Summary
The global Automotive Engineering Service market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Automotive engineering is a rapidly growing field with applications across a wide variety of industries. Automotive engineering services can be defined as the collection of different service offerings including mechanical, software, electrical, electronics, and safety engineering for the designing of an automotive.
Market Dynamics
Launch of hybrid vehicles is expected to propel growth of the automotive engineering services market over the forecast period. For instance, in April 2021, Silk-FAW, a joint venture between Chinese automaker FAW and Silk EV, a U.S.-based automotive engineering and design company, unveiled plug-in hybrid S9, at the Shanghai auto show.
Adoption of supercomputing in design work is expected to offer lucrative growth opportunities for players in the automotive engineering services market. For instance, in June 2021, D2H Advanced Technologies, an engineering firm, partnered with the Ohio Supercomputer Center (OSC) to use supercomputing to supercharge its design work. Moreover, launch of program targeted at repairing electric and hybrid vehicles is also expected to aid in growth of the market. For instance, in June 2021, Hawkes-Bay-based Eastern Institute of Technology announced to offer the New Zealand Certificate in Electric Vehicle Automotive Engineering, a program targeted at repairing electric and hybrid vehicles coming into New Zealand.
Major players operating in the automotive engineering services market are focused on launching new products to expand their product portfolio. For instance, in June 2021, FEV launched a new high-performance battery system for hybrid vehicles using the “cell-to-module” approach. The battery system features a particularly high power density of 2 kW/kg, enabling 100 kW of power with 2 kWh of energy and a weight of only 50 kg.
Key Takeaways
- Launch of hybrid vehicles is expected to propel growth of the automotive engineering services market over the forecast period
- Major players operating in the automotive engineering services market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in February 2021, Blink Charging Co., an owner, operator, and provider of electric vehicle (EV) charging equipment and services, announced its cooperation with Bisimoto Engineering, a provider of automotive parts design, testing, and engineering solutions, to promote Blink as their charging solution of choice and to support electric vehicle (EV) adoption in the U.S.
- Major players operating in the automotive engineering services market include, FEV Group, IAV, Ricardo, ALTEN Group, Bertrandt, Silk EV, ALTRAN, D2H Advanced Technologies, Bisimoto Engineering, and L&T Technology Services
The Automotive Engineering Service market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Automotive Engineering Service market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- FEV Group
- IAV
- Ricardo
- ALTEN Group
- Bertrandt
- ALTRAN
- L&T Technology Services
- ...
By the Product Type, the market is primarily segmented into:
- Outsourced Automotive Engineering Service
- In-house Automotive Engineering Service
By Applications, the market is segmented into:
- Passenger Car
- Commercial Vehicle
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Automotive Engineering Service market Report:
- To assess the size of the market by value and volume
- Analyze the Automotive Engineering Service market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Automotive Engineering Service market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Automotive Engineering Service market
The Automotive Engineering Service market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Automotive Engineering Service market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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