Surge in customer preference for cabin comfort and luxury features drive the growth of the global automotive acoustic engineering services market
PORTLAND, Oregon, July 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Acoustic Engineering Services Market by Offering (Physical Acoustic Testing and Virtual Acoustic Testing), Software (Vibration, Simulation, Signal Analysis and Calibration), Application (Interior, Body & Structure, Powertrain and Drivetrain), and Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric Vehicle): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive acoustic engineering services industry was estimated at $2.61 billion in 2019, and is anticipated to hit $4.80 billion by 2027, registering a CAGR of 7.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Government regulations pertaining to vehicle noise and increase in customer preference for enhanced cabin comfort and luxury features drive the growth of the global automotive acoustic engineering services market. On the other hand, high initial investment and augmented usage of rental and used acoustic testing equipment impede the growth to some extent. However, rise in the trend of engine downsizing is expected to create multiple opportunities in the industry.
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- Automotive acoustic engineering services include designing and testing of the sound originating from the engine. And, with the global lockdown in effect, logistics slowdown has naturally become a common threat for the industry. Likewise, production facilities of the required electronic parts have also come to a halt.
- However, with several government bodies coming up with relaxations on the existing regulations, it's projected that there won't be any more shortage in the essential workforce and the market would also be able to retrieve its position in terms of revenue.
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The virtual acoustic testing segment to dominate by 2027-
Based on offering, the virtual acoustic testing segment contributed to nearly three-fourths of the global automotive acoustic engineering services market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also portray the fastest CAGR of 8.2% from 2020 to 2027. This is attributed to the fact that virtual acoustic testing helps in real-time monitoring of vehicle condition.
The stimulation segment to maintain the dominant share-
Based on software, the simulation segment accounted for more than two-fifths of the global automotive acoustic engineering services market revenue in 2019, and is anticipated to lead the trail till 2027, owing to the fact that simulation helps to replicate the external factors of the vehicle through which generated noise can be determined. The vibration segment, on the other hand, would manifest the fastest CAGR of 8.2% throughout the forecast period. This is because this software helps in determining the vibrations of different components as well as aids in reduction of vibrations to a larger extent.
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Asia-Pacific, followed by Europe and North America, garnered the major share in 2019-
Based on geography, Asia-Pacific, followed by Europe and North America, held the major share in 2019, generating more than one-fourth of the global automotive acoustic engineering services market. This is due to increased production and sales of vehicles across the region. At the same time, Europe would grow at the fastest CAGR of 8.7% during the study period. The fact that Europe happens to adopt huge vehicular technologies as compared to any other province has driven the market growth.
Key players in the industry-
- Siemens Industry Software Inc.
- Bertrandt AG
- STS Group AG
- Brüel & Kjær
- EDAG Engineering GmbH
- FEV Group GmbH
- HEAD acoustics GmbH
- Schaeffler Engineering GmbH
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