7Newswire
28 Oct 2021, 09:32 GMT+10
The automotive engineering services market was valued at USD 168.4 billion in 2018 and is expected to reach USD 460.5 billion by year 2028, at a CAGR of 13.4% CAGR during the forecast period (from 2018 - 2028). 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.
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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.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-engineering-services-market
Further key findings from the report suggest-
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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; 2016-2026)
Automotive Engineering Services by Nature (Revenue, USD Million; 2016-2026)
Automotive Engineering Services by Application (Revenue, USD Million; 2016-2026)
Automotive Engineering Services by Location (Revenue, USD Million; 2016-2026)
Automotive Engineering Services by Region (Revenue, USD Million; 2016-2026)
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Table of Content:
Chapter 1. Automotive Engineering Services Segmentation & Impact Analysis1.1. Automotive Engineering Services Segmentation Analysis1.2. Automotive Engineering Services Market Value Chain Analysis, 2016-20261.3. Regulatory Framework1.4. Automotive Engineering Services Market Impact Analysis1.4.1. Market Driver Analysis1.4.1.1. Increasing Demand for Advanced Connectivity Solutions1.4.1.2. Growing Adoption of EVs and Shared Mobility1.4.2. Market Restraint Analysis1.4.2.1. Intellectual Property (IP) Constraint1.5. Key Opportunities Prioritized1.6. Automotive Engineering Services Pricing Analysis1.7. Industry Analysis - Porter's1.8. Automotive Engineering Services PESTEL AnalysisChapter 2. Automotive Engineering Services Market By Service Type Insights & Trends2.1. Automotive Engineering Services: Service Type Dynamics & Market Share, 2018 & 20262.2. Concept Research2.2.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.2.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)2.3. Designing2.3.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.3.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)2.4. Manufacturing Support2.4.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.4.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)2.5. Validation2.5.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.5.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)2.6. Prototyping2.6.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.6.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)2.7. Testing2.7.1. Market Estimates And Forecast, 2016 - 2026 (USD Million)2.7.2. Market Estimates And Forecast, By Region, 2016 - 2026 (USD Million)...
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