During the forecast period, the global automotive engineering services market Size 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, construct, and test automobile parts or the entire vehicle. The utilisation of external or internal automotive engineering services is up to the manufacturer.
vehicle engineering services Innovation is significantly impacted by the search for sophisticated and self-driving networking capabilities, which ultimately alters how the automotive sector is viewed. Automakers are developing and hiring new talent in automotive software and electronic services to keep up with the need for connection that is on the rise. 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 growing trend in the global market for automotive engineering services. More than just limited car management, services like smart entertainment, parking assistance, and auto diagnostics are available. As a result, it is anticipated that the global market for automotive engineering services would have significant growth in connection services during the course of the anticipated period.
In addition, an increasing number of tier-1 OEMs are providing services for automotive engineering. For instance, in 2018, AUDI AG and Huawei Technologies Co., Ltd. collaborated to develop connectivity features for automobiles. The Renault-Nissan-Mitsubishi alliance was introduced in the first quarter of 2019, and as part of it, the Alliance Intelligent Cloud, which will offer connection services to the vehicles made by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault, was launched. It is predicted that this would lead to an increase in demand for automotive engineering services over the anticipated time range.
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Automotive Engineering Services: Regional Market Outlook
The rising consumer demand for vehicles with better performance and lower emissions is expected to compel automakers to change the exhaust engine system. Additionally, the goal of European nations to cut emissions to three-fourths of what they are now is expected to boost the market for electric powertrains in general. As a result, as the region’s production of electric vehicles increases, so will the demand for automotive engineering services throughout Europe.
Germany is the home of the automobile industry and the hub of the major players in the market for automotive engineering services on a global scale. The country is anticipated to dominate the world in terms of market growth because engineering service providers and automakers regularly collaborate. A similar trend towards the adoption of technologically advanced items in Americas is anticipated to have a substantial impact on the market for automotive engineering services.
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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