Global Automotive Engineering Services Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027 at a CAGR of 27% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Automotive Engineering Services MarketGlobal Automotive Engineering Services Market Dynamics:
Growing customer needs and expectations from specialized IT and core automobile engineering services contains connected cars, vehicle-to-vehicle, and vehicle-to-infrastructure communication is currently driving the market growth. Moreover, growing demand for fuel-efficient vehicles and the ever more stringent emission norms are also driving the market growth. Increasing competition and falling product lifecycle are also accelerating market growth. However, original equipment manufacturers are collaborating with engineering services (ESO) are projected to drive the demand in forecast years.
On the other hand, demand for automotive ESO services is increasing significantly with growing technical capabilities of Engineering Service Providers (ESPs) to provide product innovation and automotive R&D in vehicle positioning, guidance systems, connected cars, and autonomous driving. Asia Pacific region accounted for the largest market share in 2019 and is expected to continue this trend during the forecast period.
Maximize market research has analyzed the M&A activity in the sector and found out that not only many turnkey companies investing in smaller specialist capabilities, but that body-leasing companies are also following an growing value-add strategy by acquiring more distinguished business models. Additionally, some large corporations increasingly have shown interest in investing in specialized ESPs to complement their proficiency set and acquire technology know-how in innovative areas like e-mobility and alternative materials.
Because of the availability of cost-effective labor in countries, like Philippines, India, and China, major automobile OEMs are outsourcing manufacturing and associated activities to these destinations. Japan is one of the most prominent car manufacturers worldwide because of the presence of major auto manufacturers, like Honda Motor Co., Ltd., Nissan Motor Corp., and Toyota Motor Corp. This has activated the demand for automotive engineering services in the country, which is subsidiary for the APAC regional growth.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a .suitable set of assumptions and methodology. The report also helps in understanding Automotive Engineering Services Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Automotive Engineering Services Market.
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Scope of the Global Automotive Engineering Services Market Report:
Global Automotive Engineering Services Market, by Application
• Designing
• Prototyping
• System Integration
• Testing
Global Automotive Engineering Services Market, by Location
• On-shore
• Off-shore
Global Automotive Engineering Services Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Key Players Operating in the Global Automotive Engineering Services Market:
• AVL
• AKKA
• ATIPL Altran Technologies Ltd.
• ARRK Product Development Group Ltd.
• ASAP Holding GmbH
• Bertrandt AG
• EDAG Engineering GmbH
• Horiba Ltd.
• ITK Engineering GmbH
• M Plan GmbH
• RLE International Group
• FEV Group GmbH
• IAV Automotive Engineering
• Ricardo
• Alten
• L&T Technology Services
• HCL Technologies Limited
• Tech Mahindra Limited
• Onward Technologies Ltd.
• T-NET JAPAN Co., Ltd.
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