According to Market Research Future (MRFR)’s analysis, the global automotive engineering service provider market is set to exhibit a steady CAGR over the forecast period 2018 to 2023. The accelerated profit generation witnessed in the automotive industry is likely to aid the proliferation of the market in the forthcoming years.
Engineering service providers offer services for developing, designing and testing engines. The innovations in automotive technology are forecasted to dictate the growth pattern of the automotive engineering service provider market over the next couple of years. In addition, the availability of automotive engineering services outsourcing is further anticipated to reflect on the growth curve of the market in the foreseeable future.
The rising standards of living coupled with increasing purchasing power and strengthening economy is prognosticated to drive the growth of the global automotive engineering service provider market in the years to come. Also, a drastic rise witnessed in the ales of automobiles is predicted to keep favoring market expansion across the review period.
Efforts directed towards the innovation of technology that facilitates increasing power density, minimum power losses, and maximizing power savings are anticipated to augment the global automotive engineering service provider market over the assessment period. Furthermore, autonomous and semiautonomous vehicles are gaining quick mileage in the market. This, in turn, is likely to influence the growth trajectory of the market positively through the assessment period. On the flip side, rising complexities in design are set to check the proliferation pace of the global automotive engineering service provider market in the forthcoming years.
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Market Segmentation:
By services, the global automotive engineering service provider market has been segmented into engine, chassis, transmission, car and BIW, seating systems, cooling and HVAC, interior and exterior trims, and others.
By application, the automotive engineering service provider market has been segmented into Mechanical, Electrical & Electronics, Software, and Safety.
By vehicle type, the global automotive engineering service provider market has been segmented into passenger car, commercial vehicle, and two-wheeler.
Regional Analysis:
The global automotive engineering service provider market, by region, has been segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific is the largest market for automotive engineering services and is likely to maintain its prominence over the assessment period. The growth of the regional market can be ascribed to the growing automotive infrastructure. Also, the boosted sales of vehicles are anticipated to expedite the expansion of the automotive engineering service provider market in the region. Lastly, the emergence of the region as the manufacturing hub for automotive industry leaders is anticipated to augment the regional market.
Competitive Dashboard:
The noted players of the automotive engineering service provider market profiled in this report are Continental AG (Germany), Robert Bosch GmbH (Germany), AVL LIST GmbH (Germany), Bertrandt (Germany), EDAG Engineering GmbH (Germany), HARMAN International (USA), IAV Automotive Engineering, Inc. (Germany), Imaginative Automotive Engineering Services (India), Magna International Inc (Canada), and Contechs (UK).
Industry News:
In April 2019, Bosch Engineering, a large multinational engineering, and electronics company, has put into operations a new acoustics test center.
In February 2019, a provider of auto component and technology services, Mahle India, has announced the opening of new engineering, IT & sales shared service centers.
In January 2019, ZF Group, a German car parts maker, has announced the acquisition of automotive division of BeeSpeed, Romanian engineering services provider in Timisoara.
In December 2018, Grammer AG, heavy engineering and aerospace industries, has joined hands with AllyGrow Technologies, an engineering service provider to the automotive industry, for opening a joint technology center in India to utilize local engineering design expertise.
Market OverviewAs the global Automotive Engineering Service Provider Market expands, the needs and demands for engineering services are increasing, as companies have to make vehicles for different surrounding conditions and demands.
Also, the rising concerns and emphasis on enhancing the features and safety standards the demands for this market are rapidly rising.
Engineering deals in all aspects, from mechanical to software solutions, making it an essential organ of the automotive industry to deliver perfect products and meet the demands and rigid regulations changing from time to time.These service providers help in reducing the developing costs and increasing product development procedures at the same time.
With the rapid developments in technology and digitalization, the demands for vehicle digitalization is also increasing, increasing the demands of connected vehicles with advanced features.
The companies are working hard to introduce products with enhanced features to make their mark in the market, which has accelerated the global automotive industry and this market.Apart from the uses and advantages, the global automotive engineering service providers market is struggling against the factors as its usage leads to high vehicle costs and a lack of code of behavior for the developments.
This report will provide a complete detail about the market trends, growth factors, drivers & restraints, opportunities, and other primary factors followed by an in-depth analysis of the major markets around the world.
