Projected Revenue Growth:
The Automotive Engineering Services Market size was valued at US$ 181.80 Bn. in 2023 and the total revenue is expected to grow at 8.9 % of CAGR through 2024 to 2030, reaching nearly US$ 330.20 Bn.
What is Automotive Engineering Services Market scope?
The Automotive Engineering Services Market encompasses a range of services that assist automotive original equipment manufacturers (OEMs) and suppliers in optimizing product design, development, and manufacturing. These services include vehicle engineering, electronics integration, manufacturing IT solutions, and product lifecycle management. The market is primarily driven by the rising adoption of digital solutions in the automotive value chain, helping OEMs reduce development costs and shorten time-to-market. Key players in the market focus on addressing the growing demand for electric vehicles, autonomous driving technologies, and compliance with government regulations, fostering innovation and efficiency across the industry.
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Automotive Engineering Services Market Trends:
Several key trends are shaping the growth of the automotive engineering services market. One of the most prominent trends is the increasing focus on autonomous vehicles, which demand advanced automotive engineering services for the integration of sensors and AI-based systems. Additionally, the rising adoption of electric vehicles is pushing OEMs to seek specialized services for battery management and energy-efficient designs. Outsourcing engineering services is becoming more popular as automakers aim to reduce costs and expedite product development. Another trend is the growing importance of 5G technology, enabling enhanced vehicle connectivity and safety through real-time data communication and V2X (Vehicle-to-Everything) systems.
What are Automotive Engineering Services Market Dynamics?
The large RD investments made by the automotive sector and the steadily increasing consumer trust in engineering services are the main drivers of the market expansion. Several of the top manufacturers in the world, such as Ford Motor Company, Daimler AG, BMW AG, Volkswagen, Renault, and Volkswagen, are among the top consumers of automotive engineering services. Manufacturers would have to equip semi-autonomous vehicles with more sophisticated safety systems and cruise control features due to the growing emphasis on autonomous driving technologies.
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How is the Asia-Pacific Automotive Engineering Services Market Expected to grow?
The Asia-Pacific region is expected to lead the automotive engineering services market, driven by factors such as the rapid adoption of electric vehicles, increasing vehicle production, and the implementation of green technologies. Countries like China, Japan, and South Korea are at the forefront of automotive manufacturing and technological advancements, contributing to the region’s growth. Government regulations aimed at reducing emissions and promoting sustainable transportation are also boosting demand for engineering services. Additionally, the region’s rising demand for luxury and electric vehicles further enhances the market’s expansion, with China being a key player in the global automotive landscape.
What is the expected growth of Automotive Engineering Services by Application segmentation?
In terms of application, the connectivity services segment is expected to witness the highest growth in the automotive engineering services market. This growth is driven by the rapid expansion of 5G infrastructure, which supports the integration of advanced communication systems in vehicles. Autonomous driving technologies, vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) communication, and real-time navigation systems are among the key applications benefitting from enhanced connectivity. As the demand for smart vehicles and connected services continues to rise, the adoption of 5G-enabled automotive solutions will significantly propel the market’s expansion.
What is Automotive Engineering Services Market Segmentation?
by Service Type
Connectivity
Designing
Prototyping
System Integration
Testing
Others
by Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
by location
In-house
Out-source
by Application
ADAS and Safety
Electrical, Electronics, and Body Controls
Chassis
Connectivity Services
Interior, Exterior, and Body Engineering
Powertrain and Exhaust
Simulation
Battery Development & Management
Charger Testing
Motor Control
Others
by Propulsion
ICE
Electric
by Nature Type
Body Leasing
Turnkey
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What are the key trends for Automotive Engineering Services Market
1. Altair Engineering Inc. (US)
2. Pilot Systems International (US)
3. HARMAN International (US)
4. EPAM Systems (US)
5. GlobalLogic (US)
6. Belcan (US)
7. Hunter Engineering Company (US)
8. Alten Group (France)
9. Altran (Capgemini Engineering) (France)
10 ESI Group (France)
11. ASAP Holding Gmbh (Germany)
12. ESG Elektroniksystem- und Logistik-GmbH (Germany)
13. FEV Group GmbH (Germany)
14. Bertrandt AG (Germany)
15. EDAG Group (Germany)
16. ITK Engineering GmbH (Germany)
17. P3 group GmbH (Germany)
18. Robert Bosch GmbH (Germany)
19. IAV (Germany)
20. Continental AG (Germany)
21. L&T Technology Services Limited (India)
22. HCL Technologies Limited (India)
23. Onward Technologies Ltd. (India)
24. Horiba, LTD. (Japan)
25. Ricardo (UK)
26. Akka Technologies (Belgium)
27. Valmet Automotive (Finland)
28. Semcon (Sweden)
29. AVL List GmbH (Austria)
Key Offerings:
- Past Market Size and Competitive Landscape
- Automotive Engineering Services Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Automotive Engineering Services Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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