According to a new report published by Grand View Research, Growing technical capabilities of Engineering Service Providers (ESPs) to offer R&D and product innovation in their offerings for vehicle positioning, connected cars, and guidance systems are anticipated to drive the market.
The global automotive engineering services outsourcing market size is expected to reach USD 469.6 billion by 2027 registering a CAGR of 27.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing collaboration activities between Original Equipment Manufacturers (OEMs) and Engineering Service Providers (ESPs) for leveraging state-of-the-art-technologies for performance enhancement, safety assurance, and self-driving adjustments are anticipated to drive the market. Furthermore, the introduction of stringent emission norms for effective utilization of fuels is forecasted to contribute to the demand for automotive ESO.
The market has witnessed a technological shift owing to the increasing demand for electrification, shared mobility, and autonomous driving. Furthermore, growing need for software competence required in various domains due to the introduction of Advanced Driver-Assistance Systems (ADAS), powertrain engineering, in-vehicle infotainment, and connectivity are projected to create more opportunities for the automotive ESO companies. Leading companies have incorporated cloud computing into their product offerings to ensure real-time access to data and develop more autonomous products.
Cloud computing is particularly helping in enhancing process automation by transferring the process monitoring and control to end-users irrespective of the time and location. Also, the emergence of three fundamental technologies i.e. blockchain, digital reality, Virtual Reality (VR), Augmented Reality (AR), and Internet of things (IoT), and cognitive technologies are observed to reiterate the designing and simulation of core systems in automobiles, thereby fueling the market growth.
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On the other hand, companies are majorly affected by the regulations that emphasize on reducing CO2 emission, improving testing procedures, and limiting noise pollution. Companies strive to enhance their product engineering in similar direction as mandated by government regulations. For instance, the United States Environmental Protection Agency (EPA), in collaboration with the National Highway Traffic Safety Administration (NHTSA), has established a standard in two phases, namely, Phase 1-model years 2012 to 2016 and Phase 2-model years 2018 to 2025. While Phase 1 standards aim at reducing the Greenhouse Gas (GHG) emissions and improving the fuel economy, Phase 2 standards focus on the establishment of a combined fleet-wide fuel economy of 40.3-41.0 mpg, by 2021.
Automotive Engineering Services Outsourcing Market Report Highlights
• The infotainment & connectivity application segment is anticipated to register the fastest CAGR over the next seven years
• The prototyping services segment is expected to lead the global market over the forecast period
• Asia Pacific regional market accounted for the largest revenue share in 2019 and is anticipated to continue leading the market in future.
• Some of the key companies in this market include Altran Technologies S.A.; Alten GmbH; Infosys Ltd.; HORIBA, Ltd.; Bertrandt; and AVL List GmbH.
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Automotive Engineering Services Outsourcing Market Segmentation
Grand View Research has segmented the global automotive Engineering Services Outsourcing (ESO) market on the basis of application, service, location, and region:
Automotive ESO Application Outlook (Revenue, USD Billion, 2016 – 2027)
• Autonomous Driving/ADAS
• Body & Chassis
• Powertrain and After-treatment
• Infotainment & Connectivity
Automotive ESO Service Outlook (Revenue, USD Billion, 2016 – 2027)
• System Integration
Automotive ESO Location Outlook (Revenue, USD Billion, 2016 – 2027)
Automotive ESO Regional Outlook (Revenue, USD Billion; 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• Middle East & Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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