Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Automotive Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive engineering services outsourcing market achieved remarkable growth, with a size of US$ 96.5 Billion in 2022. The market is poised for further expansion, and top industry analysts anticipate it to surge to US$ 257.9 Billion by 2028, reflecting a substantial Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period spanning from 2023 to 2028.
Automotive engineering services outsourcing involves outsourcing various non-physical engineering functions, including design, prototyping, system integration, and testing, to external sources. These services encompass a broad range of capabilities, such as vehicle part design, supply chain management, and engineering aftermarket support. Typically required in the early stages of product design and development, automotive engineering services outsourcing offers advantages like cost reduction, increased efficiency, flexibility, and time savings. Consequently, these services are extensively utilized across various vehicle categories, including commercial, passenger, electric, and hybrid vehicles (EVs/HVs).
Market Trends:
The global automotive industry's robust growth is driving positive prospects for the market. Automotive engineering services outsourcing plays a pivotal role in enhancing production process efficiencies, producing vehicle components, managing supply chains, and developing engineering aftermarket solutions. The widespread adoption of engineering systems such as computer-aided engineering (CAE) and computer-aided design (CAD) software, which facilitate advanced surfacing and address aesthetic concerns, is bolstering market growth.
Technological advancements, such as the integration of the Internet of Things (IoT), robotics, and artificial intelligence (AI) solutions for enhanced product modeling and detailing, are providing further impetus to the market. Additionally, the introduction of highly intricate designs aimed at producing energy-efficient and environmentally sustainable vehicles is positively influencing market expansion. Other growth drivers include increasing automation, integrated solutions adoption, extensive research and development (R&D) activities, and government initiatives promoting the development of EVs and HVs.
Key Market Segmentation:
The report offers a comprehensive analysis of key trends within each sub-segment of the global automotive engineering services outsourcing market. It provides forecasts at the global, regional, and country levels for the period 2023-2028. The market is categorized based on service, vehicle type, location type, and application.
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
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has been meticulously examined, including profiles of key players such as 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, and RLE INTERNATIONAL Group.
Key Questions Answered:
- What was the size of the global automotive engineering services outsourcing market in 2022?
- What is the expected growth rate of the global automotive engineering services outsourcing market during 2023-2028?
- What has been the impact of COVID-19 on the global automotive engineering services outsourcing market?
- What are the key factors driving the global automotive engineering services outsourcing market?
- What is the market breakdown based on service and application?
- What are the key regions in the global automotive engineering services outsourcing market?
- Who are the prominent players in the global automotive engineering services outsourcing market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $96.5 Billion |
| Forecasted Market Value (USD) by 2028 | $257.9 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ht0a1r
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