The Automotive Engineering Market was valued at USD 140.63 Billion in 2020 and is expected to reach USD 271.86 Billion by year 2028, at a CAGR of 8.50% CAGR during the forecast period (from 2018 – 2026). The major drivers responsible for the growth of the Automotive Engineering market include a rise in the spending of the automotive RD, the increased outsourcing activities by automotive OEMs, and growing ERD 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 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.
Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/2353
Further key findings from the report suggest-
- The embedded system segment is projected to witness the highest growth over the forecast period.
- The increasing concerns regarding passenger’s and driver’s safety in cars, increasing AI integration in the entire automotive ecosystem for driving assistance automation, and stringent government regulations are the major factors fueling the demand of embedded systems
- Electronics and electrical systems play a critical role in handling all functions dedicated to passenger and driver comfort and convenience. Services in automotive electronics consist of climate control, power management module, and similar offerings. This trend is anticipated to grow owing to the adoption of complex electronics and electric vehicles
- Automotive engineering service providers like Harman, LT Technology Services and FEV have invested huge resources to develop electronics electrical, and body control solutions in Automotive Engineering market
- European region is anticipated to occupy the highest share in the Automotive Engineering market, followed by Asia Pacific and North America region. Most of the automotive engineering service companies are concentrated in Europe.
- Within European region, Germany is expected to be the major market for Automotive Engineering. In Asia-Pacific region, India is expected to be the market with the highest share of the Automotive Engineering market.
- India accounts for ~30% of all the entire business process outsourcing (BPO) and engineering service outsourcing (ESO) and talent, among the lesser cost countries.
- The engineering service outsourcing segment, in the country, is shifting from the conventional back-office services of the past to the high-end technology work, and is now serving multiple growing sectors, including automotive
- In 2019, Geely Auto (China-based company automobile manufacture) partnered with Ricardo (UK based, global engineering and strategic, technical and environmental consultancy)
- The partnership is aimed to build advance hybrid transmission precisely for range-extended PHEV (plug-in hybrid electric vehicles)
Key companies profiled in the report include:
Harman, Capgemini, AVL, Bertrandt, Alten Cresttek, LT Technology Services, FEV, Akka Technologies, HCL Technologies, IAV Automotive Engineering, Altran, Ricardo and others. Automotive Engineering marketplace
Automotive Engineering by Service Type (Revenue, USD Million; 2018–2028)
- Concept/ Research
- Designing
- Manufacturing Support
- Validation and Predictive Engineering Analytics
- Prototyping
- System Integrator
- Testing
Automotive Engineering by Nature (Revenue, USD Million; 2018–2028)
- Body-Leasing
- Turn-Key
Automotive Engineering by Application (Revenue, USD Million; 2018–2028)
- Electrical, Electronics and Body Controls
- Chassis
- Embedded Systems and Infotainment
- HMI Platform
- Media Subsystem
- Telematics Solution
- Instrument Clusters
- Interior and Exterior Body
- Powertrain and Exhaust
- Simulation
Automotive Engineering by Location (Revenue, USD Million; 2018–2028)
- Offshore
- Onshore
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
Request customization of the report @ https://www.reportsanddata.com/request-customization-form/2353
Thank you for reading our report. Customization of this report is available as per the client’s requirements. Please connect with us to know more about the report and our team will ensure you get the report tailored according to your needs.
Get Explore Latest Research Report by Reports and Data:
Probiotics Market @ https://www.globenewswire.com/news-release/2020/02/06/1981205/0/en/Probiotics-Market-To-Reach-USD-78-3-Billion-By-2026-Reports-And-Data.html
Deodorization Systems Market @ https://www.globenewswire.com/news-release/2020/02/27/1992167/0/en/Deodorization-Systems-Market-To-Reach-USD-4-25-Billion-By-2026-Reports-And-Data.html
Artificial Flavors Market @ https://www.globenewswire.com/news-release/2020/03/10/1998277/0/en/Artificial-Flavors-Market-To-Reach-USD-15-20-Billion-By-2027-Reports-and-Data.html
Individual Quick Freezing Market @ https://www.globenewswire.com/news-release/2020/03/24/2005774/0/en/Individual-Quick-Freezing-IQF-Market-To-Reach-USD-23-65-Billion-By-2026-Reports-and-Data.html
Flavor Enhancers Market @ https://www.globenewswire.com/news-release/2020/08/12/2077509/0/en/Flavor-Enhancers-Market-To-Reach-USD-11-5-Billion-By-2027-Reports-and-Data.html
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
