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, according to a new report by Grand View Research, Inc. 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.
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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
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Automotive Engineering Services Outsourcing Market Segmentation
Grand View Research has segmented the global automotive Engineering Services Outsourcing (ESO) market on the basis of application, service, location, and region:
Automotive ESO Application Outlook (Revenue, USD Billion, 2016 – 2027)
Automotive ESO Service Outlook (Revenue, USD Billion, 2016 – 2027)
Automotive ESO Location Outlook (Revenue, USD Billion, 2016 – 2027)
Automotive ESO Regional Outlook (Revenue, USD Billion; 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.A based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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