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 maintain and troubleshoot automobile software, electronics, mechanical, and electrical systems. Automotive engineering companies develop, produce, assemble, and test both separate automobile components and entire vehicles. The choice of using internal or external engineering services for cars is made by the manufacturer.
engineering services for vehicles Innovation is greatly impacted by the quest of complex and autonomous networking capabilities, which in turn alters how the automotive sector is seen. Automakers are developing new software and electronic services and expanding their workforce in these domains to fulfil the escalating need for connection. The market for services related to automotive engineering is becoming more competitive for them.
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Telematics is the trend in the global market for automotive engineering services that is growing at the fastest rate as a result of the development of vehicle testing, the creation of connected cars, and the integration of AI (Artificial Intelligence), all of which have increased the demand for automotive engineering services. Services like smart entertainment, parking assistance, and auto diagnostics are offered in addition to regular automobile management. As a result, it is expected that throughout the anticipated period, the global market for automotive engineering services would witness a large expansion of 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 provide connection features for automobiles in 2018. The Alliance Intelligent Cloud, which will provide connection services for the vehicles built by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault, was unveiled by the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019. Over the estimated time frame, it is anticipated that this will increase demand for automotive engineering services.
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Automotive Engineering Services: Regional Market Outlook
As consumer demand for automobiles with better performance and lower emissions rises, it is expected that automakers would upgrade the exhaust engine system. The European Union’s goal to cut emissions to three-fourths of what they are now is another element that is projected to enhance the market for electric powertrains in general. As more electric vehicles are produced in Europe, the need for automotive engineering services will rise.
Germany, which is also the location of the automobile industry, is home to significant firms that dominate the global market for automotive engineering services. Due to ongoing collaboration between engineering service providers and automobile manufacturers, the country is anticipated to outperform the rest of the world in terms of market growth. A similar trend towards the adoption of technologically advanced products 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
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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