Dublin, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The "Automotive TIC Market with COVID-19 impact, by Service (Testing, Inspection, Certification), Sourcing, Application (Vehicle Inspection, Electrical & Components), and Geography; Periodic Technical Inspection Market, by Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global automotive TIC market is expected to grow from USD 16.5 billion in 2020 to USD 20.5 billion by 2025, at a CAGR of 4.3%.
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. The global automotive industry is facing a slowdown due to the lockdown in several countries, resulting in disrupted supply chains, shut down of manufacturing, and decline in vehicle sales globally. The decline in sales of vehicles has impacted the global automotive TIC market. The automotive TIC market in the pre-and post-COVID-19 scenario has been analyzed further in this study.
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.
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 Europe to hold largest market size during the forecast period
Europe is an important hub for the automotive sector owing to the presence of major automobile manufacturing companies such as Robert Bosch GmbH (Germany), Volkswagen AG (Germany), and Daimler AG (Germany). Consistent development of vehicle-to-vehicle, vehicle-to-infrastructure, and in-vehicle entertainment technologies is expected to drive the studied market during the forecast period. However, the major economies of Europe, Germany, the UK, Spain, France, and Italy have reported the high production loss in automotive since the outbreak of the pandemic.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Automotive TIC Market
4.2 Automotive TIC Market, by Service Type
4.3 Automotive TIC Market, by Sourcing Type
4.4 Automotive TIC Market, by Application
4.5 Automotive TIC Market, by Application and Region in APAC
4.6 Automotive TIC Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 COVID-19 Accelerating the Trend of Digitalization in the Automotive TIC Market
5.2.1.2 Increasing Automobile Production in Emerging Economies
5.2.1.3 Growing Inclination Toward Outsourcing TIC Services
5.2.1.4 Rising Focus of Governments to Impose Strict Regulatory Standards on the Automotive Industry
5.2.1.5 Surging Adoption of Automotive Electronics to Maintain Passenger and Vehicle Safety
5.2.1.6 Augmenting Awareness Among Consumers Regarding Product Quality and Safety
5.2.1.7 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 COVID-19 Impact on Automotive TIC Market
6.1 Pre-COVID-19 Scenario
6.2 Post-COVID-19
6.3 Application and Service Impact
6.4 Regional Impact
7 Major Focus Areas for TIC Services in Automotive Applications
7.1 Introduction
7.2 Functional Safety
7.3 Adas and Safety Controller
7.3.1 Adaptive Cruise Control (ACC)
7.3.2 Auto Emergency Braking (AEB)
7.3.3 Lane Departure Warning System (LDWS)
7.3.4 Tire Pressure Monitoring System (Tpms)
7.3.5 Pedestrian Warning/Protection System
7.3.6 Traffic Sign Recognition
7.3.7 Automotive Night Vision
7.3.8 Blind Spot Detection
7.3.9 Driver Drowsiness Detection
7.3.10 Automatic Parking
7.3.11 Other Adas and Safety Controllers
7.4 Cockpit Controller
7.4.1 Heads-Up Display (Hud)
7.4.2 Human-Machine Interface (HMI)
7.4.3 Other Cockpit Controllers
7.5 Chassis and Body Controller
8 Automotive TIC Market, by Service Type
8.1 Introduction
8.2 Testing Services
8.2.1 Testing Services Assist Manufacturers in Improving Marketability of Their Products and Lowering Costs in Pre-Production Phase
8.3 Inspection Services
8.3.1 Vehicle Inspection Services Ensure High-Quality Production
8.4 Certification Services
8.4.1 Certification Services to Witness Highest CAGR in Market During Forecast Period
8.5 Other Services
9 Automotive TIC Market, by Sourcing Type
9.1 Introduction
9.2 In-House
9.2.1 In-House Services Reduce Risks Associated With Poor Vehicle Maintenance and Enable Manufacturers to Identify Problems Instantaneously
9.3 Outsourced
9.3.1 Privatization of State-Owned Laboratories Will Boost Demand for TIC Services in Coming Years
10 Automotive TIC Market, by Application
10.1 Introduction
10.2 Electrical Systems and Components
10.2.1 Emc Testing Helps Improve Safety of Electric and Electronic Devices Used in Electric Vehicles
10.3 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
10.3.1 Investments Made by Worldwide Governments Would Lead to Adoption of Electric Vehicles
10.4 Telematics
10.4.1 Testing Services Expected to Hold Largest Market Size for Telematics Applications During Forecast Period
10.5 Fuels, Fluids, and Lubricants
10.5.1 Fuel, Fluid, and Lubricant Testing Ensures That Vehicle Abide With Federal Emissions and Fuel Economy Standards
10.6 Interior and Exterior Materials and Components
10.6.1 Continuous Changes in Trends Create Need for Improved Safety and Quality Standards for Automotive Interior and Exterior Materials
10.7 Vehicle Inspection Services (Vis)
10.7.1 Periodical Technical Inspection Drives Market for Vehicle Inspection Services
10.8 Homologation Testing
10.8.1 Homologation Testing Ensures That Vehicles Fulfil Required Emission and Safety Standards for Car Safety and Environmental Protection
10.9 Others
11 Geographic Analysis
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific (APAC)
11.5 Rest of the World (RoW)
12 Automotive TIC Market for Periodic Technical Inspection Services, by Region
12.1 Introduction
12.2 North America
12.2.1 US is Major Market for PTI in North America
12.3 Europe
12.3.1 Strong Automotive Industry in Germany Demand PTI Services in Europe
12.4 APAC
12.4.1 China to Exhibit Highest Growth Rate in PTI Market in APAC During Forecast Period
12.5 Rest of World (RoW)
12.5.1 Market for PTI Services in RoW is Still in Nascent Stage
13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis
13.3 Competitive Scenario
13.3.1 Mergers and Acquisitions
13.3.2 Expansions
13.3.3 Product and Service Launches
13.3.4 Partnerships, Agreements, and Contracts
13.3.5 Other Developments
13.4 Competitive Leadership Mapping
13.4.1 Visionary Leaders
13.4.2 Dynamic Differentiators
13.4.3 Innovators
13.4.4 Emerging Companies
14 Company Profiles
14.1 Key Players
14.1.1 Dekra Se
14.1.2 Tv Sd
14.1.3 Applus+
14.1.4 Sgs Group
14.1.5 Tv Rheinland AG Group
14.1.6 Tv Nord Group
14.1.7 Bureau Veritas S.A.
14.1.8 Intertek
14.1.9 Eurofins
14.1.10 Element Materials
14.2 Other Key Companies
14.2.1 British Standards Institution (Bsi)
14.2.2 Rina S.P.A.
14.2.3 Norges Elektriske Materiellkontroll (Nemko)
14.2.4 Nsf International
14.2.5 Engineering, Quality, and Safety (Eqs)
14.2.6 Lloyd's
14.2.7 Mistras
14.2.8 Dnv Gl
14.2.9 Ul LLC
15 Adjacent and Related Market
16 Appendix
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