According to the latest research report by IMARC Group, titled “Automotive Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global engineering services outsourcing market Automotive reached a value of US$80.75 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$221.79 billion by 2027, exhibiting a CAGR of 17.60% over 2022 -2027.
Automotive engineering services outsourcing deals with the design, development, production, and safety testing of vehicles, including cars, trucks, motorcycles, scooters, and others. The field of automotive engineering is research intensive and employs mathematical models and formulas directly. Outsourcing helps a variety of capabilities, such as designing vehicle parts, working with a company’s supply chain, and developing after-sales support for engineering. It uses the best technology and services related to the core engineering process of the business, such as automobile design, computer-aided manufacturing and design, to obtain new-age engineered products at low cost and with a competitive advantage. It finds wide applications in the automotive industry.
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The COVID-19 outbreak negatively affected the global automotive industry. Disruptions were observed in exports of auto parts and operations in assembly plants. The sharp drop in economic activities in the automotive sector due to customer-specific measures has wreaked havoc on the automotive engineering services outsourcing industry in the medium and long term. The global lockdown due to the COVID-19 pandemic hampered vehicle production. Vehicle sales were down as manufacturing sites around the world were shuttered. In addition to this, the low demand for automobiles resulted in a reduction in spending by several automotive companies on research and development.
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The global market is mainly driven by the continuous technical advances in outsourcing services. Accordingly, the increased spending on research and development by various organizations is positively influencing the market. Furthermore, the advent of connected cars, guidance systems, vehicle positioning and in-car IoT is catalyzing market growth. Apart from this, the growing trend towards digitized solutions in the automotive industry is creating a positive outlook for the market. In addition, the demand for outsourcing services is gaining strength as industry players compete to take advantage of innovative technologies. In addition to this, leading outsourcing service providers are providing advanced connectivity solutions to meet the need for connectivity and infotainment services. In addition, the growing demand for technologies, such as LED technology and refined aerodynamics, is giving the market a boost.
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Key market segmentation:
The competitive landscape of the industry was also examined along with the profiles of the key players, which are 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.
Breakdown by service:
• System integration
Breakdown by vehicle type:
• Passenger vehicle
• Commercial Vehicles
Breakdown by location type:
• On land
Breakdown by application:
• Autonomous Driving/ADAS
• Bodywork and Chassis
• Powertrain and aftertreatment
• Infotainment and Connectivity
Breakdown by region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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