Portland, OR, Oct. 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive acoustic engineering services market generated $2.61 billion in 2019, and is estimated to reach $4.80 billion by 2027, registering a CAGR of 7.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Government regulations regarding noise pollution and customer preference for enhanced cabin comfort and luxury features drive the growth of the global automotive acoustic engineering services market. However, high initial investment and rise in utilization of used acoustic testing equipment hinder the market growth. On the other hand, growing trend of engine downsizing create new opportunities in the coming years.
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COVID-19 Scenario:
- During the coronavirus pandemic, all the automotive acoustic engineering services have been banned globally to control the spread of the virus.
- Moreover, the demand for the commercial and electric vehicle has been reduced due to the restrictions on operations in the automobile industry during the global lockdown.
The report offers a detailed segmentation of the global automotive acoustic engineering services market based on offering, software, application, vehicle type, and region.
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Based on vehicle type, the passenger vehicle segment contributed to the largest share in 2019, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the electric vehicle segment is expected to register the highest CAGR of 14.2% from 2020 to 2027.
Based on software, the simulation segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the vibration segment is estimated to portray the highest CAGR of 8.2% during the forecast period.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 8.7% from 2020 to 2027.
Leading market players analyzed in the automotive acoustic engineering services market research include AVL, Brüel & Kjær, Autoneum, Bertrandt AG, FEV Group GmbH, EDAG Engineering GmbH, Schaeffler Engineering GmbH, HEAD acoustics GmbH, STS Group AG., and Siemens Industry Software Inc.
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