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.
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.
Automotive Engineering Services
Market Segmentation
The Automotive
Engineering Services Market size 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 (R&D)
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.
Read
more:
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