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:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190527005144/en/