Global FEA Market in the Automotive Sector 2015-2019
FEA, a software used in engineering, aims to evaluate the functionality of a product design before its prototypes are produced. FEA software is used in manufacturing industries for the estimation of structural strength and behaviour, modeling, simulation, and design optimization. This software helps end-users to produce quality products, reduce cost, provide better product design, and fasten the product development time. It is used in the automotive, aerospace and defense, electrical and electronics, and industrial machinery industries.
Technavio's analysts forecast the global FEA market in the automotive industry to grow at a CAGR of 12.93% over the period 2014-2019.
Covered in this report
Technavio's report, Global FEA Market in Automotive Industry 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers Americas, APAC, and EMEA; it also covers market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global FEA in the Automotive Sector 2015-2019
Technavio recognizes the following companies as the key players in the Global FEA in the Automotive Sector: ANSYS, Dassault Systèmes, Siemens PLM Software and MSC Software
Other Prominent Vendors in the market are: Altair, Aspen, Autodesk, CD-adapco, COMSOL, ESI, Exa and NEi
Commenting on the report, an analyst from Technavio’s team said: “The outsourcing of FEA pre-processing jobs to APAC is occurring in large volumes. In a developed country, , FEA pre-processing to solve a linear static problem accounts for 45% of the overall investment and, in general, FEA pre-processing accounts for 65% of the overall investment. The availability of a low-cost skilled workforce in APAC is leading to the the shift of FEA pre-processing to the region. In countries such as India and China, the cost reduces by more than half.”
According to the report, the increased need to provide quality products in a short duration has led to an increase in the demand for FEA software. FEA software helps to improve the time-to-market by reducing the product development cycle and testing time. It improves the speed of the product design cycle and produces reliable and cost-effective products by reducing the analysis time.
Further, the report states that the market faces challenges due to the availability of free open-source FEA. SMEs lack capital so they tend to invest in FEA, which has led to the wide adoption of free or open-source FEA globally, which in turn has hampered the growth of the market.
ANSYS, Dassault, Siemens, MSC Software, Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL, ESI Group, Exa, NEi
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook