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The global automotive
TIC market was valued at USD 16.9 billion in 2019 and is expected to reach
USD 22.1 billion by 2024; it is expected to grow at a CAGR of 5.5%.
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 are the major drivers
for the automotive TIC market.
Market for outsourced TIC services
offered for electrical systems and components is expected to grow at higher CAGR
during forecast period
Performance testing of electric and electronic
automotive components includes climate testing, mechanical testing, vibration
testing, electrical testing, durability testing, and EMC testing. Electrical
systems and components in the automotive industry are subject to tests related
to electrical parametric testing, such as power distribution and environmental
performance testing of vehicles, including tensile, stress, volatility, and
flammability test, as well as mechanical performance testing including
vibrations, stress, fatigue, and mechanical shock.
US is major market for periodical
technical inspection services in North America
The North American market has been segmented
into the US, Canada, and Mexico. In the US, vehicle inspection rules vary
according to the state. Some states such as Delaware, District of Columbia,
North Carolina, and Hawaii require annual inspection for commercial vehicles
and cars and biennial inspection for passenger vehicles to test the
roadworthiness and safety of on-road vehicles, while Maryland requires an
inspection prior to the registration or transfer of ownership only.
Europe to continue to hold largest market share of automotive TIC
during forecast period
The automotive TIC market in Europe has been further segmented
into Germany, France, the UK, Italy, Spain, and Rest of Europe (RoE). Major TIC
companies have their headquarters in Europe, and most of the companies generate
their revenues through APAC and European countries. According to a European
Commission report (2016), there are about 180 automobile facilities across the
EU. Owing to the increasing competition from developing countries such as
Brazil, Russia, India, and China, along with Europe’s financial crisis, the
players in the European market witnessed a decline in their revenues in the
past few years.
Key players operating in the automotive TIC market are DEKRA SE
(DEKRA) (Germany), TÜV SÜD Group (TÜV SÜD) (Germany), Applus Services S.A.
(Applus+) (Spain), SGS Group (SGS) (Switzerland), TÜV Nord Group (TÜV Nord)
(Germany), TÜV Rheinland Group (TÜV Rheinland) (Germany), Bureau Veritas S.A.
(Bureau Veritas) (France), Intertek Group PLC (Intertek) (UK), Eurofins
Scientific (Eurofins) (Luxembourg), Element Materials Technology (Element)
(UK), Lloyd’s Register Group Limited (Lloyd’s) (UK), and MISTRAS Group, Inc.
(MISTRAS) (US).
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