DUBLIN–(BUSINESS WIRE)–The “Automotive Engineering Services Outsourcing (ESO) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global automotive engineering services outsourcing market was valued US$ 50.28 Bn in 2020 and is expected to register growth at 8.3% CAGR during the forecast period from 2022 to 2030.
Asia Pacific Remains The Most Attractive Business Destination for Service Providers
Asia Pacific represents the most lucrative business destination for automotive engineering service providers. There exists sound investment & growth opportunities in markets including India, China, and South-east Asia. The prevailing growth opportunity in these economies is reflective of the huge automotive market. In addition, with the growing trend towards off-shoring, the automotive manufacturers in developed economies like Europe are relocating their manufacturing facilities to low-cost Asia Pacific countries. Consequently, outsourcing of automotive engineering services has surged in these countries. The trend is expected to continue and the region is poised to remain one of the major automotive engineering services markets throughout the forecast period.
Value Contribution from Design & Prototyping Service Segment to Remain Highest throughout the Forecast Period
In 2020, the demand for design & prototyping service was highest in the global automotive engineering services outsourcing market. The value contribution from mechanical design & prototyping service segment was around 35% of the global market value in the base year 2020. Since developing the mechanical design and prototype is time-consuming and expensive processes, Original Equipment Manufacturers usually prefer either completely outsourcing these to ESPs (Engineering Service Providers) or work in close association with them for product development.
Some of the leading vendors profiled in the research study include Onward Technologies Ltd., Alten SA, Altran Technologies Limited, AVL, ESG Elektroniksystem- und Logistik-GmbH,