Automotive TIC Market by Service Type, Sourcing Type, Application and Geography – Global Forecast to 2023 – ResearchAndMarkets.com

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.

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Companies Profiled

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/

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