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Scenarios of impact of Coronavirus on Automotive TIC Market

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Tom C
Scenarios of impact of Coronavirus on Automotive TIC Market

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  • Covid Impact on Automotive TIC Market, growth/decline in product type/use cases of Automotive TIC Market due to cascaded impact of Covid 19 on Extended Ecosystem..
  • How top 50 companies in Automotive TIC Market are making rapid shifts in their strategies as we speak here...
  • Outside-in view of top 50 companies client and client's clients shifting short-term priorities

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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.

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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.

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Key Market Players

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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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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