacturing facilities and laboratories. Testing services assist manufacturers in improving the marketability of their products and lowering costs in pre-production phases (R&D, selection of suppliers, etc.). Most of these tests are performed as per standard analytical methodology.
The vehicle inspection service (VIS) application accounted for the largest share of the automotive TIC market, based on application, in 2018. VIS is a pack of bundled services wherein new or used automobile go through a wide range of services such as inspection of electrical systems and components, interior & exterior materials and components, and other applications. VIS is a combination of multiple services, and these services are primarily offered by most TIC service providers, thus holding maximum share in the market during the forecast period.
Asia Pacific (APAC) accounted for the largest share of the automotive TIC, by geography in 2018. The automotive industry is subject to strict safety regulations in a few APAC countries such as Japan and South Korea; demands for passenger cars is also on the rise in these countries. Countries such as China are estimated to come up with vehicle and road safety regulations owing to growing population as well as vehicle demand. Reasons such as limited infrastructure and increasing number of accidents could boost the implementation of safety regulations. Increased production of motor vehicles in countries such as India, China, Japan, and South Korea is significantly contributing towards the growth of the automotive TIC market in the APAC region.
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Varying automotive regulatory standards across countries is the major restraining factor for the growth of the automotive TIC market. DEKRA SE and TÜV SÜD Group are the top-ranked service providers in the automotive TIC market. These players rely on their diversified service portfolio, global reach, and growth strategies such as expansions, and mergers and acquisitions to hold a large share of the overall automotive TIC market.
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