Global Automotive Research & Development Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
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“Global Automotive Research & Development Services Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global automotive research & development services market report has been segmented on the basis of vehicle types, components, and region.
Global Automotive Research & Development Services Market: Overview
Research and development (R&D) is the activity that produces new products or better processes in various industries such as automotive, education, chemical, advertising and marketing, and food industry. In automotive industry research and development services help to develop new services and production processes.
Global Automotive Research & Development Services Market: Dynamics
Increasing demand for various type of advanced technology base vehicles in the automotive industry is a key factor expected to bolster demand for automotive research & development services and drives growth of the global target market over the forecast period.
Increasing investment in research and development area by various key vehicle manufacturers owing to rising demand for vehicle safety, quality, reliability, and utility is also anticipated to drive growth of the global automotive research & development services market over the forecast period.
In addition, growing demand for new advance technologically services in automotive management systems is another factor projected to fuel growth of the target market during the forecast period.
Furthermore, increasing rapid adoption of various automotive appliances and artificial intelligence across the globe is also projected to fuel demand for automotive research & development services over the next 10 years.
However, the high cost of automotive research & development services is a major factor which may restrain growth of the global market over the forecast period.
Global Automotive Research & Development Services Market: Segment Analysis
Among the vehicle type, the passenger car segment is expected to contribute for highest growth in the global automotive research & development services market, owing to high adoption of automotive research & development services in the various type of passenger cars such as hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles.
Among the component, body & main parts segment is anticipated to contribute major share in the global automotive research & development services market.
Global Automotive Research & Development Services Market: Region Analysis
The North America market is accounted for leading revenue share in the global market. Europe is also expected to contribute significant share in the global market, owing to the strong growth of sales in the technologically advanced based passenger and commercial vehicles in countries in the region.
The market in the Asia Pacific is anticipated to grow at a significant rate in terms of CAGR in the target market, owing to increasing research and development services for the automobile in countries such as China, and India in the region.
Markets in Middle East & Africa and Latin America, are at a nascent stage and anticipated to register moderate growth rate in terms of revenue in the target market over the forecast period.
Global Automotive Research & Development Services Market Segmentation:
Segmentation by Vehicle Types:
- Passenger Cars
- Commercial Vehicles
Segmentation by Components:
- Body & Main Parts
- Electronics & Electrical
- Powertrain & Chassis
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Volkswagen AG
- TOYOTA MOTOR CORPORATION
- Tesla Inc.
- Daimler AG
- Robert Bosch GmbH
- BMW AG
- Continental AG
- BASF SE
- Ford Motor Company
- Honda Motor Company, Ltd.
- General Motors Company
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