Global Automotive Engineering Service Provider Market is expected to witness an exponential growth during the forecast period
Market Research Future published a Half Cooked Research Report Global Automotive Engineering Service ProviderMarket that contains the information from 2018 to 2023. The Global Automotive Engineering Service Provider Market is expected to progress with the CAGR of ~12% from 2018 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Engineering Service Provider Market Information from 2018 to 2023"
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The engineering service is playing an important role an automotive industry due to growing development in vehicles. To enhance vehicle efficiency, safety, and performance engineering service providers such as Continental, Bosch, and others and automotive OEMs such as BMW, Audi and others are working together. The engineering services are useful for mechanical product development for vehicle body, power train, chassis systems, as well as for various other subsystems such as roof, fuel, and gear shift. In addition, engineering solutions also cover manufacturing execution systems (MES), control systems integration, enterprise asset management, digital manufacturing, global sourcing lifecycle management, strategic sourcing, and supplier quality assurance services.
The major key driving factor for the growth of this market is growing demand for advanced safety, convenience, comfort systems and product management system in a vehicle. Furthermore, rise in demand for autonomous vehicle and in build comfort facilities are set to drive the global automotive engineering service provider market. The growing adoption of intelligent engineering service provider in passenger vehicles will further boost the growth of this market.
The technological advancements in automotive engineering service provider device and improving economies from developing countries such as India, Brazil, and others are providing opportunity for the expansion of this market in these regions.
Increased investments in new product development will enable strategic mergers and acquisitions of small startup companies in this market, which will further enhance the global market during the forecast period. However, the major restraints for the global automotive engineering service provider market is increasing cost due to growing complexity in the component design and integration process for advanced vehicles.
The global Automotive Engineering Service Provider Market is estimated to witness ~12% CAGR during the period from 2018 to 2023.
The global automotive engineering service provider market is segmented on the basis of services, application, vehicle type, and region. On the basis of services, the market has been segmented into engine, chassis, transmission, car and BIW, seating systems, cooling and HVAC, interior and exterior trims, and others. On the basis of application, the market has been segmented into mechanical, electrical & electronics, software, and Safety. On the basis of vehicle type, the market has been segmented into passenger car, commercial vehicle, and two-wheeler.
Segmentation based on services, the engine segment is projected to witness a significant growth during the study period. This growth is attributed due to the increasing demand for engine heat management and improving engine performance.
On the basis of application, the software segment is projected to grow at highest rate in the automotive engineering service provider market from 2018 to 2023. This growth is attributed due to growing demand for autonomous vehicles and in-vehicle infotainments.
On the basis of vehicle type, the passenger car segment is projected to hold the larger share in the automotive engineering service provider market from 2018 to 2023. This growth is attributed due to growing demand for connected and share mobility vehicles.
The prominent players in the global automotive Engineering Service Provider market include Continental AG (Germany), AVL LIST GmbH (Germany), Robert Bosch GmbH (Germany), Bertrandt (Germany), HARMAN International (USA), EDAG Engineering GmbH (Germany), IAV Automotive Engineering, Inc. (Germany), Magna International Inc (Canada), Imaginative Automotive Engineering Services (India), and Contechs (UK).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global automotive Engineering Service Provider market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.