London, Oct. 10, 2019 (GLOBE NEWSWIRE) -- According to a new market 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,” the global automotive TIC services market is expected to grow at a CAGR of 6.4% from 2019 to reach $32.7 billion by 2025. The growth of this market will be driven by factors such as increasing automotive production worldwide, growing consumer awareness about safety and environment, and various technological advancements. However, stringent trade policies, government and environmental regulations, high time required to perform overseas qualifications tests, and lack of skilled resources are the key factors restraining the growth of this market.
The overall automotive TIC market is mainly categorized by service (testing, inspection, and certification), sourcing (in-house and outsourcing), application (telematics, vehicle inspection services, electrical components & electronics, electro mobility/electric vehicles, automotive fuels, fluids, and lubricants, interior & exterior materials and components, homologation testing, advanced driver assistance systems testing, durability testing, emission testing, acoustic testing, OEM testing, and others), and geography
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On the basis of service type, testing services segment is estimated to account for the largest share of the overall automotive TIC market in 2019. Factors such as 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 are likely to drive the growth of this market segment. Intertek Group plc, DekraSe, TUV SUD Group, TUV Nord Group are some of the leading players operating in the testing services in the automotive TIC market.
On the basis of application, vehicle inspection services (VIS) application segment is expected to dominate the overall automotive TIC market during the forecast period (2019–2025). The greater adoption of these services is mainly due to various benefits of these services. In addition, growing focus of government to implement legislations that help to reduce road accidents and environmental impact of non-compliant vehicles are further supporting the growth of the overall VIS market.
On the basis of sourcing, in-house segment is estimated to account for the largest share of overall automotive TIC market in 2019. High visibility and high degree of control over processes and improved delivery performance are the major factors primarily driving the growth of this market segment. DekraSe, TUV SUD Group, TUV Nord Group, Applus Services S.A are some of the leading players offering in-house services in the global automotive TIC market.
Geographically, Asia Pacific (APAC) commanded the largest share of the overall automotive TIC market. The largest share of this region is mainly attributed to the 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 position in this region, and increasing investments/funds from the manufacturers and government in automotive industry.
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past few years. The key players profiled in the global automotive TIC 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 key industry insights spread across 153 pages with 86 market data tables & 39 figures & charts from the report: https://www.meticulousresearch.com/product/automotive-tic-market-4977/
Scope of the Report:
Automotive TIC Market by Service Type
- Testing
- Inspection
- Certification
Automotive TIC Market by Sourcing
- In-house
- Outsourcing
Automotive TIC Market by Application
- 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
Automotive TIC Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- Korea
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East Africa.
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Key questions answered in the report:
Increasing Automotive Production and Technological Advancements Helps to Drive the Adoption of Automotive TIC Market
- How does the adoption of vehicle inspection services application differ from the other applications of automotive TIC?
- How is the competition between the major global and prominent local players in this market?
- Which are the high growth market segments in terms of service type, sourcing type, and regions/countries?
The Asia-Pacific Automotive TIC Market Favors Both Larger and Local Manufacturers that Compete in Multiple Segments
- Who are the top competitors in this market and what strategies do they employ to gain shares?
- What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
- What strategies should new companies looking to enter this market use to compete effectively?
- What are the major drivers, restraints, challenges, and opportunities in the global automotive TIC market?
- Who are the major players in various countries and what share of the market do they hold?
- What are the geographical trends and high growth regions/ countries?
Recent new product launches, partnerships, mergers & acquisitions, and expansions have taken place in the automotive TIC market
- What companies have recently merged/acquired in various countries across the globe and how will these unions affect the competitive landscape of the automotive TIC market?
- Which companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global automotive TIC market and what share of the market do they hold?
- Who are the local emerging players in the automotive TIC market and how do they compete with the global players?
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