Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The global automotive acoustic engineering service market size is expected to experience significant growth by reaching USD 22.43 billion by 2027 while exhibiting a CAGR of 11.8% between 2020 and 2027. The growth is attributable to the growing focus on engine downsizing and the growing preference for passenger vehicles that propel the demand for advanced automotive acoustic engineering service globally. This information is published by Fortune Business Insights, in its latest report, titled, “Automotive Acoustic Engineering Service Market Size, Share & Covid-19 Impact Analysis, By System Type (Physical Testing, Virtual Testing), By Application Type (Interior, Drivetrain, Powertrain, Body, and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2020-2027.” The report further mentions that the market stood at USD 14.24 billion in 2019 and is likely to gain momentum in the forthcoming years.
COVID-19 Impacts Vehicle Sales Leading to a Period of Stagnation
The global pandemic, COVID-19, has led to an unprecedented loss for the automotive sector. With several manufacturing operations being halted for a temporary period, there has been a sharp decline in the sales of automotive across the globe. This is hampering the growth prospects of the market. However, the government is trying every possible means to bring back the economy to normalcy that will contribute to the growth of the market in the near future.
List of Top Companies Profiled in the Global Automotive Acoustic Engineering Service Market are:
- Autoneum (Zurich, Switzerland)
- Schaeffler (Werdohl, Germany)
- HEAD acoustics GmbH (Herzogenrath, Germany)
- FEV Group Gmbh (Aachen, Germany)
- AVL List GmbH (Graz, Austria)
- Siemens Industry Software Inc (Texas, United States)
- Bertrandt (Ehningen, Germany)
- Brüel & Kjær (Nærum, Denmark)
- EDAG Engineering GmbH (Wiesbaden, Germany)
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The automotive acoustic engineering service is a type of process that involves developing, designing, simulating, and testing of sound that originates from the vehicle components such as engine, interior cabin, and others. Stringent government norms on noise pollution have given precedence to such processes that enable the auto manufacturers to keep the overall vehicle noise within the permissible range during manufacturing.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
KEY DRIVING FACTORS
Growing Preference for Passenger Vehicles to Aid Growth
According to the data by CNBC, the automotive sector registered sales of around 77.5 million new vehicles, with China being the leading auto market. The growing preference for passenger vehicles backed by the increasing demand for convenience and high disposable income is expected to boost the demand for advanced automotive acoustic engineering service systems across the globe. Additionally, the manufacturers are focusing on engine downsizing that enables displacing heavier engines with a lighter one that provides equivalent power ergonomics as the larger engine. This further leads to better fuel efficiency and reduced friction causing less noise within the vehicle. Therefore, such initiatives by the automotive manufacturers are expected to bode well for the global automotive acoustic engineering service market growth during the forecast period.
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MAJOR SEGMENTATION
Virtual Testing Held 48.8% Market Share in 2019
The virtual testing segment, based on system type, held a market share of about 48.8% in 2019 and is projected to showcase significant growth owing to the growing adoption of virtual testing systems to quickly and accurately detect faults within the vehicle.
REGIONAL INSIGHTS
Europe to Remain Dominant; Presence of Established Automotive Companies to Aid Growth
Among all the regions, Europe is expected to hold the highest position in the global market during the forecast period. This is attributable to the presence of established automotive companies in the region. The companies such as Audi, BMW, and Volkswagen are actively investing in developing advanced automotive acoustic engineering service solutions to manufacturing noiseless vehicles that will bode well for the market growth in Europe between 2020 and 2027.
COMPETITIVE LANDSCAPE
Facility Expansion by Key Players to Expand Their Product Portfolio and Boost Sales Revenue
The global automotive acoustic engineering service market is consolidated by the presence of major companies that are focusing on expanding their facilities to develop advanced automotive acoustic engineering service solutions. Additionally, key players are striving to maintain their presence by adopting strategies such as partnership, the introduction of new products, and collaboration that will bode well for the growth of the market during the forecast period.
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https://www.fortunebusinessinsights.com/automotive-acoustic-engineering-services-market-104751
Key Industry Development
April 2019 – Bosch, a leading engineering products provider, established a new factory at Abstatt, Germany. According to the company, the new testing plant is soundproof, semi-anechoic, and isolated to provide an effective environment to test and compare automotive components.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Acoustics Engineering Service Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Long Range
- Market Analysis, Insights and Forecast – By System Type
- Physical Testing
- Virtual Testing
- Market Analysis, Insights and Forecast – By Application Type
- Interior
- Drivetrain
- Powertrain
- Body
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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