IMARC Group’s latest research report, titled “Automotive Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the automotive engineering services outsourcing market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global automotive engineering services outsourcing market size reached US$ 96.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 257.9 Billion by 2028, exhibiting a growth rate (CAGR) of 17.1% during 2023-2028.
Automotive Engineering Services Outsourcing Market Overview:
Automotive engineering services outsourcing (AESO) is the practice of outsourcing engineering tasks in the automotive industry to specialized service providers who offer a range of services to assist in vehicle design, development, testing, and manufacturing. AESO providers offer specialized expertise in automotive design, development, testing, and manufacturing, and providing cost efficiency through outsourcing. The outsourcing process involves the automotive company communicating its engineering requirements, followed by the AESO provider designing, developing, testing, validating, certifying, and optionally providing manufacturing support for automotive components or systems. Additionally, AESO helps in flexible resource allocation, access to advanced engineering technology, and adherence to industry regulations and standards.
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Global Automotive Engineering Services Outsourcing Market Trends:
The global market is primarily driven by the rising need for optimizing costs in large and small-scale automotive companies. In line with this, an enhanced focus on core competencies, such as design and branding by the companies is resulting in a higher uptake of outsourcing services. Moreover, the easy access to diverse global talent pool of skilled engineers and domain experts possessing in-depth knowledge of automotive technologies and market trends is fueling the market. In addition to this, the augmenting demand for reduced product development timelines and faster time-to-market for automotive products is impacting the market positively. Some of the other factors contributing to the market include rising sales of automobiles, rising digital transformation in the automotive industry, and strategic partnerships among automotive companies and engineering service providers.
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Key Market Segmentation:
Top Automotive Engineering Services Outsourcing Companies Worldwide:
Breakup by Service:
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