Product Engineering Services Market

Alten (France) and AVL (Austria) are leading players in Product Engineering Services Market

MarketsandMarkets forecasts the global Product Engineering Services market size is expected to grow from USD 1056.2 billion in 2022 to USD 1510.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. The major factors driving the growth of the Product Engineering Services market include the 3D printing, IoT Engineering, increase the demand for accelerating TTM.

Major Product Engineering Services vendors include ALTEN (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India). These market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the Product Engineering Services market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in past few years, which helped companies to innovate their offerings and broaden their customer base.

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A prominent player in the Product Engineering Services market, ALTEN focuses on inorganic growth strategies such as product launches, partnerships, collaborations, and acquisitions. ALTEN offers product engineering services through its India-based subsidiary, Calsoft Labs, which it acquired in 2014. Calsoft Labs had a significant experience in outsourced product development, which was a perfect match to the ALTEN Group’s portfolio of IT consultancy services. ALTEN Group has three business lines, namely, engineering & technology consulting, telecom & multimedia, and technology information systems. It offers engineering services for the entire product development cycle, and its core service offerings are design, pre-feasibility studies, and consulting. The company also has extensive expertise in several sectors of engineering—the strength of materials, structural calculation, and embedded & real-time systems. ALTEN supports its customers’ growth strategies in the areas of innovation, research and development, and technological information systems. The Group has a presence in 30 countries and has established itself as a global leader in engineering and IT services. It collaborates with key players in aeronautics & space, defense & naval, security, automotive, rail, energy, life sciences, finance, retail, telecommunications, and services. It currently has 42,000 employees all over the world. ALTEN has acquired Method Group in May 2022, This acquisition will result in new projects with ALTEN’s engineering and defense customers for their digital transformation plans in areas such as artificial intelligence, cyber security, connected cars, industry 4.0, IoT, digital twins, and edge computing. ALTEN has partnered with Mobiveil in April 2021, ALTEN partnered with Mobiveil, a pioneer in high-speed silicon IP. This collaboration aimed to accelerate growth while also providing value to customers and companies in the US, Asia Pacific, and Europe by integrating ACL’s semiconductor engineering capabilities into Mobiveil’s high-speed controller IP and value-added services.

AVL is one of the largest privately owned developers of powertrain systems with internal combustion engines and has prowess in test systems & instrumentation as well. AVL is active in three business areas: powertrain engineering, instrumentation & test systems, and simulation. The company offers engineering, testing solutions, simulation technologies, and manufacturing services as a part of its product engineering services portfolio. The company has 45 affiliated companies worldwide and an export quota of 96%. AVL has established national as well as international research cooperation with companies such as CLEPA, EARPA, FKG, FVV, and AESIN. AVL is constantly expanding its portfolio of cutting-edge methodologies and technologies for vehicle development and testing. The company covers vehicle architectures, platform solutions, and the impact of new propulsion systems and energy carriers, using a holistic approach spanning the ideation phase to serial production. AVL drives innovative and affordable solutions for all applications, from traditional to hybrid to battery and fuel cell electric technologies, to achieve the vision of climate-neutral mobility. As a global technology provider, AVL’s offerings range from product development simulation, virtualization, and test automation to ADAS/AD and vehicle software.

Related Reports:

Product Engineering Services Market by Service (Product Engineering; Process Engineering; Maintenance, Repair, and Operations), Organization Size, Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing) and Region - Global Forecast to 2027

Mr. Aashish Mehra
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Product Engineering Services Market Size,  Share & Growth Report
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