Dublin, Dec. 20, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The automotive TIC market is expected to grow from USD 16.9 billion in 2019 to USD 22.1 billion by 2024, at a CAGR of 5.5%.

• This study aims to estimate the size and growth potential of this market across different segments, such as by service type, sourcing type, application, and geography.
• The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The growth of this 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. However, varying regulations/standards across various regions is the factor that restrains the market growth.

Certification services to register highest CAGR in automotive TIC market, by service type, during the forecast period

In the TIC ecosystem, certification services validate the test and inspection results against a range of pre-specified standards set by governments, international standardization institutions, or clients. 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. Certification services re crucial for manufacturers to ensure the compliance of their products with regulatory standards, thereby improving the marketability of products/services. Certifications ensure that manufacturers have followed safety, quality, and environmental standards and norms during the production process. A few of the major certifications in the automotive industry are ISO/TS 16949, ISO 9001, AS9100C, ISO 20000, ISO 27001, EU Data Protection Directive, TL 9000, ESD S20.20, OHSAS 18001, ANSI/AIHA Z10, ISO 50001, Superior Energy Performance (SEP), ISO 14001, and ISO 14064.

In-house services to hold a larger size of automotive TIC market, by sourcing type, during the forecast period

In automotive applications, in-house testing of 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. Conducting in-house TIC services allow manufacturers to exert higher levels of control by keeping services and personnel under direct control; therefore, in-house services are likely to capture a larger share of the automotive TIC market. In-house services not only lower the risks associated with poor vehicle maintenance, including equipment failure and crashes but also enable manufacturers to identify the problems instantaneously.

Vehicle inspection services to hold the largest size of automotive TIC market, by application, during the forecast period

Vehicle inspection is the process of inspecting vehicles to ensure that they conform to safety and emission regulations mandated by national or subnational governments. Vehicles have to undergo a safety inspection before registration. Vehicle inspection services are performed for new, as well as used/resale vehicles. Vehicle inspection services for new vehicles include a comprehensive inspection of the overall vehicle, which includes inspection of electrical systems and components; electric vehicles, hybrid electric vehicles, and battery systems; telematics; and others.

Automotive TIC market in APAC is expected to grow at highest CAGR during the forecast period

Asia Pacific is expected to be the fastest-growing region in terms of the automotive TIC market. In this study, APAC represents India, China, Japan, South Korea, Australia, and Rest of APAC (RoAPAC). This region has become a global focal point for investors focusing on making huge investments or seeking business expansion opportunities. Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards. Domestic markets in APAC are rapidly growing owing to the rising per capita income of the middle-class population in these countries.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Automotive TIC Market
4.2 Market, By Service Type
4.3 Market, By Sourcing Type
4.4 Market, By Application
4.5 Market, By Application (Global Market) and Region (Market in APAC)
4.6 Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Automobile Production in Emerging Economies
5.2.1.2 Growing Inclination Toward Outsourcing TIC Services
5.2.1.3 Rising Focus of Governments to Impose Strict Regulatory Standards on Automotive Industry
5.2.1.4 Surging Adoption of Automotive Electronics to Maintain Passenger and Vehicle Safety
5.2.1.5 Augmenting Awareness Among Consumers Regarding Product Quality and Safety
5.2.1.6 Increasing Instances of Vehicle Recalls Due to Component Failures
5.2.2 Restraints
5.2.2.1 Varying Regulations/Standards Across Regions
5.2.3 Opportunities
5.2.3.1 Mandate of Periodic Technical Inspection (PTI) of Vehicles By Governments in Countries Such as the US and Germany
5.2.3.2 Lucrative Opportunities Provided By Small and Medium-Sized Businesses to TIC Service Providers
5.2.3.3 Adoption of Electric Vehicles and Hybrid Electric Vehicles
5.2.4 Challenges
5.2.4.1 Declining Global Vehicle Sales
5.2.4.2 Long Lead Time Required for Overseas Qualification Tests

6 Major Focus Areas for TIC Services in Automotive Applications
6.1 Introduction
6.2 Functional Safety
6.3 Adas and Safety Controller
6.3.1 Adaptive Cruise Control (ACC)
6.3.2 Auto Emergency Braking (AEB)
6.3.3 Lane Departure Warning System (LDWS)
6.3.4 Tire Pressure Monitoring System (TPMS)
6.3.5 Pedestrian Warning/Protection System
6.3.6 Traffic Sign Recognition
6.3.7 Automotive Night Vision
6.3.8 Blind Spot Detection
6.3.9 Driver Drowsiness Detection
6.3.10 Automatic Parking
6.3.11 Other Adas and Safety Controllers
6.4 Cockpit Controller
6.4.1 Heads-Up Display (HUD)
6.4.2 Human-Machine Interface (HMI)
6.4.3 Other Cockpit Controllers
6.5 Chassis and Body Controller

7 Automotive TIC Market, By Service Type
7.1 Introduction
7.2 Testing Services
7.2.1 Testing Services Assist Manufacturers in Improving Marketability of Their Products and Lowering Costs in Pre-Production Phase
7.3 Inspection Services
7.3.1 Vehicle Inspection Services Ensure High-Quality Production
7.4 Certification Services
7.4.1 Certification Services to Witness Highest CAGR in Market During 2019-2024
7.5 Other Services

8 Automotive TIC Market, By Sourcing Type
8.1 Introduction
8.2 In-House
8.2.1 In-House Services Reduce Risks Associated With Poor Vehicle Maintenance and Enable Manufacturers to Identify Problems Instantaneously
8.3 Outsourced
8.3.1 Privatization of State-Owned Laboratories Will Boost Demand for TIC Services in Coming Years

9 Automotive TIC Market, By Application
9.1 Introduction
9.2 Electrical Systems and Components
9.2.1 Emc Testing Helps Improve Safety of Electric and Electronic Devices Used in Electric Vehicles
9.3 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
9.3.1 Investments Made By Worldwide Governments Would Lead to Adoption of Electric Vehicles
9.4 Telematics
9.4.1 Testing Services Expected to Hold Largest Market Size for Telematics Applications During Forecast Period
9.5 Fuels, Fluids, and Lubricants
9.5.1 Fuel, Fluid, and Lubricant Testing Ensures That Vehicle Abide With Federal Emissions and Fuel Economy Standards
9.6 Interior and Exterior Materials and Components
9.6.1 Continuous Changes in Trends Create Need for Improved Safety and Quality Standards for Automotive Interior and Exterior Materials
9.7 Vehicle Inspection Services (VIS)
9.7.1 Periodical Technical Inspection Drives Market for Vehicle Inspection Services
9.8 Homologation Testing
9.8.1 Homologation Testing Ensures That Vehicles Fulfill Required Emission and Safety Standards for Car Safety and Environmental Protection
9.9 Others

10 Geographic Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific (APAC)
10.5 Rest of the World (RoW)

11 Automotive TIC Market for Periodic Technical Inspection Services, By Region
11.1 Introduction
11.2 North America
11.2.1 US is Major Market for PTI in North America
11.3 Europe
11.3.1 Strong Automotive Industry in Germany Demand PTI Services in Europe
11.4 APAC
11.4.1 China to Exhibit Highest Growth Rate in PTI Market in APAC During 2019-2024
11.5 Rest of World (RoW)
11.5.1 Market for PTI Services in RoW is Still in Nascent Stage

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Scenario
12.3.1 Mergers and Acquisitions
12.3.2 Expansions
12.3.3 Product and Service Launches
12.3.4 Partnerships, Agreements, and Contracts
12.3.5 Other Developments
12.4 Competitive Leadership Mapping
12.4.1 Visionary Leaders
12.4.2 Dynamic Differentiators
12.4.3 Innovators
12.4.4 Emerging Companies

13 Company Profiles
13.1 Key Players
13.1.1 Dekra SE
13.1.2 TUV SUD
13.1.3 Applus+
13.1.4 SGS Group
13.1.5 TUV Rheinland AG Group
13.1.6 TUV Nord Group
13.1.7 Bureau Veritas S.A.
13.1.8 Intertek
13.1.9 Eurofins
13.1.10 Element Materials
13.2 Other Key Companies
13.2.1 British Standards Institution (BSI)
13.2.2 Rina S.P.A.
13.2.3 Norges Elektriske Materiellkontroll (NEMKO)
13.2.4 NSF International
13.2.5 Engineering, Quality, and Safety (EQS)
13.2.6 Lloyd's
13.2.7 Mistras
13.2.8 DNV GL
13.2.9 UL LLC

For more information about this report visit https://www.researchandmarkets.com/r/2bzoeo

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