WASHINGTON, Nov. 16, 2023 (GLOBE NEWSWIRE) According to Vantage Market Research, the Global Automotive Engineering Services Market is estimated to be valued at USD 295.6 Billion by 2030, with an exponential growth of 8.6% in the next seven years. The rise of the Automotive Engineering Services market is driven by factors including the growing demand for electric vehicles, increasing focus on research and development within the automotive sector, and the implementation of stringent government
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The Global Automotive Engineering Services Outsourcing market is expected to reach $324.78 billion by 2026 growing at a CAGR of 25.7% during 2019 to 2026. The automotive engineering is also known as automobile engineering, it s a combination of mechanical, electrical and material science. Automotive engineering services outsourcing concerned with design, development, production and safety testing of vehicles including cars, trucks, motorcycles, scooter, and others. The automotive engineering field is research-intensive and involves the direct employment of mathematical models and formulas. Outsourcing supports a variety of capabilities, such as designing the parts of a vehicle, working with a company s supply chain, and developing aftermarket support for engineering.