Automotive Testing, Inspection, and Certification (TIC) Market Size to Grow by USD 58.84 Billion during 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--May 27, 2019--
Technavio’s latest market research report on the global automotive testing, inspection, and certification (TIC) market predicts the market to witness a CAGR of close to 7% during the forecast period. This research report segments the market by sourcing type (in-house, and outsourced) and geography (Europe, North America, APAC, MEA, and South America).
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Technavio has published a new market research report on the global automotive testing, inspection, and certification (TIC) market from 2019-2023. (Graphic: Business Wire)
The emergence of digital TIC
With the advent of digital technologies, the automotive TIC market has witnessed considerable changes in recent years. Several automotive TIC service providers are increasingly focusing on harnessing cutting-edge technologies, including robotics and analytics, on transforming the service offerings. This has further led to the increasing replacement of physical inspection of vehicles with digital inspection using predictive maintenance and integrated sensors. Moreover, several significant opportunities are opening in automotive TIC due to the increasing implementation of virtual reality (VR) and augmented reality (AR). The use of AR helps in improving the testing of automated vehicles while reducing costs. As a result, with a surge in digital advances, the global automotive testing, inspection, and certification (TIC) market is anticipated to witness continuous growth over the next few years.
In-house sourcing type segment will account for the highest market share
Automotive manufacturers often perform TIC services themselves as a part of quality control and assurance in the in-house sourcing type. As the in-house TIC allows manufacturers to exert higher levels of control by keeping services and personnel under direct control, this segment is expected to contribute the highest automotive TIC market share during the forecast period. In-house TIC further reduces the risks of poor vehicle maintenance, including equipment failure, crashes, and increased maintenance costs by enabling manufacturers to identify the problems quickly. Therefore, the increased use of in-house TIC activities within companies will significantly contribute to the growth of the automotive TIC market during the forecast period.
“Automotive manufacturers are incorporating with public bodies and organizations including customs, competition authorities, and industrial health and safety authorities for conducting the quality control and assurance. The in-house TIC is likely to witness highest automotive TIC market share during the forecast period as it poses a lesser risk as compared to the outsourcing of TIC.” says a senior research analyst at Technavio
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Automotive TIC to witness fastest adoption in the APAC region
APAC is likely to witness the fastest growth in the automotive TIC market during the forecast period. The automotive industry is being subjected to stringent safety regulations in several APAC economies, including Japan, South Korea, and China, owing to the limited infrastructure and rising number of accidents. Also, emerging economies, including India and China, are introducing several vehicle and road safety regulations given the growing vehicle demand in these countries.
Furthermore, the increasing inclination of several automobile manufacturers toward establishing their production plants in APAC will also foster the automotive TIC market growth during the forecast period. With the rising automotive production and sales in the emerging economies of the region, the demand for TIC services will surge to ensure the quality and safety of automobiles. Therefore, the establishment of new testing facilities, coupled with the growing production of automotive, will lead to a considerable increase in the overall automotive TIC market size in the upcoming years.
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Some of the key topics covered in the global automotive testing, inspection, and certification market analysis include:
Five Forces Analysis
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SOURCE: Technavio Research
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