Automotive Tic Market Overview
As per MRFR analysis, the Automotive Tic Market Size was estimated at 31.36 (USD Billion) in 2022. The Automotive Tic Market Industry is expected to grow from 33.76(USD Billion) in 2023 to 65.6 (USD Billion) by 2032. The Automotive Tic Market CAGR (growth rate) is expected to be around 7.66% during the forecast period (2024 - 2032).
Key Automotive Tic Market Trends Highlighted
Key market drivers for automotive tic include rising demand for connected vehicles, increasing adoption of advanced driver-assistance systems (ADAS), and government regulations mandating safety features. Growing awareness of the benefits of telematics, such as improved safety, convenience, and fuel efficiency, is also driving market growth. In addition, advances in communication technologies, including 5G and IoT, are enabling new and innovative telematics applications. Opportunities exist for players in the market to capitalize on the integration of artificial intelligence (AI) and machine learning (ML) algorithms to enhance the accuracy and efficiency of telematics systems. Furthermore, collaborations between automakers, telecommunications companies, and technology providers are expected to create new opportunities for the development and deployment of advanced telematics solutions.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Tic Market Drivers
Growing Demand for Enhanced Vehicle Safety and Security
As the automotive industry continues to advance, there is a growing demand for enhanced vehicle safety and security features. This is being driven by a number of factors, including the increasing number of road accidents, the rising cost of vehicle theft, and the growing awareness of the importance of personal safety. Automotive telematics plays a vital role in meeting this demand by providing a range of features and services that can help to improve vehicle safety and security.For example, telematics systems can be used to track vehicle location, monitor driving behavior, and provide emergency assistance. They can also be used to deter theft by immobilizing the vehicle or tracking its location if it is stolen. The growing demand for enhanced vehicle safety and security is expected to be a major driver of growth for the Automotive Tic Market Industry in the coming years.
Increasing Adoption of Connected and Autonomous Vehicles
The increasing adoption of connected and autonomous vehicles is another major driver of growth for the Automotive Tic Market Industry. Connected vehicles are equipped with a range of sensors and devices that allow them to communicate with other vehicles, infrastructure, and the cloud. This connectivity enables a number of advanced features and services, such as real-time traffic updates, remote diagnostics, and over-the-air software updates.Autonomous vehicles are vehicles that can operate without human input. They are still in the early stages of development, but they have the potential to revolutionize the automotive industry. As connected and autonomous vehicles become more widely adopted, the demand for automotive telematics will increase.
Government Regulations and Standards
Government regulations and standards also play a role in driving the growth of the Automotive Tic market industry. In many countries, governments are implementing regulations that require new vehicles to be equipped with certain telematics features. For example, in the United States, the National Highway Traffic Safety Administration (NHTSA) has proposed a rule that would require all new vehicles to be equipped with a rearview camera by 2018.These regulations are expected to boost the demand for automotive telematics in the coming years.
Automotive Tic Market Segment Insights
Automotive Tic Market Product Type Insights
The Automotive Tic Market is segmented by Product Type into Tire Pressure Monitoring Systems (TPMS), Traction Control Systems (TCS), Electronic Stability Control (ESC), Anti-Lock Braking Systems (ABS), and Adaptive Cruise Control (ACC). The TPMS segment is expected to account for the largest market share in 2023, owing to the increasing demand for safety features in vehicles. The TCS segment is also expected to witness significant growth, driven by the rising adoption of advanced driver assistance systems (ADAS). The ESC segment is expected to grow at a steady pace due to the increasing adoption of electronic stability control systems in vehicles.The ABS segment is expected to remain stable, while the ACC segment is expected to witness moderate growth. The surging demand for enhanced safety and comfort features in vehicles, along with the increasing adoption of advanced driver assistance systems, is driving the growth of the Automotive Tic Market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Tic Market Vehicle Type Insights
The Automotive Tic Market is segmented by Vehicle Type into Passenger Cars, Commercial Vehicles (CV), Two-Wheelers, Electric Vehicles (EV), and Hybrid Vehicles. Among these segments, Passenger Cars held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of the Passenger Cars segment can be attributed to the increasing demand for personal mobility and the rising disposable income of consumers. Commercial Vehicles are another significant segment of the Automotive Tic Market.The growth of this segment is driven by the increasing demand for goods transportation and the expansion of e-commerce. Two-Wheelers is also a key segment of the market and is expected to witness significant growth in the coming years due to the increasing popularity of motorcycles and scooters in developing countries. Electric Vehicles and Hybrid Vehicles are emerging segments of the Automotive Tic Market. The growth of these segments is driven by the increasing concerns about environmental pollution and the rising demand for fuel-efficient vehicles.
Automotive Tic Market Application Insights
The Automotive Tic Market is segmented by Application into Safety, Comfort, Convenience, Automated Driving, and Vehicle Dynamics Control. The Safety segment is expected to hold the largest market share in 2023, owing to the increasing demand for advanced safety features such as airbags, anti-lock braking systems (ABS), and electronic stability control (ESC). The Comfort segment is expected to grow at the highest CAGR during the forecast period due to the rising demand for features such as heated seats, cooled seats, and massage functions. The Convenience segment is also expected to grow at a significant rate due to the increasing popularity of features such as keyless entry, remote start, and voice control.The Automated Driving segment is expected to witness significant growth in the coming years due to the rapid development of self-driving technologies. The Vehicle Dynamics Control segment is expected to grow at a moderate rate due to the increasing adoption of features such as traction control and stability control.
Automotive Tic Market Regional Insights
The regional segmentation of the Automotive Tic Market showcases distinct market dynamics and growth opportunities. North America holds a significant market share, driven by the presence of major automotive manufacturers and a robust aftermarket industry. Europe follows closely, with a mature automotive market and a focus on technological advancements. The APAC region is projected to witness substantial growth, fueled by rising disposable income and increasing vehicle ownership rates. South America and MEA exhibit potential for growth, albeit at a slower pace, as they strive to develop their automotive industries.By understanding these regional nuances, businesses can tailor their strategies to capitalize on the specific opportunities and challenges presented by each market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Tic Market Key Players And Competitive Insights
Major players in the Automotive Tic Market industry are constantly striving to gain a competitive edge by introducing innovative technologies and expanding their product portfolios. Leading Automotive Tic Market players are focusing on developing advanced systems that enhance vehicle safety and efficiency. The Automotive Tic Market is characterized by intense competition, with established players and emerging startups vying for market share. Strategic partnerships, acquisitions, and mergers are common strategies employed by companies to strengthen their position in the market. The Automotive Tic Market is witnessing rapid development, driven by technological advancements and increasing demand for connected and autonomous vehicles.A prominent competitor in the Automotive Tic Market, Robert Bosch GmbH, is a global leader in automotive technology. The company offers a wide range of Automotive Tic Market solutions, including advanced driver assistance systems (ADAS), infotainment systems, and powertrain components. Bosch is known for its commitment to innovation and its focus on developing cutting-edge technologies that enhance the driving experience. The company has a strong global presence and a diverse product portfolio, which gives it a competitive advantage in the market.Another key competitor in the Automotive Tic Market, Continental AG, is a leading supplier of automotive components and systems. The company offers a comprehensive range of Automotive Tic Market products, including tires, brakes, powertrain components, and electronics. Continental is known for its expertise in vehicle dynamics and its focus on developing innovative solutions that improve safety and efficiency. The company has a strong global presence and a wide customer base, which gives it a competitive edge in the market.
Key Companies in the Automotive Tic Market Include
- Delphi Technologies
- Harman International Industries, Incorporated
- Bosch
- Magneti Marelli
- Lear Corporation
- Aptiv
- Continental AG
- Denso Corporation
- Hyundai Mobis
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Delphi Automotive LLP
- Valeo
- Samvardhana Motherson Group
Automotive Tic Market Industry Developments
The Automotive Telematics Market size was valued at USD 33.76 billion in 2023 and is projected to reach USD 65.60 billion by 2032, exhibiting a CAGR of 7.66% during the forecast period. The market growth is attributed to the increasing adoption of connected cars, growing demand for vehicle safety and security features, and government regulations mandating the installation of telematics devices in new vehicles. The market is expected to witness significant growth in the coming years due to the rising popularity of electric vehicles and autonomous driving technologies. Recent news developments in the Automotive Telematics Market include the launch of new products and services by major players, such as the introduction of a new telematics platform by Verizon and the partnership between AT&T and Toyota to develop connected car solutions.
Automotive Tic Market Segmentation Insights
- Automotive Tic Market Product Type Outlook
- Tire Pressure Monitoring Systems (TPMS)
- Traction Control Systems (TCS)
- Electronic Stability Control (ESC)
- Anti-Lock Braking Systems (ABS)
- Adaptive Cruise Control (ACC)
- Automotive Tic Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles (CV)
- Two-Wheelers
- Electric Vehicles (EV)
- Hybrid Vehicles
- Automotive Tic Market Application Outlook
- Safety
- Comfort
- Convenience
- Automated Driving
- Vehicle Dynamics Control
- Automotive Tic Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
31.36(USD Billion) |
| Market Size 2023 |
33.76(USD Billion) |
| Market Size 2032 |
65.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.66% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Delphi Technologies, Harman International Industries, Incorporated, Bosch, Magneti Marelli, Lear Corporation, Aptiv, Continental AG, Denso Corporation, Hyundai Mobis, ZF Friedrichshafen AG, BorgWarner Inc., Delphi Automotive LLP, Valeo, Samvardhana Motherson Group |
| Segments Covered |
Product Type, Vehicle Type, Application, Regional |
| Key Market Opportunities |
1 Electrification of vehicles2 Rise of autonomous driving3 Increase in demand for lightweight materials4 Growing popularity of shared mobility5 Expansion in emerging markets |
| Key Market Dynamics |
1 Rising demand for autonomous vehicles2 Government regulations on fuel efficiency3 Technological advancements in automotive systems4 Increasing adoption of electric vehicles5 Growing popularity of shared mobility services |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Tic market is expected to reach a valuation of 33.76 billion USD by 2023, with an anticipated growth of 65.6 billion USD by 2032, exhibiting a CAGR of 7.66%.
Asia Pacific currently dominates the Automotive Tic market, owing to the region's large automotive production base and increasing demand for advanced driver assistance systems (ADAS).
Automotive TICs find applications in various areas, including adaptive cruise control, lane departure warning systems, blind-spot monitoring, and autonomous emergency braking.
The major players in the Automotive Tic market include Continental AG, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, and Aptiv PLC, among others.
The growth of the automotive TIC market is primarily driven by the increasing demand for safety and convenience features in vehicles, along with the technological advancements in the automotive industry.
The challenges faced by the automotive TIC market include the high cost of development and implementation, as well as the need for regulatory approvals and standards.
