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.
Automotive engineering services include maintenance and diagnosis of a vehicle’s software, electronics, mechanical, and electrical systems. From the concept stage through the use stage, automotive engineering services providers create, design, construct, & test car parts or the entire vehicle. The makers might either outsource it or carry it out in-house using automotive engineering services.
The demand for sophisticated and self-driving networking capabilities is having a significant impact on innovation for the automotive engineering services, which is ultimately transforming the face of the automotive sector. Vehicle manufacturers are developing and acquiring new skills in vehicle software and electronic services in order to keep up with the rising need for connection. As a result, they are entering the automotive engineering services market.
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Due to the rise of vehicle testing, linked automobiles, and the integration of AI (Artificial Intelligence), which has raised the demand for automotive engineering services, telematics is regarded as the dominant emerging trend in the global market for automotive engineering services. More than just limited control of a car is possible thanks to smart infotainment, parking assistance services, and vehicle diagnostic services. As a result, it is anticipated that the global market for automotive engineering services would see significant growth in connection services throughout the course of the projected period.
Additionally, a growing number of tier-1 OEMs are offering automotive engineering services. For instance, Huawei Technologies Co., Ltd. and AUDI AG partnered 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 announced as part of the introduction of the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019. This in turn is intended to increase demand for automotive engineering services over the anticipated time frame.
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Automotive Engineering Services: Regional Market Outlook
The growing consumer demand for better-performing and lower-emission vehicles is anticipated to force automakers to alter the exhaust powertrain system. Additionally, it is projected that the goal of European nations to cut emissions to three-fourths of what they are now will increase demand for electric powertrains in general. Thus, increasing the region’s manufacturing of electric vehicles will increase demand for automotive engineering services in Europe.
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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