According to a new report, published by KBV research, The Global Automotive Engineering Services Outsourcing Market size is expected to reach $161.3 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
The Infotainment & Connectivity segment is showcasing a CAGR of 10.6% during (2022 - 2028). This is a result of end consumers' growing demands for the integration of cutting-edge digital technologies in automobiles. The capabilities that connected automobiles provide, including voice control, social networking, music, and movies, make them more convenient for the user and open up opportunities for ESPs.
The On-shore segment acquired maximum revenue share in the Global Automotive Engineering Services Outsourcing Market by Location in 2021 thereby, achieving a market value of $96.5 billion by 2028. This is attributable to OEMs' growing preferences for working with ESPs that are close by. This will assist in reducing risk, as many other nations do not adhere to copyright regulations for intellectual property protection. Due to the difficulties, OEMs have while working with ESPs from other nations, such as time zone differences, language hurdles, enforced rules and regulations, and others, the need for on-shore services has increased significantly.
The Designing segment has shown the growth rate of 10% during (2022 - 2028). This is a result of the manufacturers' increasing efforts in designing R&D and working with engineering service providers to provide cutting-edge automotive features for customers. Manufacturers are placing a strong emphasis on producing cars with long and roomy cabins in order to balance power-to-weight ratios.
The Asia Pacific market dominated the Global Automotive Engineering Services Outsourcing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $64.1 billion by 2028. The Europe market is exhibiting a CAGR of 9.5% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 9.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/automotive-engineering-services-outsourcing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of AKKA Technologies SE (Adecco Group AG) update parent company, Altair Engineering, Inc., ALTEN, AVL List GmbH, Horiba Ltd., Capgemini SE, HCL Technologies Ltd. (HCL Enterprises), Tech Mahindra Limited, FEV Group GmbH, and RLE International Group.
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