Automotive Engineering Services Market Size Hit USD 271.86 Billion at a CAGR of 8.50% in 2028 | Harman, Capgemini
The technological advancement of autonomous vehicles, introduction of 5G network will drive the market at a high CAGR during the forecast period.
Market Size- USD 140.63 Billion in 2020, Market Growth- CAGR of 8.50%, Market trends- Increasing spend on vehicle electrification, vehicle connectivity; Emission less transportation, APAC expected to register the highest market share
The automotive engineering services market was valued at USD 140.63 Billion in 2020 and is expected to reach USD 271.86 Billion by year 2028, at a CAGR of 8.50% CAGR during the forecast period (from 2018 – 2026). The major drivers responsible for the growth of the automotive engineering services market include a rise in the spending of the automotive R&D, the increased outsourcing activities by automotive OEMs, and growing ER&D investment by software and telecom companies in connected and autonomous verticals. Vehicle electrification, smart mobility, and Internet of Things (IoT) are the key technology-driven trends in the global automotive industry and is positively impacting the automotive engineering services market. Further, automotive engineering service providers are increasingly being analysed as critical partners, who can help accelerate the product development cycles and reduce costs and time in this fast-changing automotive landscape.
Automotive companies around the globe are witnessing the need to grow their engineering capabilities, to keep pace with rising customer demand for new products and technology. While such demands are usually beneficial for business, but it poses bigger challenges.
The continuous pressure to quickly design, prototype, manufacture, and launch new products in the market, in response to always declining product lifecycles and higher demand, is placing a strain on the in-house engineering workforces and operating processes of auto OEMs.
Automotive OEMs significantly contribute to the key share of the total engineering services outsourcing to the automotive engineering service providers. The key global engineering outsourcers, like BMW, Volkswagen, Renault, Daimler, and Ford, among the others, have an aggregated automotive engineering services spending of ~$8 billion, per year. Hence, auto OEMs’ existing engineering capabilities coupled with outsourced services, to meet current product development needs, OEMs are decreasing operating costs and bet on their higher sustained growth. Further, growing intense competition in the automobile industry and auto OEMs increasing focus on concentrating on their key capabilities boosting the global automotive engineering services market.
Many companies like Harman, Capgemini, AVL, Bertrandt, AltenCresttek, L&T Technology Services, FEV, Akka Technologies, HCL Technologies, IAV Automotive Engineering, Altran, Ricardo and others. Automotive Engineering Services marketplace
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2353
The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Automotive Engineering Services Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Automotive Engineering Services Market.
Further key findings from the report suggest-
- The embedded system segment is projected to witness the highest growth over the forecast period.
- The increasing concerns regarding passenger’s and driver’s safety in cars, increasing AI integration in the entire automotive ecosystem for driving assistance & automation, and stringent government regulations are the major factors fueling the demand of embedded systems
- Electronics and electrical systems play a critical role in handling all functions dedicated to passenger and driver comfort and convenience. Services in automotive electronics consist of climate control, power management module, and similar offerings. This trend is anticipated to grow owing to the adoption of complex electronics and electric vehicles
- Automotive engineering service providers like Harman, L&T Technology Services and FEV have invested huge resources to develop electronics electrical, and body control solutions in automotive engineering services market
- European region is anticipated to occupy the highest share in the automotive engineering services market, followed by Asia Pacific and North America region. Most of the automotive engineering service companies are concentrated in Europe.
- Within European region, Germany is expected to be the major market for engineering services. In Asia-Pacific region, India is expected to be the market with the highest share of the engineering services market.
- India accounts for ~30% of all the entire business process outsourcing (BPO) and engineering service outsourcing (ESO) and talent, among the lesser cost countries.
- The engineering service outsourcing segment, in the country, is shifting from the conventional back-office services of the past to the high-end technology work, and is now serving multiple growing sectors, including automotive
- In 2019, Geely Auto (China-based company automobile manufacture) partnered with Ricardo (UK based, global engineering and strategic, technical and environmental consultancy)
- The partnership is aimed to build advance hybrid transmission precisely for range-extended PHEV (plug-in hybrid electric vehicles)
To understand how our Automotive Engineering Services Market can bring difference to your business strategy:– https://www.reportsanddata.com/report-detail/automotive-engineering-services-market
For the purpose of this study, Reports and Data have segmented the industry by Service Type, by Nature, by Application, by Location and by Region:
Automotive Engineering Services by Service Type (Revenue, USD Million; 2018–2028)
- Concept/ Research
- Manufacturing Support
- Validation and Predictive Engineering Analytics
- System Integrator
Automotive Engineering Services by Nature (Revenue, USD Million; 2018–2028)
Automotive Engineering Services by Application (Revenue, USD Million; 2018–2028)
- Electrical, Electronics and Body Controls
- Embedded Systems and Infotainment
- HMI Platform
- Media Subsystem
- Telematics Solution
- Instrument Clusters
- Interior and Exterior Body
- Powertrain and Exhaust
Automotive Engineering Services by Location (Revenue, USD Million; 2018–2028)
Automotive Engineering Services by Region (Revenue, USD Million; 2018–2028)
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
- Rest of Latin America
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2353
Key Advantages of Automotive Engineering Services Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Automotive Engineering Services industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Automotive Engineering Services Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Head of Business Development
Direct Line: +1-212-710-1370
Reports and Data | Web: www.reportsanddata.com
Check our upcoming research reports @https://www.reportsanddata.com/upcoming-reports
Visit our blog for more industry updates @ https://www.reportsanddata.com/blogs