Market Research Report
Automotive Engineering Services - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||911805|
|Published||Content info||146 Pages
Delivery time: 2-3 business days
|Automotive Engineering Services - Global Market Outlook (2018-2027)|
|Published: September 1, 2019||Content info: 146 Pages||
According to Stratistics MRC, the Global Automotive Engineering Services Market is accounted for $134.65 billion in 2018 and is expected to reach $427.62 billion by 2027 growing at a CAGR of 13.7% during the forecast period. Increasing demand for advanced connectivity solutions, adoption of EV's and shared mobility for a greener environment are some of the factors fuelling market growth. However, Intellectual Property (IP) constraint and shift in business model are restricting market growth.
The engineering service provider offers different engineering solutions to various industries and automotive is one of the industries. The engineering solutions are provided for various elements like mechanical, electrical, electronics, software, and others. These elements are used for several applications in automobiles. Automotive engineering solutions help OEMs and their suppliers digitize the product value chain and thereby minimize product development costs and reduce the time to market. Automotive engineering solutions include vehicle engineering, vehicle electronics, manufacturing IT, and product lifecycle management (PLM).
Based on vehicle type, the passenger car segment is estimated to have a lucrative growth due to the adoption of sensors and utilization of vehicle data for autonomous driving and predictive maintenance. By Geography, Asia Pacific is likely to have a huge demand due to the growing concerns about rising emission and traffic congestions. Countries such as China, India, and Japan are taking initiatives to reduce emission by adopting a hybrid, plug-in, fuel cell, and battery electric vehicles.
Some of the key players profiled in the Automotive Engineering Services market include Akka Technologies, Alten Cresttek, Altran, AVL, Bertrandt AG, Capgemini, FEV, Harman, HCL Technologies, IAV Automotive Engineering, L&T Technology Services, Ricardo and Tech Mahindra.