COVID-19 Impact Analysis on Automotive TIC Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2022-2030. The report encompasses data regarding market share and recent developments by key players. Moreover, this market report also covers regional and country markets in detail.
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the automotive tic market include DEKRA SE (DEKRA) (Germany), TÜV SÜD Group (TÜV SÜD) (Germany), Applus Services S.A. (Applus+) (Spain), SGS Group (SGS) (Switzerland), TÜV Nord Group (TÜV Nord) (Germany), TÜV Rheinland Group (TÜV Rheinland) (Germany), Bureau Veritas S.A. (Bureau Veritas) (France), Intertek Group PLC (Intertek) (UK), Eurofins Scientific (Eurofins) (Luxembourg), Element Materials Technology (Element) (UK), Lloyd’s Register Group Limited (Lloyd’s) (UK), MISTRAS Group, Inc. (MISTRAS) (US), UL LLC (UL) (US), DNV GL Group AS (DNV) (Norway), British Standards Institution (BSI) (UK), RINA S.p.A (RINA) (Italy), Norges Elektriske Materiellkontroll (Nemko) (Norway), NSF International (NSF) (US), and EQS - Engineering, Quality and Safety (EQS)(Portugal). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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Market Dynamics
The primary reason fueling the automotive TIC market growth is an increase in automotive sales, including an elevation in the sale of electric vehicles equipped with the most recent technology and an increase in population. The growing use and certification of electric vehicles have produced a tremendous need for the automotive TIC industry. Furthermore, technical improvements in automotive vehicles, like the development of hybrid vehicles, which necessitate testing kits and other inspection-related items, is projected to bolster the automotive TIC industry. In addition, government financing and measures to assist electric car vehicles, and a growing focus on research and development employing advanced technologies like blockchain, AI, and IoT, may present a substantial opportunity for the global automotive TIC market. On the other hand, the automotive TIC industry is impeded by the large initial investment required to set up an inspection and testing facility and the need for highly-skilled personnel to ensure the quality of automobile components and parts.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of automotive tic. The growth and trends of automotive tic industry provide a holistic approach to this study.
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Market Segmentation
This section of the automotive tic market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Service Type
· Testing Services
· Inspection Services
· Certification Services
· Other Service
By Sourcing Type
· In-House
· Outsourced
By Application
· Electrical Systems And Components
· Electric Vehicles, Hybrid Electric Vehicles, And Battery Systems
· Telematics
· Fuels, Fluids, And Lubricants
· Interior And Exterior Materials And Components
· Vehicle Inspection Services
· Homologation Testing
· Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Automotive Tic market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
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The global automotive TIC market was valued at USD 16.9 billion in 2019 and is expected to reach USD 22.1 billion by 2024, at a CAGR of 5.5%.
Increasing automobile production in emerging economies, growing inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures are the major factors propelling the automotive TIC market growth.The automotive industry is transforming at a faster rate owing to the development of cutting-edge technologies and stringent environmental regulatory policies.
This report on the automotive TIC market is a platform that explains applications, market trends, and varieties of TIC services, ranging from testing, inspection, and certification to auditing and quality control and assurance.
These services help automakers to improve their performance and products; ensure the reliability and integrity of their products, processes, assets, and systems; as well as mitigate risks while bolstering their brands.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215Among all service types, certification services are expected to witness the highest CAGR in the automotive TIC market during the forecast period.
In the current scenario, certification services are widely used by manufacturers to demonstrate if their products adhere to the government/regulatory mandates, as well as to improve the marketability of their offerings.Vehicle inspection services accounted for a majority share of the overall automotive TIC market in 2018.
DEKRA SE (Germany), a leader in vehicle inspection, expanded its inspection business in Denmark by acquiring AL-SYN ApS.
According to the new market research report "Automotive TIC Market by Service Type (Testing, Inspection, Certification), Sourcing Type, Application (Vehicle Inspection, Electrical Systems, & Components), and Geography; Periodic Technical Inspection Market, by Region - Global Forecast to 2024", is expected to grow from USD 16.9 billion in 2019 to USD 22.1 billion by 2024, at a CAGR of 5.5%.The growth of the automotive TIC market can be attributed to the increasing automobile production in emerging economies, growing inclination toward outsourcing TIC services, rising focus of governments to impose strict regulatory standards on the automotive industry, surging adoption of automotive electronics to maintain passenger and vehicle safety, augmenting awareness among consumers regarding product quality and safety, and increasing instances of vehicle recalls due to component failures.Browse 99 market data Tables and 35 Figures spread through 180 Pages and in-depth TOC on Automotive TIC Market Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175873215 Vehicle inspection services to account for largest size of automotive inspection market, by application, during forecast periodVehicle inspection services (VIS) are offered by automotive TIC companies.
Used vehicle inspection is another innovative approach that can be employed if a vehicle is returned with damage beyond expectations (excessive wear and tear), which drastically impacts its resale value.
It is verified by the Vehicle Inspection Management System (VIMS), which takes the entire inspection process into consideration and provides a detailed cost analysis of every fault in the car.In-house automotive TIC service market for electric vehicles, hybrid electric vehicles, and battery systems is expected to grow at highest CAGR during forecast periodIn automotive applications, in-house testing for electronic control units (ECUs) and other core components is done by automakers at their manufacturing facilities.
They are collaborating with public bodies and organizations including customs, competition authorities, and industrial health and safety authorities for conducting activities related to quality control and assurance.
The market for electric vehicles is rapidly growing owing to factors such as increasing urbanization, growing demand for global hybrid vehicles, rising car sales in emerging markets, surging demand for air-conditioning systems with improved efficiency, and declining battery prices.
Electric and hybrid electric vehicles largely depend on their batteries, which act as energy storage systems.
The statistical surveying report on the global Automotive TIC Market has been presented by using professional or expert knowledge through standard and modified research approaches and forecasts.
The yearly forecast and predication for the years 2020 to 2025 have been enclosed by the report along with comprehensive analysis for all market segments and regions.
The statistical data derived from authentic resources and assisted by industry experts.
It likewise assesses the market by evaluating market elements, including drivers, restraints, opportunities, threats, challenges, growth prospects, and other market elements.
The global automotive TIC market report presents a complete research-based study of the industry including details such as company shares, forecast data, in-depth analysis and an outlook of the market on a worldwide platform.
This automotive TIC market report also splits the market by regions: Americas (United States, Canada, Mexico, Brazil), APAC (China, Japan, Korea, Southeast Asia, India, Australia), Europe (Germany, France, UK, Italy, Russia, Spain), Middle East & Africa (Egypt, South Africa, Israel, Turkey, GCC Countries).
