The global Automotive Engineering Services Outsourcing Market size is projected to touch USD 469.6 billion by the end of 2027, as per a new report released by Million Insights. The market is predicted to register a CAGR of over 27% over the forecast duration. Increasing collaboration between ESPs and OEMs for leveraging innovative technologies to ensure enhancement, safety and autonomous driving are driving the market growth. In addition, stringent rules pertaining to reduction of vehicular emission is estimated to bode well for the growth of the market.
Technical advancements such as shared mobility, electrification and self-driving have changed the dynamics of automotive in the recent past. In addition, the introduction of various software-based solutions such as ADAS, in-vehicle infotainment, connectivity and powertrain engineering is estimated to offer a lucrative opportunity for the market players.
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Cloud computing has helped in enhancing automation processes and control irrespective of location and time. In addition, the introduction of new technologies such as AI, VR, AR and IoT are estimated to transform the design of the automobile, thus, supplementing the market growth.
In addition, companies are greatly influenced by stringent regulations that are aimed at reducing noise pollution and CO2 emission along with enhancing testing procedure. For example, the Environmental Protection Agency (EPA) has partnered with the National Highway Traffic Safety Administration (NHTSA) to establish two standards. Phase-1 (2012-2016) was aimed at minimizing greenhouse gas emission and improving fuel economy, while phase-2 (2018-2025) focuses on establishing a combined fuel economy of 40.3 to 41.0 mpg by the end of 2021.
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Further key findings from the report suggest:
• The infotainment and connectivity division is estimated to witness the highest CAGR from 2020 to 2027.
• The prototyping service category is anticipated to account for the highest share in the market over the forecast duration.
• In 2019, Asia Pacific held the largest share in the market and predicted to continue its domination over the forecast duration.
• Major players operating in the automotive ESO market are Alten GmbH, Bertrandt, Infosys Ltd., Altran Technologies S.A, and HORIBA among others.
Million Insights 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)
• Autonomous Driving/ADAS
• Body & Chassis
• Powertrain and After-treatment
• Infotainment & Connectivity
Automotive ESO Service Outlook (Revenue, USD Billion, 2016 – 2027)
• System Integration
Automotive ESO Location Outlook (Revenue, USD Billion, 2016 – 2027)
Automotive ESO Regional Outlook (Revenue, USD Billion; 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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