DUBAI, United Arab Emirates, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to a recently published study by ESOMAR-certified Future Market Insights, the global automotive engineering service outsourcing market is estimated to garner US$ 477.6 Billion while exhibiting a 20.5% CAGR during the forecast period ranging from 2022 to 2032.
The industry is expected to secure US$ 7.4 Billion in 2022. Technological advancements in the automotive sector and surging investments in R&D, and innovations in engineering services increase the demand for the market.
Leading automotive engineering service outsourcing manufacturers are increasingly focusing on introducing novel compact and advanced services which, in turn, is anticipated to foster market growth in the near future.
Also, the complexity involved in the design of the transmission, powertrain, and engine, many manufacturers are focusing on designing these parts in their in-house facilities instead of outsourcing them from engineering service providers are some of the prominent factors anticipated to hinder the market's growth during the forecast period.
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As per the analysis, the powertrain and aftermarket segment is anticipated to hold remunerative opportunities for the global automotive engineering service outsourcing market. Various developing countries are making significant developments in their budgets, thereby, offering lucrative opportunities to players in the market.
Key Takeaways from the Market Study
- By application, powertrain and after-treatment to account for a 30.5% revenue share in 2022
- Automotive prototyping service outsourcing to accumulate a revenue share worth 30%
- North America to be the dominant market, expected to generate over 2/5th of global revenue in 2022
- Europe to trail behind North America, expected to contribute 33% of the automotive engineering service outsourcing revenue
- Asia Pacific to emerge as a significant market player, accounting for a tenth of the global market revenue
- Global automotive engineering service outsourcing market to experience 64x growth until 2032
“Rising technological advancements, and high investments in R&D, and innovations in automotive engineering services are expected to fuel the demand of automotive engineering services outsourcing market over the forecast period,” says an analyst at FMI.
Competitive Landscape
Key players in the global automotive engineering service outsourcing market include AKKA, Altair Engineering Inc., Alten Group, Altran (Capgemini Engineering), ARRK Product Development Group Ltd., ASAP Holding Gmbh, AVL List GmbH, Bertrandt AG, EDAG Group, ESG Elektroniksystem- und Logistik-GmbH, FEV Group GmbH, Horiba, LTD., IAV, ITK Engineering GmbH Kistler Group, P3 group GmbH, RLE INTERNATIONAL Group. Recent updates from the industry are:
- In January 2021 – Bertrandt launched mobile ball impact testing device with a standardized design. It will enable customers to carry out independent testing of interior components in compliance with the regulations.
- In June 2022 – FEV and ProLogium Technology, a leader in solid-state batteries, signed a MOU to cooperate in the development of solid-state battery systems.
- In January 2022 - ALTEN SPAIN the subsidiary of the ALTEN Group, acquired Clevertask. Through this acquisition, ALTEN Spain will be able to explore renewed opportunities and capabilities for their teams and clients. Clevertask will continue to operate under the guidance of its founders and current management team while benefiting from the synergies, knowledge and corporate services of the ALTEN Group.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive engineering service outsourcing market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Application (Autonomous Driving/ADAS, Body & Chassis, Powertrain, and After-treatment, Infotainment & Connectivity, Others) by Service (Designing, Prototyping, System Integration, Testing, Others) by Location (On-shore, Off-shore) and Region (North America, Latin America Europe, APAC, and Middle East & Africa,)
Key Segments Covered in the Automotive Engineering Service Outsourcing Industry Analysis
By Application:
- Autonomous Driving/ADAS Engineering Service Outsourcing
- Automotive Body & Chassis Engineering Service Outsourcing
- Automotive Powertrain and After-Treatment Engineering Service Outsourcing
- Automotive Infotainment & Connectivity Engineering Service Outsourcing
- Other Automotive Engineering Service Outsourcing Applications
By Service:
- Automotive Designing Service Outsourcing
- Automotive Prototyping Service Outsourcing
- Automotive System Integration Service Outsourcing
- Automotive Testing Service Outsourcing
- Other Automotive Engineering Service Outsourcing Services
By Location:
- On-shore Automotive Engineering Service Outsourcing
- Off-shore Automotive Engineering Service Outsourcing
By Region:
- North America Automotive Engineering Service Outsourcing Market
- Latin America Automotive Engineering Service Outsourcing Market
- Europe Automotive Engineering Service Outsourcing Market
- Asia Pacific Automotive Engineering Service Outsourcing Market
- Middle East and Africa Automotive Engineering Service Outsourcing Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
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