Austin, July 15, 2024 (GLOBE NEWSWIRE) -- The Automotive Engineering Services Outsourcing Market Size is estimated to grow at a CAGR of 22.13% (2024-2032) and is expected to reach USD 357.56 billion by 2032.
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Automotive engineering services outsourcing helps auto makers have access to global talent pool and save on their labour costs by up to 25% in some regions.
It also eliminates the need for any in-house infrastructure and expertise for specific tasks that consequently results into significant cost optimization. The fast pace of technological innovation within the auto sector calls for a range of competencies.
These are areas where most internally developed teams may not have enough knowledge especially when it comes to cutting edge technologies like autonomous vehicles or electric cars. Typically, such are areas often specialized by engineering services outsourcing providers so that firms dealing with them can be able to keep updating their staff with trendy advancements made over time.
Outsourcing enables automakers to concentrate on their strengths such as brand development and vehicle design.
They achieve this by outsourcing engineering tasks to engineering services outsourcing providers to simplify operations and use their engineering services outsourcing more effectively. The highly competitive landscape demands faster time-to-market for new vehicles. Also, engineering services outsourcing providers can assist automakers in reducing development cycles through the provision of expanded engineering services outsourcing set as well as expertise that results into quicker introduction of new features and models.
• Rising adoption and overall sales for Electric Vehicles:
The increasingly high demand for electric vehicles (EVs) poses intricate engineering obstacles. Automobile companies are currently seeking out engineering services outsourcing firms that specialize in EV powertrain design, battery management systems, lightweighting technologies, etc., in order to target the EV landscape.
Automotive Engineering Services Outsourcing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 72.24 Billion |
| Market Size by 2032 | USD 357.56 Billion |
| CAGR | CAGR 22.13% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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The automotive engineering services outsourcing market offers a profitable chance for both established companies and new entrants.
The need for more specialized engineering services will further intensify, given the ever-increasing sophistication of automobiles coupled with demand for shorter development cycles. Furthermore, engineering services outsourcing providers who can offer cutting-edge expertise in these areas will find a whole new world opening as electric cars and autonomous driving become main stream.
Major Challenges:
- Concerns regarding the security of intellectual property (IP) arise from the subcontracting of sensitive engineering data. Secure data transfer protocols and strong contractual agreements need to be put in place by car manufacturers to mitigate any risks.
- The success of projects is dependent on effective communication and collaboration between car manufacturers and engineering services outsourcing providers. Communication protocols should be built up, with good management structures for dealing with these geographical or cultural differences which may pose a challenge.
Key Segment Analysis: Understanding the Market Landscape and Untapped Potential
The key segment in engineering services outsourcing market will be the vehicle type segment. The vehicle segments such as passenger cars; commercial vehicles; electric vehicles. The passenger vehicle segment is a dynamic segment with changing consumer tastes.
Previously perceived as affordable hatchbacks driven by fuel efficiency, the landscape is being reworked. Due to their perceived safety, spaciousness, ability to drive on different terrains; SUVs are experiencing an increase in popularity. Such trend has been mainly seen in developing economies having fast growing economies coupled with poor infrastructure facilities.
Regional Insights:
Engineering services outsourcing market is geographically spread out across APAC, Europe, and Asia Pacific, with NA and Europe accounted for 65% global share in 2023. The fastest growth of CAGR 20.21% is expected to be witnessed in North America region over the period of 2024-2032, because of its large automotive manufacturing base and increasing number of skilled engineers.
Impact of External factors and major trends on market:
Strong cybersecurity measures in automotive engineering will become increasingly important as connected car technology continues to develop. Cloud-based platforms facilitate increased collaboration and data sharing among car manufacturers and engineering services outsourcing providers. The automotive industry is being changed by AI, and engineering services outsourcing providers who use AI for activities such as design optimization and simulation are expected to have a competitive advantage.
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Key Takeaways:
- Automotive engineering services outsourcing market presents enormous opportunities for auto firms targeting cost-effectiveness, access to expertise as well as shortened development cycles.
- By addressing challenges like IP concerns and promoting strong communication, players across the engineering services outsourcing ecosystem can capitalize on this thriving market and contribute to the future.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Automotive Engineering Services Outsourcing Market Segmentation, By Application
8. Automotive Engineering Services Outsourcing Market Segmentation, By Service
9. Automotive Engineering Services Outsourcing Market Segmentation, By Location
10. Automotive Engineering Services Outsourcing Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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