Seattle, WA -- (SBWIRE) -- 12/13/2019 -- The global automotive engineering services outsourcing (ESO) market size is expected to reach USD 293.74 billion by 2026, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 28.4% over the forecast period. Original Equipment Manufacturers (OEMs) outsource core engineering, as well as allied, tasks to obtain highly-skilled and specialized services at a much cheaper cost. Earlier, automobile innovation was limited to R&D centers of OEMs.
However, the demand for automotive ESO services is rising significantly with growing technical capabilities of Engineering Service Providers (ESPs) to offer product innovation and automotive R&D in vehicle positioning, guidance systems, connected cars, and autonomous driving. The Asia Pacific region accounted for the largest market share in 2017 and is anticipated to continue this trend over the forecast period.
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Major Players operating in market includes: Bertrandt, EDAG Engineering GmbH, IAV GmbH, AVL List GmbH, Horiba, Altran, FEV Group, AKKA Technologies, ASAP Holding GmbH, Robert Bosch (ITK Engineering), Alten GmbH, Kistler Instrumente, Altair Engineering, P3 Automotive GmbH, ESG Group, RLE International Group, P+Z Engineering GmbH, M Plan GmbH, among others
Furthermore, the report comprises an outline of the diverse tactics used by the key players in the market. It also details the competitive scenario of the Automotive Engineering Services Outsourcing (Eso) market, placing all the key players as per their geographic presence and previous major developments. SWOT analysis is used to evaluate the growth of the major players in the global market.
The all-inclusive data presented in the report are the outcome of detailed primary and secondary research along with reviews from the experts and analyst from the industry. The report also evaluates the market's growth by taking into consideration the impact of technological and economic factors along with existing factors affecting the Automotive Engineering Services Outsourcing (Eso) market's growth.
Reasons for Buying Automotive Engineering Services Outsourcing (Eso) market
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
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