Vehicles Sales Drop as COVID-19 Hits Automotive Acoustic Engineering Services Market Size
Market Overview
Market
Research Future (MRFR) reveals that the Automotive Acoustic Engineering
Services Market Size 2020 could possibly progress at a rate of 6.5% between
2018 and 2023 (evaluation period). We will provide covid-19 impact analysis
with the report. The COVID-19 impact on the market has been carefully assessed,
post the coronavirus disease outbreak.
COVID-19 Analysis
An impact
analysis on COVID-19 suggests that there has been a notable drop in vehicle
sales across the world in just a few months, owing to the shutdowns along with oil
price volatility. Well-known automotive OEMs have been adopting certain tactics
in a bid to mitigate the impact of SARS-CoV-2 on their business by appraising their
dealerships. The short-term impact and long-term impact of COVID-19 on the automotive
sector has resulted in the closing off of assembly plants in the United States
(US) along with manufacturing interruptions across Europe as well as ceased
export of Chinese components. Novel Coronavirus has severely impacted the supply
chain as well as the product demand across the automotive industry. Consumer
buying behavior has also changed notably on account of the uncertainty induced
by the COVID-19 outbreak and the lockdown situation currently prevalent across
countries.
Cash crunch as
well as liquidity shortfall has had a diminishing effect on the sales of a
majority of fleet operators, which can increase further in the coming few
months. On the bright side, till the time a COVID-19 breakthrough is not
achieved, the automotive industry and related markets are expected to remain strong,
as a result of the ongoing efforts by market players to curb revenue losses by indulging
in mergers and acquisitions, among others.
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Growth Drivers and Main Restraints
The Automotive
Acoustic Engineering Services Market Trends can expect prodigious growth in the
approaching years on account of the mounting demand for comfortable interior
cabin along with other luxury features. The surge in the sales of electric and hybrid
vehicles combined with accelerated demand for premium and sports vehicles has
also had a profound effect on the worldwide market. Besides, the heightened demand
for MUV or multi utility vehicles has induced excellent growth in the automotive
acoustic engineering services market.
Governments across
the world are increasingly imposing strict laws in the wake of increasing noise
pollution and the need to curb it. This helps promote the deployment of acoustic
engineering services in the automotive industry. The emerging trend of engine downsizing
can also boost the demand for automotive acoustic engineering services in the
following years.
Ongoing
collaborations, expansions, partnerships, acquisitions and joint ventures by prominent
engineering service providers can also stimulate business growth, especially in
untapped markets such as Asia Pacific.
Market Segmentation
The Automotive
Acoustic Engineering Services Market Trends has been considered for offering,
application, software as well as vehicle type.
Offering-wise
categories mentioned in the report are physical as well as virtual.
The applications
covered in the study include powertrain, chassis, interior and drivetrain.
The software
types included in the research are simulation, vibration, signal analysis and
calibration.
The vehicles
listed are light commercial vehicle or LCV, passenger cars, as well as heavy
commercial vehicle or HCV.
Regional Insight
The primary
markets for automotive acoustic engineering services market size
are North America, Europe, APAC or Asia Pacific, and RoW or Rest of the World.
Europe can
note a top-notch growth in the global market and also claim the largest share
on account of the strong relationship between regional players and leading automotive
OEMs as well as tier-1 suppliers. Moreover, premium vehicle manufacturers like BMW,
Volkswagen, Mercedes-Benz, Porsche and Volvo are highly focused on acoustic engineering
of their vehicles, which works in favor of the regional market to a large
extent.
APAC can
quickly emerge as a formidable market, thanks to the increasing automotive
production in India and China coupled with the strict government regulations pertaining
to noise, emissions and safety. The market growth is also induced by the
soaring need to bring down the research and development (R&D) costs.
Top Participants
Top
participants profiled in the market study include 3M (US), Continental
(Germany), AVL (Austria), HEAD acoustics GmbH (Germany), Siemens PLM (US), EDAG
Engineering (Germany), Schaeffler (Germany), IAV (Germany), Bertrandt
(Germany), Autoneum (Switzerland), IAV (Germany), FEV (Germany), CARCOUSTICS
(Germany), to mention a few.
Recent News
May 2020
Hyundai
Mobis has developed the first ever virtual engine sound system known as Acoustic
Vehicle Alert Sound using a grille cover of a vehicle. This system generates a beeping
sound if the traffic indication lamp gets activated, helping alert any passersby
for safety.
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Key
Questions Addressed by the Report
- What
was the historic market size?
- Which
segmentation (Product/ Capacity) is driving market?
- What
will be the growth rate?
- How
are the key players in this market?
- What
are the strategies adopted by key players?
TABLE
OF CONTENTS
1
EXECUTIVE SUMMARY
2
SCOPE OF THE REPORT
2.1
MARKET DEFINITION
2.2
SCOPE OF THE STUDY
2.2.1
DEFINITION
2.2.2
RESEARCH OBJECTIVE
2.2.3
ASSUMPTIONS
2.2.4
LIMITATIONS
2.3
RESEARCH PROCESS
2.3.1
PRIMARY RESEARCH
2.3.2
SECONDARY RESEARCH
2.4
MARKET SIZE ESTIMATION
2.5
FORECAST MODEL
3
MARKET LANDSCAPE
3.1.1
THREAT OF NEW ENTRANTS
3.1.2
BARGAINING POWER OF BUYERS
3.1.3
THREAT OF SUBSTITUTES
3.1.4
SEGMENT RIVALRY
3.1.5
BARGAINING POWER OF BUYERS
3.2
VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4
MARKET DYNAMICS
4.1
INTRODUCTION
4.2
MARKET DRIVERS
4.3
MARKET RESTRAINTS
4.4
MARKET OPPORTUNITIES
4.5
MARKET TRENDS
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