Automotive Engineering Services Market Overview
Market Research Future (MRFR) reveals that the Automotive Engineering Services Market 2020 could possibly progress at a rate of 11.5% between 2022 and 2030 (evaluation period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully assessed, post the coronavirus disease outbreak.
Automotive Engineering Services Market COVID-19 Analysis
An impact analysis on COVID-19 suggests that there has been a notable drop in vehicle sales across the world in just a few months, owing to the shutdowns along with oil price volatility. Well-known automotive OEMs have been adopting certain tactics in a bid to mitigate the impact of SARS-CoV-2 on their business by appraising their dealerships. The short-term impact and long-term impact of COVID-19 on the automotive sector has resulted in the closing off of assembly plants in the United States (US) along with manufacturing interruptions across Europe as well as ceased export of Chinese components. Novel Coronavirus has severely impacted the supply chain as well as the product demand across the automotive industry. Consumer buying behavior has also changed notably on account of the uncertainty induced by the COVID-19 outbreak and the lockdown situation currently prevalent across countries.
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Cash crunch as well as liquidity shortfall has had a diminishing effect on the sales of a majority of fleet operators, which can increase further in the coming few months. On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry and related markets are expected to remain strong, as a result of the ongoing efforts by market players to curb revenue losses by indulging in mergers and acquisitions, among others.
Automotive Engineering Services Market Growth Drivers and Main Restraints
The Automotive Engineering Services Market can expect prodigious growth in the approaching years on account of the mounting demand for comfortable interior cabin along with other luxury features. The surge in the sales of electric and hybrid vehicles combined with accelerated demand for premium and sports vehicles has also had a profound effect on the worldwide market. Besides, the heightened demand for MUV or multi utility vehicles has induced excellent growth in the Automotive Engineering Services Market.
Governments across the world are increasingly imposing strict laws in the wake of increasing noise pollution and the need to curb it. This helps promote the deployment of acoustic engineering services in the automotive industry. The emerging trend of engine downsizing can also boost the demand for Automotive Engineering Services in the following years.
Ongoing collaborations, expansions, partnerships, acquisitions and joint ventures by prominent engineering service providers can also stimulate business growth, especially in untapped markets such as Asia Pacific.
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Automotive Engineering Services Market Segmentation
The Automotive Engineering Services Market has been considered for offering, application, software as well as vehicle type.
Offering-wise categories mentioned in the report are physical as well as virtual.
The applications covered in the study include powertrain, chassis, interior and drivetrain.
The software types included in the research are simulation, vibration, signal analysis and calibration.
The vehicles listed are light commercial vehicle or LCV, passenger cars, as well as heavy commercial vehicle or HCV.
Automotive Engineering Services Regional Insight
The primary markets for Automotive Engineering Services are North America, Europe, APAC or Asia Pacific, and RoW or Rest of the World.
Europe can note a top-notch growth in the global market and also claim the largest share on account of the strong relationship between regional players and leading automotive OEMs as well as tier-1 suppliers. Moreover, premium vehicle manufacturers like BMW, Volkswagen, Mercedes-Benz, Porsche and Volvo are highly focused on acoustic engineering of their vehicles, which works in favor of the regional market to a large extent.
APAC can quickly emerge as a formidable market, thanks to the increasing automotive production in India and China coupled with the strict government regulations pertaining to noise, emissions and safety. The market growth is also induced by the soaring need to bring down the research and development (RD) costs.
Automotive Engineering Services Market Top Participants
Top participants profiled in the market study include 3M (US), Continental (Germany), AVL (Austria), HEAD acoustics GmbH (Germany), Siemens PLM (US), EDAG Engineering (Germany), Schaeffler (Germany), IAV (Germany), Bertrandt (Germany), Autoneum (Switzerland), IAV (Germany), FEV (Germany), CARCOUSTICS (Germany), to mention a few.
Recent News
May 2020
Hyundai Mobis has developed the first ever virtual engine sound system known as Acoustic Vehicle Alert Sound using a grille cover of a vehicle. This system generates a beeping sound if the traffic indication lamp gets activated, helping alert any passersby for safety.
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