New York, May 21, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Engineering Services Outsourcing Market Size, Share & Trends Analysis Report By Application, By Service, By Location And Segment Forecasts, 2020 – 2027” – https://www.reportlinker.com/p05896965/?utm_source=GNW
Automotive Engineering Services Outsourcing Market Trends & Growth
The global automotive engineering services outsourcing market size is expected to reach USD 469.6 billion by 2027 registering a CAGR of 27.8% from 2020 to 2027. Growing collaboration activities between Original Equipment Manufacturers (OEMs) and Engineering Service Providers (ESPs) for leveraging state-of-the-art-technologies for performance enhancement, safety assurance, and self-driving adjustments are anticipated to drive the market. Furthermore, the introduction of stringent emission norms for effective utilization of fuels is forecasted to contribute to the demand for automotive ESO.
The market has witnessed a technological shift owing to the increasing demand for electrification, shared mobility, and autonomous driving.Furthermore, growing need for software competence required in various domains due to the introduction of Advanced Driver-Assistance Systems (ADAS), powertrain engineering, in-vehicle infotainment, and connectivity are projected to create more opportunities for the automotive ESO companies.
Leading companies have incorporated cloud computing into their product offerings to ensure real-time access to data and develop more autonomous products.
Cloud computing is particularly helping in enhancing process automation by transferring the process monitoring and control to end-users irrespective of the time and location. Also, the emergence of three fundamental technologies i.e. blockchain, digital reality, Virtual Reality (VR), Augmented Reality (AR), and Internet of things (IoT), and cognitive technologies are observed to reiterate the designing and simulation of core systems in automobiles, thereby fueling the market growth.
On the other hand, companies are majorly affected by the regulations that emphasize on reducing CO2 emission, improving testing procedures, and limiting noise pollution.Companies strive to enhance their product engineering in similar direction as mandated by government regulations.
For instance, the United States Environmental Protection Agency (EPA), in collaboration with the National Highway Traffic Safety Administration (NHTSA), has established a standard in two phases, namely, Phase 1-model years 2012 to 2016 and Phase 2-model years 2018 to 2025. While Phase 1 standards aim at reducing the Greenhouse Gas (GHG) emissions and improving the fuel economy, Phase 2 standards focus on the establishment of a combined fleet-wide fuel economy of 40.3-41.0 mpg, by 2021.
Automotive Engineering Services Outsourcing Market Report Highlights
• The infotainment & connectivity application segment is anticipated to register the fastest CAGR over the next seven years
• The prototyping services segment is expected to lead the global market over the forecast period
• Asia Pacific regional market accounted for the largest revenue share in 2019 and is anticipated to continue leading the market in future
• Some of the key companies in this market include Altran Technologies S.A.; Alten GmbH; Infosys Ltd.; HORIBA, Ltd.; Bertrandt; and AVL List GmbH
Read the full report: https://www.reportlinker.com/p05896965/?utm_source=GNW
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