IMARC Group’s latest research report, titled “Automotive Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the automotive engineering services outsourcing market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global automotive engineering services outsourcing market size reached US$ 96.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 257.9 Billion by 2028, exhibiting a growth rate (CAGR) of 17.1% during 2023-2028.
Automotive Engineering Services Outsourcing Market Overview:
Automotive engineering services outsourcing utilizes advanced technology and services, such as auto designing, system integration, testing, and designing, to produce new-age automotive engineering products at low costs with a competitive edge. It supports a variety of capabilities, such as designing the parts of a vehicle, working with a company’s supply chain, and developing aftermarket support for engineering. Outsourcing services help with multiple tasks, including creating parts, dealing with a company’s supply chain, and developing engineering aftermarket assistance. These services are required for starting the product design and development process by using various IT-based tools and databases. To follow the standards from conception to production, automotive companies outsource their projects for better output and time-saving. Consequently, it finds extensive applications in commercial, passenger, electric, and hybrid vehicles.
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Global Automotive Engineering Services Outsourcing Market Trends:
The global market is majorly driven by significant growth in the automotive industry. The automotive engineering outsourcing services market is continually expanding due to increased vehicle production and the escalating demand for hybrid vehicles. Besides this, the rising demand for advanced and enhanced connectivity solutions by automotive manufacturers is positively influencing the market.
Furthermore, the growing demand for improved connectivity solutions is favoring the market growth due to its ability to offer various services, such as navigation, smart infotainment, passenger safety, and remote diagnostics. In line with this, the diverse technological skills of Engineering Service Providers (ESPs) to deliver product innovations in their offerings for vehicle positioning, connected automobiles, and guidance systems are providing an impetus to the market.
Moreover, the increasing initiatives by various governments to deploy green vehicles for reducing harmful gas discharges and the shifting inclination of Original Equipment Manufacturers (OEMs) toward digitalized solutions are offering numerous growth opportunities in the market. Additionally, the rapid integration of advanced technology solutions, such as Artificial Intelligence (AI) and the Internet of Things (IoT), is also creating a positive outlook for the market.
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Key Market Segmentation:
Top Automotive Engineering Services Outsourcing Companies Worldwide:
- Altair Engineering Inc.
- ALTEN Group
- ASAP Holding GmbH
- AVL List GmbH
- Bertrandt AG
- Capgemini SE
- EDAG Engineering Group AG
- FEV Group GmbH
- Horiba Ltd.
- IAV GmbH (Volkswagen AG)
- P3 group GmbH
- RLE INTERNATIONAL Group.
Breakup by Service:
- Designing
- Prototyping
- System Integration
- Testing
- Others
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Breakup by Location Type:
- On-shore
- Off-shore
Breakup by Application:
- Autonomous Driving/ADAS
- Body and Chassis
- Powertrain and After-treatment
- Infotainment and Connectivity
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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