According to this latest publication from Meticulous Research®, the automotive TIC market is expected to grow at a CAGR of 2.2% from 2020 to 2027 to reach $17.2 billion by 2027. The growth in this market is mainly driven by the factors such as growing automobile production in emerging economies, strict regulatory standards imposed by governments on the automotive industry, and growing number of instances of vehicle recall due to component failure.

Furthermore, the growing adoption of electric vehicles, growing awareness among consumers regarding product quality and safety, and incorporation of technological advancements with rising adoption of connected devices in automotive industry are offering significant growth opportunities for market players. However, dynamic regulations/standards across different regions and lack of skilled resources can obstruct the growth of the market.

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Rising Sales of Electric Vehicles to Drive the Growth of Automotive TIC Market

During the last decade, the automotive market in the developed countries has remained stable and maintained a consistent production rate. In contrast, several emerging markets especially in Asia Pacific region have more than doubled their market size in the last few years. The emerging markets are expected to hold the key to the modern-day automotive industry’s consistent growth, as the automotive industry is focusing its shifting towards emerging markets from mature markets.

At the beginning of 2000, the emerging economies represented only one-fourth of the total world automotive production, while they made up for more than half in 2015. This indicates the consistent growth of the automobile industry took place particularly in emerging economies such as China, India, and Mexico. For instance, in China, less than 4 million cars were produced in 2000 and reached to almost 24 million in 2017.

The growth in automobile production is majorly observed in the passenger car segment, owing to the affordable car prices and feasible car finance options. More than 80 million passenger cars were produced around the world in 2017. China is the leading country among the global passenger car producers, accounting for 29% of all cars produced around the world in 2017; whereas, the EU maintained stable growth in the passenger car production with 0.2% from 2016 to 2017.

Asia-Pacific: The largest regional market

The Asia-Pacific region is estimated to command the largest share of the global automotive TIC market in 2020, followed by Europe, North America, Latin America, and the Middle East & Africa. The economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities due to favorable government policies is attracting several global automotive players to expand their presence in the APAC region.

This, in turn, is supporting the technological transition of automobile manufacturing and services industry in this region; consequently, supporting the growth of the automotive TIC services market in this region. Furthermore, rising vehicle production, increasing demand for autonomous & luxury vehicles, growing sales of electric cars, strict government regulations for vehicle safety & quality, and technological development in the automotive sector is also encouraging automobile market growth, consequently, driving the growth of the automotive TIC services market in the Asia Pacific region.

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Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in automotive TIC market over last 4-5 years. The key players profiled in the global automotive TIC market are SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Norges Elektriske Materiellkontroll (NEMKO) (Norway), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd’s Register Group Limited (U.K.), and Element Materials Technology Ltd.(U.K.), among others.

Scope of the report:

Automotive TIC Market by Service Type

Testing
Inspection
Certification
Others
Automotive TIC Market by Sourcing Type

In-house
Outsourced
Automotive TIC Market by Supply Chain Services

Design
Production
Distribution
Selling
Operation
Automotive TIC Market by Application

Vehicle Inspection Services
Electric Components and Electronics
Interior and Exterior Materials and Components
Electric Vehicles, Hybrid Vehicles, and Battery Systems
Automotive Fuels, Fluids, and Lubricants
Homologation Testing
Advanced Driver Assistance Systems (ADAS) Testing
Durability Testing
OEM Testing
Telematics
Others
Some countries with a large population base are in the process of urbanization and a significant degree of industrialization has largely sustained the growth of the automotive market in recent years. The automotive industry in such countries, such as South Korea, Brazil, China, and India is currently experiencing impressive growth as the governments have played a significant role in the evolution of this industry.

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Although South Korea is relatively a late entrant to the automobile industry, it made the most significant progress and is now exporting cars to many of the developed markets. The Indian automotive industry is also experiencing a revolution with rapid growth and the entry of a large number of leading companies in this market.

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