The "Automotive TIC Market by Service Type, Sourcing Type, Application and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The automotive TIC market is expected to grow from USD 19.51 billion in 2018 to USD 27.66 billion by 2023, at a CAGR of 7.23% from 2018 to 2023.
In the automotive 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 that their products adhere to government/regulatory mandates, as well as to improve the marketability of their offerings. The market for certification services is likely to grow at a higher CAGR owing to the increasing concentration of the third-party service providers in this market.
The share of in-house automotive TIC market will be more in comparison with the outsourced type during the forecast period. A company must invest in necessary in-house infrastructure in terms of technology, test and measurement equipment, and skilled personal/experts to perform automotive TIC activities in their manufacturing facilities. In the automotive application, in-house testing for ECUs and other core components is done by automotive manufacturers at their manufacturing facilities.
In the current scenario, the automotive TIC market is primarily governed by in-house players owing to critical quality concerns and company norms. Most of the tier I and II automotive companies are equipped with in-house setup owing to their large production base. These companies are financially strong and are capable of performing TIC activates.
For more information about this report visit https://www.researchandmarkets.com/research/r3bkjf/automotive_tic?w=4.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005554/en/