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(Transportation-News.com, January 17, 2020 ) Meticulous Research® in its latest publication on automotive engineering services market states that the global automotive engineering services market is expected to grow at a CAGR of 13% to exceed $360 billion by 2025. Engineering service providers have always played a key role in the dynamic world of automotive sector. Initially the services were limited to very few specific tasks such as designing, drafting, and analysis. However, specialized engineering services are gradually expanding its ways in other automotive applications such as development of the systems, complete vehicle assemblies, quality assurance, project management, and conducting training programs. Almost every major automotive manufacturer opts for different automotive engineering services in order to reduce the overall operating cost; and thus, improve profitability without compromising on quality.
Consistently growing trust in engineering services coupled with huge R&D investments from automotive manufacturers are the prominent factors driving the market growth. Some of the leading global automotive manufacturers including Renault, Volkswagen, BMW AG, Daimler AG, and Ford motors are ranked among the top companies using automotive engineering services. Besides, other automotive manufacturers are also giving serious consideration to automotive engineering services in order to improve quality, provide better safety, reduce cost of development, and match strict regulatory norms laid by governments.
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Geographically, Europe commanded the largest share in this market followed by Asia-Pacific, North America, Latin America, and Middle East & Africa regions. Europe is home to some of the biggest and most recognized automotive brands across the globe, including Volkswagen, Daimler AG, ZF Group, Volvo Group, and Renault Group among others. Majority of tier 1 automotive brands in Europe have higher inclination towards engineering services; and thus, Europe is expected to maintain its dominance in automotive engineering service market over the forecast period. Besides, rapid electrification of present-day automotive sectors in Europe is also encouraging the demand for automotive engineering services in Europe. However, consistently soaring demand for quality automobiles powered by promising economies has allowed Asia Pacific to register the fastest growth in the automotive engineering services market. Automotive manufacturers such Toyota Motors, Hyundai Motors, Honda Motors, and Tata Motors, among others also utilize integrated automotive engineering services on a considerable scale. Considering the strong growth in automotive industry and increasing focus on cost optimization of R&D activities, the Asia-Pacific region is expected to drive the fastest growth in the APAC automotive engineering services market over the coming years.
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Key Players-
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including AVL (Austria), Bertrandt AG (Germany), EDAG Engineering GmbH (Germany), IAV GmbH (Germany), Altran (France), Harman International Industries, Inc. (U.S.), Capgemini SE (France), Alten Cresttek (India), L&T Technology Services (India), FEV India (India), Akka Technologies (Belgium), HCL Technologies (HCL), Ricardo PLC (U.K.), and Tech Mahindra (India), among others.
Key questions answered in the report-
How the availability of advanced connectivity solutions impact the growth in the automotive engineering services market?
How are the leading players utilizing the advantages of advanced connectivity solutions in their products?
What are the top competitors in this market and what strategies do they employ to gain shares?
What factors are driving the growth and which market segments have the most potential for revenue expansion over the forecast period?
What strategies should new companies look to enter this market and to compete effectively?
What are the major drivers, restraints, challenges, and opportunities, in the global automotive engineering services market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/countries?
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Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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