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.
The maintenance and troubleshooting of a vehicle’s software, electronics, mechanical, and electrical systems are included in automotive engineering services. Automotive engineering service providers create, design, construct, & test car parts or the full vehicle from the concept stage through the use stage. The manufacturers may choose to use automotive engineering services internally or outsource it.
The demand for advanced and self-driving networking capabilities has a big impact on innovation for automotive engineering services, which eventually changes how the automotive industry looks. In order to keep up with the growing need for connectivity, automakers are creating and acquiring new talents in car software and electronic services. They are now competing in the market for automotive engineering services.
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Telematics is recognized as the leading developing trend in the global market for automotive engineering services due to the development of vehicle testing, connected cars, and the integration of AI (Artificial Intelligence), which has raised the demand for automotive engineering services. Smart entertainment, parking help services, and auto diagnostic services enable more than merely restricted control of a car. As a result, it is estimated that during the forecasted period, the global market for automotive engineering services will witness significant expansion in connection services.
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 connection features for automobiles. As part of the launch of the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019, the Alliance Intelligent Cloud—which will offer connection services to the vehicles made by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault—was revealed. The demand for automotive engineering services is then expected to rise over the anticipated time range as a result.
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Automotive Engineering Services: Regional Market Outlook
Automakers foresee being forced to modify the exhaust powertrain system due to the increased consumer demand for automobiles with better performance and reduced emissions. Additionally, it is anticipated that the market for electric powertrains in general will rise as a result of European countries’ ambition to reduce emissions to three-fourths of what they are currently. As a result, the demand for automotive engineering services in Europe will rise as the region’s production of electric vehicles expands.
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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