During the forecast period, the global automotive engineering services market share is anticipated to grow at a moderate CAGR of 8.6%. The global market is expected to generate US$ 166.16 billion in sales in 2022 and US$ 348 billion by the end of 2032.
Automotive engineering services include the upkeep and troubleshooting of a vehicle’s software, electronics, mechanical, and electrical systems. From the concept stage through the use stage, automotive engineering service providers design, develop, build, and test automobile components or the entire vehicle. The utilisation of automotive engineering services by manufacturers may be internal or external.
automobile engineering service innovation is heavily influenced by the desire for sophisticated and self-driving networking capabilities, which ultimately alters the way that the automobile sector appears. Automakers are developing and hiring new expertise in automotive software and electronic services in order to keep up with the expanding need for connection. They now face competition in the market for services related to automobile engineering.
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Due to the advancement of vehicle testing, linked automobiles, and the integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services, telematics is identified as the top rising trend in the global market for automotive engineering services. Smart entertainment, parking assistance, and auto diagnostic services provide for more than just limited vehicle control. As a result, it is anticipated that the global market for automotive engineering services would have significant expansion in connection services throughout the expected period.
Additionally, a growing number of tier-1 OEMs are offering automotive engineering services. For example, AUDI AG and Huawei Technologies Co., Ltd. worked together to create connection features for automobiles in 2018. The Alliance Intelligent Cloud, which will provide connectivity services to the vehicles built by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault, was unveiled as part of the introduction of the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019. As a result, it is estimated that demand for automotive engineering services would increase over the predicted time frame.
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Automotive Engineering Services: Regional Market Outlook
Automakers foresee being forced to modify the exhaust powertrain system due to the increased consumer demand for automobiles with better performance and reduced emissions. Additionally, it is anticipated that the market for electric powertrains in general will rise as a result of European countries’ ambition to reduce emissions to three-fourths of what they are currently. As a result, the demand for automotive engineering services in Europe will rise as the region’s production of electric vehicles expands.
On a national level, Germany is the birthplace of the automotive industry and the centre of the top players in the market for automotive engineering services. Due to ongoing cooperation between engineering service providers and automakers, the nation is expected to lead the world in terms of market growth. The market for automotive engineering services is expected to be significantly impacted by a similar tendency towards the adoption of technologically advanced goods in Americas.
Automotive Engineering Services: Market Key Players
Some of the major participants operating in the global automotive engineering services market include the following players:
- FEV Group GmbH
- IAV
- Ricardo
- AVL
- ALTEN Group
- Bertrandt
- ALTRAN
- L&T Technology Services Limited
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The Automotive Engineering Services regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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