LOS ANGELES, Nov. 25, 2019 (GLOBE NEWSWIRE) -- The global automotive engineering services market is expected to grow at a CAGR of around 12.3% over the forecast period 2019 to 2026 and reach the market value of over 352 billion by 2026.
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The increasing concern over degrading environmental conditions across the globe is primarily driving the automotive engineering services market. The increasing demand for vehicle & passenger safety features, connectivity, and electric vehicles are propelling market growth. Along with these, the technological advancements and ongoing research and development activities by the major players in emerging markets are expected to contribute to the market growth during the forecast period.
The global automotive engineering services market is segmented into service type, application, location, vehicle type, and regions. By service type, the market is further split into concept/research, designing, prototyping, system integration, and testing. By application the market is segmented into ADAS and Safety, Electrical, Electronics, and Body Controls, Chassis, Connectivity Services, Interior, Exterior, and Body Engineering, Powertrain and Exhaust, and Simulation. On the basis of location, the automotive engineering services are offered In-house and outsource. Additionally, passenger cars and commercial vehicles are featured under the vehicle type segment. Moreover, the global automotive engineering services market is studied across the regions of North America, Europe, Latin America, Asia Pacific and Middle East and Africa.
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By region, Europe is expected to account for highest market share during the forecast period. A large amount of automotive production in the region and increasing investment by private players in research and development is accelerating the regional market growth. Germany is the major automotive market and has a large number of OEMs in the region which is further propelling market growth.
In application, connectivity services are expected to be the fastest-growing segment over the forecast period. The continuous impact of advance technologies including autonomous vehicle testing, artificial intelligence, and 5G connectivity is boosting the segment growth. The increasing incorporation of connectivity services by OEMs is further contributing to the growth of the segment.
The in-house location for the deployment of automotive engineering services is expected to lead the market over the forecast period. The advantages associated with the In-house automotive engineering services such as efficient and better results are contributing to the growth of the segment. The redesigning of existing engines by OEMs to comply with the latest emission standards is further exploring the In-house segment in the market.
Some of the leading competitors are Harman, Capgemini, AVL, Bertrandt AG, Alten Cresttek, L&T Technology Services, FEV, Akka Technologies, HCL Technologies, IAV Automotive Engineering, Altran, Ricardo, and Tech Mahindra.
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Some of the key observations regarding automotive engineering services industry include:
- Audi partnered with Huawei in July 2018, Huawei is the leading telecommunication equipment and Smartphone maker from China. The partnership is looking forward to the introduction of connectivity features in vehicles.
- FEV, Germany based company presented an advance 48 V axle for use in light-duty municipal utility vehicles at Vienna Motor Symposium. It is specially designed for light municipal utility vehicles such as sweepers or small dump trucks to reduce the emission. It’s a cost-effective and easily accessible solution for existing components.
- Ricardo launched a Virtual Reality (VR) application in 2019, for global engineering collaboration at the Vienna Motor Symposium. This invention allows multiple users at different geographical locations to carry simultaneously collaborative engineering design reviews.
- Geely Auto Group, a China-based company partnered with Ricardo in 2019. The partnership is held to develop advance hybrid transmission specifically for range-extended plug-in hybrid.
- An innovation lab named the European Institute of Innovation and Technology (EIT) is unveiled by the Altran and 47 other European partners in 2019. EIT, the new facility is intended for research and innovation in urban mobility and its objective is to launch 125 new products by 2026.
- MSC Software and AVL entered into a partnership in 2019 for R&D in the field of simulation and testing of Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD).
- The Renault-Nissan-Mitsubishi Alliance planning to launch new vehicles with Alliance Connected Cloud in China by 2022.
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