The Automotive Engineering Services Market was valued at USD 425.79 billion in 2022 and is projected to reach USD 851.16 billion by 2032, with a CAGR of 8% during the forecast period. The growth in market revenue can be attributed to several key factors, including the increasing trend of vehicle electrification, the rising demand for electric and hybrid vehicles, and the growing popularity of connected automobiles. Additionally, the market is driven by the growing demand for advanced technologies that enhance vehicle performance and reduce emissions, leading to the overall expansion of the global automotive engineering services industry.
The significant expansion of the automotive engineering services market can be attributed to the increasing demand for electric and hybrid vehicles. With a focus on reducing carbon emissions and environmental impact, electric vehicles have emerged as a viable alternative to traditional cars. Government regulations aimed at curbing carbon emissions and promoting the adoption of electric vehicles have further fueled the demand for electric and hybrid cars, thereby driving the growth of the automotive engineering services industry.
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Electric Electrics parts, including motors, batteries, and power electronics, are used when a vehicle is electrified, requiring advanced engineering services for production, testing, and design. The market for automotive engineering services has expanded due to rising electric car demand and the trend towards electrification of vehicles. Furthermore, the market for automotive engineering services has benefited from the growing trend of vehicle electrification.
The rising trend of connected automobiles is another element boosting the growth of the global automotive engineering services market. Engineering services providers now have new opportunities to design and implement cutting-edge systems enabling continuous connectivity and communication between vehicles and their surroundings. This is thanks to the growing use of internet-enabled gadgets in automobiles. The need for linked vehicles and advanced driver assistance systems (ADAS) is rising, further fueling the market for automotive engineering services.
With the growing use of robotics and artificial intelligence in production processes, the automotive industry is substantially changing towards automation. Also, a range of end-use industries, including automobile manufacturing, aerospace, and military, are experiencing an increase in demand for automotive engineering services, propelling the market's revenue growth. The aerospace and defense sector is also expanding significantly because of the rising demand for cutting-edge military technology.
Competitive Landscape:
Competitive landscape of global Automotive Engineering Services market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Automotive Engineering Services market:
- Alten Group
- AKKA Technologies SE
- AVL List GmbH
- Altran Technologies SA
- EDAG Engineering GmbH
- ESI Group
- FEV Group
- IAV GmbH Engineering und Beratungsdienste
- Ricardo plc
- Siemens Industry Software Inc.
- Tata Technologies Ltd.
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The global market is further segmented into type and application:
By Service Type Outlook
- Concept/Research
- Designing
- Prototyping
- System Integration
- Testing
- Others
By Application Outlook
- Electric and Hybrid Vehicles
- Autonomous and Semi-Autonomous Vehicles
- Internal Combustion Engine Vehicles
- Other
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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