Growth of Automotive Engineering Services Market
The automotive engineering services market has grown by 15.09% over the last 3 years with ER&D spends growing as much as 20% since 2017. The addressable market for engineering services is currently $35-36 Bn and expected to reach $ 37-38 Bn by 2020. The ER&D services market has evolved over time with automotive companies leveraging cost arbitrage by outsourcing non-core activities to locations that provide a significant cost advantage. The embedded and software outsourcing market is gaining momentum. India has low cost, software talent availability while China offers favorable low-cost manufacturing at scale and access to the largest market.
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