Analysts at Nuvama said, “Management forecasts India’s share of global ER&D (engineering and research and development) outsourcing market would expand at a CAGR (compound annual growth rate) of 17–22% over 2023–30. They anticipate global ER&D spend to touch $540 billion in the auto segment, $280 billion in transport & off-highway and $120 billion in aerospace & rail by 2030.”
