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.
The maintenance and troubleshooting of a vehicle’s software, electronics, mechanical, and electrical systems are included in automotive engineering services. Automotive engineering service providers design, develop, produce, and test automobile parts or the entire vehicle from the concept stage through the use stage. Automotive engineering services may be used by manufacturers internally or outside.
engineering services for vehicles The quest for sophisticated and self-driving networking capabilities has a significant impact on innovation, which eventually changes how the automotive industry is perceived. To keep up with the growing need for connectivity, automakers are creating new expertise in car software and electronic services and recruiting it. The market for services relating to automotive engineering is now competitive for them.
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Telematics is recognised as the top emerging trend in the global market for automotive engineering services due to the development of vehicle testing, connected cars, and the integration of AI (Artificial Intelligence), which has raised the demand for automotive engineering services. Services like smart entertainment, parking help, and auto diagnostics offer more than just restricted vehicle control. As a result, it is predicted that throughout the projected period, the global market for automotive engineering services would see a large expansion in connection services.
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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