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Automotive Engineering Services Outsourcing Market to Hit US$ 274.7 Billion by 2034 - Analysis by TMR
Automotive Engineering Services Outsourcing Market Outlook to 2034
The global automotive engineering services outsourcing market was valued at US$ 129.0 billion in 2023. It is projected to expand at a CAGR of 7.2% from 2024 to 2034, reaching a market size of US$ 274.7 billion by the end of 2034.
The growth of this market is fueled by the increasing demand for advanced vehicle technologies, including electrification, autonomous driving, and connectivity, as well as the need for cost-efficient product development. Companies are leveraging outsourcing to access specialized engineering expertise, reduce time-to-market, and focus on core competencies in a highly competitive automotive landscape.
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Market Overview-
The Automotive Engineering Services Outsourcing (ESO) Market is poised for significant growth, driven by the increasing complexity of automotive designs, the demand for connected and autonomous vehicles, and the rapid transition toward electric mobility. Automotive companies are increasingly outsourcing engineering services to specialized providers to reduce costs, enhance operational efficiency, and focus on their core competencies.
With advancements in vehicle technologies and stringent regulatory demands for safety and emissions, ESO providers are playing a pivotal role in offering innovative engineering solutions across product design, manufacturing, and testing phases.
Market Description-
Automotive Engineering Services Outsourcing (ESO) involves delegating engineering tasks such as design, prototyping, testing, and system integration to third-party service providers. These services cover a wide range of areas, including:
• Vehicle Design and Styling: Creating innovative designs that combine aesthetics and aerodynamics.
• Powertrain Development: Enhancing engine and transmission systems to meet emission and performance standards.
• ADAS and Autonomous Systems: Development of advanced driver-assistance systems and self-driving technologies.
• Electric Vehicle (EV) Engineering: Focused on battery systems, electric powertrains, and lightweight materials.
• Testing and Validation: Ensuring vehicles meet safety, durability, and performance criteria.
Growth Drivers-
• Shift to Electric Vehicles (EVs): The growing EV market demands specialized engineering expertise, which automakers often outsource to reduce time-to-market.
• Connected and Autonomous Vehicles (CAVs): Rising demand for smart and autonomous vehicles has increased the complexity of engineering requirements, leading to higher ESO adoption.
• Cost Efficiency: ESO allows manufacturers to reduce R&D costs while accessing global talent and innovative technologies.
• Technological Advancements: The integration of AI, IoT, and 5G in automotive systems has created opportunities for ESO providers to offer cutting-edge solutions.
• Regulatory Compliance: Stringent regulations on emissions and safety drive the need for specialized engineering capabilities, often provided by outsourcing partners.
Key Players-
• ALTEN Group
• Bertrandt AG
• AVL
• Altran Technologies SA
• Akkodis.
• Capgemini,
• HCL Technologies Limited
• Tech Mahindra Limited
• Wipro
• Infosys Limited
• L&T Technology Services Limited.
• IBM Corporation and many more
Key Player Strategies-
1. Expansion of Service Portfolios: Companies are offering end-to-end solutions, from concept design to post-production support.
2. Focus on EV and Autonomous Technologies: Providers are heavily investing in R&D for electric and self-driving vehicle projects.
3. Strategic Partnerships: Collaborations with automakers to co-develop innovative solutions tailored to specific needs.
4. Digital Transformation: Leveraging digital twins, simulation, and cloud computing to enhance engineering processes.
5. Global Delivery Models: Setting up regional delivery centers to cater to local demands while maintaining global standards.
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Recent Key Player Developments
• AVL (2024): Partnered with a leading EV manufacturer to deliver advanced battery management system (BMS) engineering services.
• HCLTech (2023): Expanded its automotive engineering services to include end-to-end autonomous vehicle solutions.
Market Demand-
The demand for automotive ESO is being driven by:
• OEMs' Focus on Core Activities: Outsourcing allows manufacturers to concentrate on branding and market strategies while delegating engineering tasks.
• Increasing Vehicle Complexity: With innovations in connectivity, electrification, and autonomy, the engineering scope has expanded significantly.
• Time-to-Market Pressure: Automakers are under pressure to launch new models faster, necessitating external engineering expertise.
• Globalization of the Automotive Industry: Automakers are seeking ESO providers with a global footprint to support operations across multiple regions.
Segmentations-
• By Service Type:
o Product Design and Development
o Testing and Validation
o Powertrain Development
o Prototyping
o System Integration
• By Vehicle Type:
o Passenger Cars
o Commercial Vehicles
o Electric Vehicles
• By Region:
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa
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Why Buy This Report?
• Comprehensive Analysis: Gain insights into market trends, growth drivers, and challenges in the Automotive ESO market.
• Competitive Landscape: Understand strategies and developments of leading ESO providers.
• Technological Insights: Stay updated on the latest engineering technologies and methodologies reshaping the automotive industry.
• Market Forecasts: Access reliable data on market projections and regional performance to inform decision-making.
• Strategic Recommendations: Get actionable insights to navigate the rapidly evolving automotive ESO landscape.
This report is essential for automakers, ESO providers, investors, and policymakers aiming to understand and leverage the opportunities in the growing Automotive Engineering Services Outsourcing market.
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• Automotive Engineering Services Outsourcing Market Size to Hit USD 274.7 Billion at a 7.2% CAGR from 2024 to 2034 - https://www.globenewswire.com/news-release/2024/07/10/2911256/32656/en/Automotive-Engineering-Services-Outsourcing-Market-Size-to-Hit-USD-274-7-Bn-at-a-7-2-CAGR-from-2024-to-2034-Analysis-by-Transparency-Market-Research-Inc.html
• Artificial Intelligence (AI) Market Size in Automotive Anticipated to Exceed USD 13.0 Billion by 2034, with a CAGR of 15.6% - https://www.globenewswire.com/news-release/2024/10/08/2960185/32656/en/Artificial-Intelligence-AI-Market-Size-in-Automotive-Anticipated-to-Exceed-USD-13-0-Billion-by-2034-with-a-CAGR-of-15-6-Transparency-Market-Research-Inc.html
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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