Market Leaders - Automotive Engineering Services Market
The automotive engineering services market is projected to reach USD 384.6 billion by 2027 from USD 153.1 billion in 2019, at a CAGR of 12.2%. The growth of the market is driven by high investments in R&D, expansion of research centers by OEMs and engineering service providers, increasing demand for connectivity services, and the introduction of 5G network technology in the automotive industry.
The leading players in the automotive engineering services market are FEV (Germany), IAV Automotive Engineering (Germany), Ricardo (UK), AVL (Austria), Alten (France), Bertrandt AG (Germany), Altran (France), L&T Technology Services (India), and others. These companies have developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth market.
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Ricardo (UK) is a leading player in the automotive engineering services market. The company is continuously delivering new technologies. For instance, in May 2019, Ricardo launched a VR application for global engineering collaboration at the Vienna Motor Symposium. This immersive Virtual Reality (VR) application would allow multiple users in different geographical locations to carry out collaborative simultaneous engineering design reviews.
In May 2019, FEV (Germany) presented a new 48 V axle for light-duty municipal utility vehicles at Motor Symposium in Vienna. The axle is designed for use in light municipal utility vehicles such as sweepers or small dump trucks – to reduce their emissions in the city to zero. FEV's concept is designed for use in components already available in the market and offers a solution that is as cost-effective and accessible as possible.
In March 2019, Altran and 47 other European partners unveiled an innovation lab called the European Institute of Innovation and Technology (EIT). This new facility would help develop sustainable solutions for urban mobility. The EIT Urban mobility community has set objectives to launch 125 new products by 2026.
In February 2019, McLaren renewed its engine supply agreement with Ricardo. Ricardo was nominated as the supplier for engine requirements as McLaren embarks its Track 25 business plan which includes 18 new models or derivatives, featuring hybrid technology. To support this diversification, Ricardo would invest in the production facility to accommodate additional product flexibility, new manufacturing capabilities, and further capacity.
Related Reports:
Automotive Engineering Services Market by application (ADAS & Safety, electrical, electronics & body control, chassis, connectivity, interior/exterior & body, powertrain & exhaust, simulation), Service, location, vehicle, & Region - Global Forecast to 2027
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