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Automotive Engineering Services Outsourcing (ESO) Market to Eyewitness Massive Growth by 2026 | AKKA Technologies, Robert Bosch (ITK Engineering), IAV GmbH
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$ 207 85 Billion Growth in Global Engineering Services Outsourcing Market 2020-2024 | Major Vendor Insights and Key Offerings
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The global Automotive Engineering Services Outsourcing Market size is projected to touch USD 469.6 billion by the end of 2027, as per a new report released by Million Insights. The market is predicted to register a CAGR of over 27% over the forecast duration. Increasing collaboration between ESPs and OEMs for leveraging innovative technologies to ensure enhancement, safety and autonomous driving are driving the market growth. In addition, stringent rules pertaining to reduction of vehicular emission is estimated to bode well for the growth of the market.
Technical advancements such as shared mobility, electrification and self-driving have changed the dynamics of automotive in the recent past. In addition, the introduction of various software-based solutions such as ADAS, in-vehicle infotainment, connectivity and powertrain engineering is estimated to offer a lucrative opportunity for the market players.
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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.
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