The global automotive engineering services market is expected to grow at an exponential rate. The expansion in this market is primarily attributed to the factors such as the rising sale of electric vehicles, increasing R&D investments in the automotive industry, and strict government policies and regulations for ICE vehicles. Also, the emergence of autonomous vehicles in the conventional automotive market and deteriorating environmental conditions are largely creating tremendous growth opportunities for automotive engineering service providers to take advantage of this highly prospective market. The major automotive engineering service provider's market growth came from the powertrain segment. OEMs are concentrating toward the growth of lightweight and fuel-efficient engines, that are establishing considerable business opportunities for ESPs. Additionally, the growing need for stringent testing and validation methodologies of engines and their components for compliance with stern emission standards will drive the global automotive ESP market development in the powertrain segment.
At the same time, issues related to intellectual property (IP) restrictions and an ever-changing business model are constraining the growth of the automotive engineering services market. Also, the impact of COVID-19 on global automotive production as well as consumption has stunted the considerable growth rate of the market. Further, the prototyping services segment is estimated to command the largest share of the overall automotive engineering services market in 2021. However, the automotive designing engineering services segment is anticipated to advance with the fastest growth rate in the coming years. The increasing requisition for customized vehicles and growing efficiency of software tools to design with utmost precision is augmenting the advancement of the automotive designing engineering services market. Besides, the thriving demand for environment-friendly automobiles is also expected to facilitate designing services to grow at a rapid pace.
Auto Tech Outlook’s editorial board has assessed and shortlisted a number of the foremost prominent organizations within the automotive engineering services providers industry. We hope this issue of the Auto Tech Outlook helps you build the partnership you and your firm need to foster a technologically-driven learning environment.
We present to you Auto Tech Outlook’s “Top 10 Automotive Engineering Services Companies - 2021.”