Automotive TIC services Market Is Likely to Experience Tremendous Growth in the near Future Till 2022 to 2031 | Bureau Veritas, Dekra Se, Element Materials Technology

Astute Analytica published a new report on the Automotive TIC services Market. The global markets report analysis of the growth momentum and revenue inflows in this industry, including the impact of COVID-19.

The Automotive TIC services market is currently valued to be around US$ 17.2 billion industry and is expected to grow at an approx. CAGR of 4.8% in the forecast period 2021-2027.

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The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.

The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally.

It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.

Impact Analysis of COVID-19
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close.

This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.

Regional Insights

By Service Type:
Testing Service
Inspection Service
Certification Service

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By Source:
In-house
Outsource

By Application:
Advanced Driver Assistance Systems (ADAS) Testing
Electrical and Electronics Market
Electric Vehicles and Battery Systems
Fuels, Fluids, and Lubricants
Homologation Testing
Interior and Exterior Material Components
Telematics
OEM Testing
Vehicle Inspection Services
Others

By Supply Chain Services:
Design
Production
Distribution
Selling
Operation

By Region:
North America
Europe
Asia Pacific
Middle East and Africa
South America

Key Players Insights
The major players in the market are Applus Services S.A., Bureau Veritas, Dekra Se, Element Materials Technology, Eurofins Scientific, Lloyd's Register Group Limited, Intertek Group PLC, TÜV NORD Group, TUV Rheinland AG Group and TUV SUD SGS among others.

Leading players are constantly focusing on different strategies such as acquisitions and mergers that can increase their market hold by offering better services. For instance, in 2019, TUV SUD and AKKA (Engineering consulting company) collaborated to focus on the design and development of a fuel-efficient and low emission engine.

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This release was published on openPR.