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.
Get Free sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2353
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-
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2353
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)
Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2353
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)...
About us:
Reports and Data is a 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 client's make a smarter business decision. We offer intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact us:
+1-212-710-1370
Read More:
Get a daily dose of London Mercury news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to London Mercury.
More InformationOne halcyon spring day in 1903, the 69-year-old anatomist and naturalist Dr. James Bell Pettigrew sat at the top of a sloping street...
DALLAS, Texas: Southwest Airlines will start charging passengers for checked bags, ending a long-standing policy that set it apart...
NEW YORK, New York - U.S. stocks rallied hard on Friday, boosted by strong rises around the world. Investors shrugged off a decline...
MILAN, Italy: Maserati has scrapped plans for an electric version of its MC20 sports car, citing low expected demand for the high-performance...
BERLIN, Germany: Volkswagen is set to cut 1,600 jobs at its Cariad software division by the end of the year, affecting nearly 30 percent...
The principal terminal, Terminal 1, at Israel's largest airport will reopen at the end of this month, having largely been closed since...
NEW YORK, New York - The knee-jerk introduction of trade tariffs by President Donald Trump continues to rattle markets with all the...