R&D Spends In China
R&D spends in China are expected to grow by a CAGR of 18% over the next 4 years and these investments are driven by the telecom and auto industry. The automotive vertical accounts for 15% of the total G500 R&D spend in China signaling the need for service providers and technology partners.The top 5 service providers of EDAG, Altran, Tech Mahindra, ESG and ALTEN account for 70% of the overall engineering services market. The body engineering and safety restraints segments have a high outsourcing propensity and contribute nearly ~40% of the revenue among the top 5 SPs.
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