Market Summary -
Automotive Engineering Service Provider Market Size To Expand at a Notable CAGR Of 12% During Forecast Period.
An automotive engineering solution provides end-to-end technical support for the design, development, manufacturing, and supply chain management of smarter vehicles. Furthermore, the engineering solution provider offers design and engineering capabilities for multiple vehicle components, along with software and hardware development of different vehicle electronics systems such as infotainment and diagnostic devices.
The increasing demand for connected vehicles, increasing concern over driver and vehicle safety, growing demand for environment-friendly vehicles, and the increasing adoption of Engineering Service providers in passenger and commercial vehicles from developing countries like Africa, China, and India are considered as the key driving factors for the growth of this market.
The increasing uses of engineering service provider components in automobiles and increasing production of electric vehicles from countries such as China, Germany, Norway, and Japan drive the growth of the automotive engineering service provider market. In addition, the support from governments of various countries for the setup of engineering service provider infrastructure for electric vehicles and changing lifestyles are set to accelerate the growth of this market during the study period.
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Market Research Analysis
In terms of region, the global market for the Automotive Engineering Service Provider is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is estimated to hold the largest market share during the forecast period owing to the growing production of automobiles from China, India, Kores, and Japan. Moreover, the growing population and rising purchasing power of people are expected to boost the demand for the Automotive Engineering Service Provider market in this region.
Furthermore, the growing industrialization and infrastructure development across the region accelerate the growth of this market.
Europe is estimated to grow at a significant rate in the Automotive Engineering Service Provider market during the forecast period owing to the presence of key players such as Continental AG (Germany), AVL LIST GmbH (Germany), and Robert Bosch GmbH (Germany) are contributing in the growth of this market.
Key Players
The prominent players in the global automotive Engineering Service Provider market include Continental AG (Germany), AVL LIST GmbH (Germany), Robert Bosch GmbH (Germany), Bertrandt (Germany), HARMAN International (USA), EDAG Engineering GmbH (Germany), IAV Automotive Engineering, Inc. (Germany), Magna International Inc (Canada), Imaginative Automotive Engineering Services (India), and Contechs (UK).
Market Segmentation -
This study provides an overview of the global Automotive Engineering Service Provider market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Automotive Engineering Service Provider market by service, application, vehicle type, and region.
By Service Engine, Chassis, Transmission, Car and BIW, Seating Systems, Cooling and HVAC, Interior and Exterior Trims, Others
By Application, Mechanical, Electrical & Electronics, Software, Safety
By Vehicle Type, Passenger Car, Commercial Vehicle, Two-wheeler
By Regions North America, Asia-Pacific, Europe, Rest of the World
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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.
