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 provide maintenance and troubleshooting for the software, electronics, mechanical, and electrical systems of a vehicle. Automotive engineering service providers design, develop, assemble, and test individual automobile parts and complete 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 sophisticated and autonomous networking capabilities, which in turn alters how the automotive sector is seen. Automakers are developing new software and electronic services and hiring additional personnel in these industries to suit the escalating need for connectivity. They face growing competition in the market for services related to automotive engineering.
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As a consequence of 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 the trend in the global market for automotive engineering services that is increasing at the fastest rate. Beyond basic vehicle control, there are services like smart entertainment, parking assistance, and auto diagnostics. As a result, it is estimated that the global market for automotive engineering services would have significant growth in connection services throughout 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. In the first quarter of 2019, the Renault-Nissan-Mitsubishi alliance unveiled the Alliance Intelligent Cloud, which will offer connectivity services for the vehicles made by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault. It is anticipated that this will increase demand for automotive engineering services over the projected time range.
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Automotive Engineering Services: Regional Market Outlook
Due to the increased consumer demand for cars with better performance and lower emissions, automakers are expected to improve the exhaust engine system. The goal of European nations to cut emissions to three-fourths of what they are now is another factor that is expected to boost the market for electric powertrains in general. As a result, as more electric vehicles are produced in Europe, so will the demand for automotive engineering services.
Germany, which is also the country where the automobile industry is based, has substantial companies that dominate the global market for automotive engineering services. It is anticipated that the country will outperform the rest of the world in terms of market growth because engineering service providers and automakers routinely collaborate. 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
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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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