Rising growth for preferences of OEMs for digitized solutions is expected to provide opportunities for the automotive engineering services outsourcing market growth
The global automotive engineering services outsourcing market size is projected to reach nearly USD 555.7 billion by 2028. In addition, the market is forecasted to grow a CAGR of above 27.8% over the forecast period of 2020-2028. In order to drive the market, increasing partnership practises are needed between original equipment manufacturers (OEMs) and engineering service providers (ESPs) to exploit state-of-the-art performance improvement technologies, safety security, and self-driving improvements. In addition, the adoption of strict emission requirements for the efficient use of fuels is expected to lead to automotive ESO demand.
The report also outlines the various characteristics of the global Automotive engineering services outsourcing industry by assessing the market from value chain analysis. Moreover, the Automotive engineering services outsourcing market report comprises various qualitative parts of the Automotive engineering services outsourcing industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The automotive engineering services outsourcing market has huge competition amongst the already well-known and new market players. Also, the Automotive engineering services outsourcing industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
In particular, cloud computing helps boost process management by shifting the tracking and control of the process to end users, regardless of time and place. The advent of three main technology , i.e. blockchain, artificial reality, virtual reality ( VR), augmented reality ( AR), and the Internet of Things ( IoT) and computational technologies, is also observed to reiterate the design and simulation of main automotive systems, thus fueling the development of the industry.
Companies, on the other hand, are heavily impacted by laws that focus on lowering CO2 emissions, enhancing monitoring practises and lowering noise pollution. Companies are trying to develop their product engineering in the same way as government regulations demand. For example, in partnership with the National Highway Traffic Safety Administration (NHTSA), the United States Environmental Protection Agency ( EPA) has developed a norm in two stages, including the Phase 1 and Phase 2 models.
The major players of the global Automotive engineering services outsourcing market are Bertrandt; Altran Technologies S.A.; Alten GmbH; HORIBA, Ltd.; and AVL List GmbH. Moreover, the market comprises several other prominent players in the automotive engineering services outsourcing market as IAV GMBH, FEV Group, MBTECH GROUP GMBH, EDAG ENGINEERING GMBH, and KISTLER INSTRUMENTE AG. The Automotive engineering services outsourcing market consists of top, medium level and a number of domestic players in the global market. In addition to this, the well-established players in the industry have made various strategies and research & developments to compete with other players in the regional and global market.
Segment Overview of Global Automotive engineering services outsourcing Market
Application Overview, 2018-2028 (USD Billion)
- Autonomous Driving/ADAS
- Body & Chassis
- Powertrain and After-treatment
- Infotainment & Connectivity
Service Overview, 2018-2028 (USD Billion)
- System Integration
Location Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacifia
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America