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.
Automobile software, electronics, mechanical, and electrical systems are maintained and troubleshot by automotive engineering services. Individual automobile parts and full vehicles are designed, developed, assembled, and tested by companies that offer automotive engineering services. The manufacturer choose whether to use internal or external engineering services for autos.
vehicle engineering services The pursuit of sophisticated and autonomous networking capabilities has a significant impact on innovation, which in turn changes how the automotive industry is viewed. To meet the growing need for connectivity, automakers are creating new software and electronic services and hiring more people in these fields. The market for services related to automotive engineering is becoming more competitive for them.
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Telematics is the trend in the global market for automotive engineering services that is growing at the fastest rate as a result of the development of vehicle testing, linked cars, and the integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services. Services like smart entertainment, parking assistance, and auto diagnostics are available in addition to basic vehicle management. As a result, it is predicted that during the expected period, the global market for automotive engineering services will witness significant expansion in connection services.
Additionally, a growing number of tier-1 OEMs are offering automotive engineering services. For example, AUDI AG and Huawei Technologies Co., Ltd. worked together to provide connection features for automobiles in 2018. The Alliance Intelligent Cloud, which will provide connection services for the vehicles built by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault, was revealed by the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019. Over the estimated time frame, it is expected that this will lead to an increase in demand for automotive engineering services.
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Automotive Engineering Services: Regional Market Outlook
Automakers are anticipated to improve the exhaust engine system in response to the rising consumer demand for vehicles with better performance and reduced emissions. Another factor that is anticipated to boost the market for electric powertrains generally is the European Union’s ambition to reduce emissions to three-fourths of what they are presently. As a result, demand for automotive engineering services will increase as more electric vehicles are made in Europe.
Significant corporations that rule the global market for automotive engineering services are located in Germany, which is also the country where the automobile industry is situated. The nation is expected to surpass the rest of the world in terms of market growth due to regular cooperation between engineering service providers and automakers. On the market for automotive engineering services, a similar trend towards the use of technologically superior goods in Americas is predicted to have a significant impact.
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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