Global TIC Market for Automotive Industry is Anticipated to grow at a Significant Pace and was USD 17 billion in 2020

Published Date: Sep, 2021

The global TIC market for the automotive industry is expected to witness a CAGR of 4.3% during the forecast period. The automotive testing, inspection, and certification (TIC) market is anticipated to grow significantly during the forecast period due to the increasing trend of digitalization in the automotive sector owing to the COVID-19 pandemic. There is an increase in automobile production in emerging economies, paradigm shift in inclination towards outsourcing TIC services, increasing disposable income in emerging countries, increasing use of automotive electronics to maintain passenger and vehicle safety, rising instances of auto recall owing to component failures, and increasing initiatives by the government to impose mandatory regulatory standards are the factors influencing the growth of TIC market in the automotive industry. The growing adoption of electric and hybrid vehicle production has created promising opportunities for the growth of the automotive TIC market. Thus automotive TIC is used for offering services to the automotive TIC manufacturers to improve the efficiency, production level, and production process according to the mandatory standards.  

The COVID-19 outbreak has resulted in the disruption of cash flow resulting in a liquidity crisis in the automotive TIC market. Moreover, there is a huge decline in the market capitalization resulting in a fall of demand and supply network in the TIC market for automotive manufacturers. Nevertheless, TIC is playing a crucial role by offering assurance that the products and services offered to the customers will provide safety and health standards.

Bureau Veritas has launched a complete portfolio of services on Electric Vehicle Charging Stations (EVCS) which covers the full lifecycle—from design, construction, and commissioning to operations.

Browse 53 market data Tables and 35 Figures spread through 350 Pages and in-depth TOC on " TIC Market for Automotive Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Vehicle Inspection Services, Electrical Components and Electronics, Interior & Exterior Materials and Components, Electro Mobility/Electric Vehicles, Automotive Fuels, Fluids, and Lubricants, Homologation Testing, Advanced Driver Assistance Systems (ADAS) Testing, Durability Testing, OEM Testing, Telematics, Emission Testing, Acoustic Testing, and Others), and Region - Global Forecast to 2027"

By industry vertical, the electric system & components are anticipated to have a high CAGR in the TIC market for the automotive industry during the forecast period.

Based on end-use industry, the TIC market for the automotive industry is divided into vehicle inspection services, electrical components and electronics, interior & exterior materials and components, electromobility/electric vehicles, automotive fuels, fluids, and lubricants, homologation testing, Advanced Driver Assistance Systems (ADAS) testing, durability testing, OEM testing, telematics, emission testing, acoustic testing, and others. Electric systems and components are anticipated to have a high CAGR during the forecast period In the TIC market for the automotive industry owing to various tests related to electrical parameter testing such as power distribution and environmental performance testing of vehicles, including tensile, stress, volatility, and flammability test, mechanical performance testing including vibrations, stress, fatigue, and mechanical shock, altitude simulation, battery test, FMVT, etc.

Global TIC Market for Automotive Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest) Certification

 (High CAGR)

Industry Vertical

Vehicle Inspection Services, Electrical Components and Electronics, Interior & Exterior Materials and Components, Electro Mobility/Electric Vehicles, Automotive Fuels, Fluids, and Lubricants, Homologation Testing, Advanced Driver Assistance Systems (ADAS) Testing, Durability Testing, OEM Testing, Telematics, Emission Testing, Acoustic Testing, and Others

Vehicle Inspection Services  

(Significant Growth)

Electric System & Components

(High CAGR)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe

(Largest)

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“Europe to hold the largest market share during the forecast period in the TIC market for the automotive industry.”

Europe is expected to have a dominant position in the TIC market for the automotive industry as Europe is a significant hub for the automotive sector as there is a large number of automobile manufacturing companies such as Robert Bosch GmbH, Volkswagen AG, Daimer AG. So, there is a need to deploy efficient testing and inspection ecosystem in these companies.

Some of the key players operating in the TIC market in the automotive industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

 

Global TIC Market for Automotive Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Vehicle Inspection Services
  • Electrical Components and Electronics
  • Interior & Exterior Materials and Components
  • Electro Mobility/Electric Vehicles
  • Automotive Fuels, Fluids, and Lubricants
  • Homologation Testing
  • Advanced Driver Assistance Systems (ADAS) Testing
  • Durability Testing
  • OEM Testing
  • Telematics
  • Emission Testing
  • Acoustic Testing
  • Others

Geographical Segmentation

TIC Market for Automotive Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Automotive Industry is Anticipated to grow at a Significant Pace and was USD 17 billion in 2020