Automotive Engineering Services Market Will Reach USD 360 Billion by 2025: Meticulous Research®
Automotive Engineering Services Market by Type (Designing, Prototyping), Application (ADAS and Safety, Electrical, Electronics and Body Control, Chassis, Connectivity, Interior/Exterior and Body, Powertrain and Exhaust), Location, Vehicle Type, and Geography- Forecast to 2025
Pune, India – January 14, 2020 /MarketersMedia/ —
Engineering service providers have always played a key role in the dynamic world of automotive sector. Initially the services were limited to very few specific tasks such as designing, drafting, and analysis. However, specialized engineering services are gradually expanding its ways in other automotive applications such as development of the systems, complete vehicle assemblies, quality assurance, project management, and conducting training programs. Almost every major automotive manufacturer opts for different automotive engineering services in order to reduce the overall operating cost; and thus, improve profitability without compromising on quality. Meticulous Research® in its latest publication on automotive engineering services market states that the global automotive engineering services market is expected to grow at a CAGR of 13% to exceed $360 billion by 2025.
Consistently growing trust in engineering services coupled with huge R&D investments from automotive manufacturers are the prominent factors driving the market growth. Some of the leading global automotive manufacturers including Renault, Volkswagen, BMW AG, Daimler AG, and Ford motors are ranked among the top companies using automotive engineering services. Besides, other automotive manufacturers are also giving serious consideration to automotive engineering services in order to improve quality, provide better safety, reduce cost of development, and match strict regulatory norms laid by governments.
In order to provide in-depth analysis, Meticulous Research has segmented this market on the basis of type (concept & research, designing, prototyping, systems integration, testing), application (ADAS & safety, electrical, electronics & body control, chassis, connectivity, interior/exterior & body engineering, powertrain & exhaust, simulation), location (in-house, outsource), vehicle type (passenger cars, commercial vehicles) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Geographically, Europe commanded the largest share in this market followed by Asia-Pacific, North America, Latin America, and Middle East & Africa regions. Europe is home to some of the biggest and most recognized automotive brands across the globe, including Volkswagen, Daimler AG, ZF Group, Volvo Group, and Renault Group among others. Majority of tier 1 automotive brands in Europe have higher inclination towards engineering services; and thus, Europe is expected to maintain its dominance in automotive engineering service market over the forecast period. Besides, rapid electrification of present-day automotive sectors in Europe is also encouraging the demand for automotive engineering services in Europe. However, consistently soaring demand for quality automobiles powered by promising economies has allowed Asia Pacific to register the fastest growth in the automotive engineering services market. Automotive manufacturers such Toyota Motors, Hyundai Motors, Honda Motors, and Tata Motors, among others also utilize integrated automotive engineering services on a considerable scale. Considering the strong growth in automotive industry and increasing focus on cost optimization of R&D activities, the Asia-Pacific region is expected to drive the fastest growth in the APAC automotive engineering services market over the coming years.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including AVL (Austria), Bertrandt AG (Germany), EDAG Engineering GmbH (Germany), IAV GmbH (Germany), Altran (France), Harman International Industries, Inc. (U.S.), Capgemini SE (France), Alten Cresttek (India), L&T Technology Services (India), FEV India (India), Akka Technologies (Belgium), HCL Technologies (HCL), Ricardo PLC (U.K.), and Tech Mahindra (India), among others.
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Key Topics Covered in This Report:
1. Introduction
1.1. Market Ecosystem
1.2. Currency and Limitations
1.2.1. Currency
1.2.2. Limitations
1.3. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
4. Market Insights
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Automotive Engineering Service Market, by Service Type
5.1. Introduction
5.2. Concept/Research
5.3. Designing
5.4. Prototyping
5.5. System Integration
5.6. Testing
6. Automotive Engineering Service Market, by Application
6.1. Introduction
6.2. ADAS and Safety
6.3. Electrical, Electronics and Body Controls
6.4. Chassis
6.5. Connectivity Services
6.6. Interior, Exterior, and Body Engineering
6.7. Powertrain and Exhaust
6.8. Simulation
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7. Automotive Engineering Service Market, by Location
7.1. Introduction
7.2. In-House
7.3. Outsource
7.3.1 On-Shore
7.3.2 Off-Shore
8. Automotive Engineering Service Market, by Vehicle Type
8.1. Introduction
8.2. Passenger Cars
8.3. Commercial Vehicle
9. Automotive Engineering Service Market, by Geography
9.1. Introduction
9.2. Asia-Pacific
9.2.1. China
9.2.2. India
9.2.3. Japan
9.2.4. South Korea
9.2.5. Rest of Asia-Pacific (RoAPAC)
9.3. North America
9.3.1. U.S.
9.3.2. Canada
9.4. Europe
9.4.1. France
9.4.2. Germany
9.4.3. Italy
9.4.4. Russia
9.4.5. Spain
9.4.6. U.K.
9.4.7. Rest of Europe (RoE)
9.5. Latin America
9.5.1. Brazil
9.5.2. Mexico
9.5.3. Rest of Latin America (RoLA)
9.6. Middle East & Africa
10. Competitive Landscape
10.1. Competitive Growth Strategies
10.2. Competitive Benchmarking
10.3. Market Share Analysis
11. Company Profiles (Business Overview, Financial Overview, Service Portfolio, Strategic Developments)
11.1. AVL
11.2. Bertrandt AG
11.3. EDAG Engineering GmbH
11.4. IAV GmbH
11.5. Altran
11.6. Harman
11.7. Capgemini
11.8. Alten Cresttek
11.9. L&T Technology Services
11.10. FEV
11.11. Akka Technologies
11.12. HCL Technologies
11.13. Ricardo
11.14. Tech Mahindra
12. Appendix
12.1. Questionnaire
12.2. Available Customization
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