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.
A vehicle’s software, electronics, mechanical, and electrical systems all require maintenance and troubleshooting, which is covered by automotive engineering services. Automotive engineering service providers create, develop, build, and test automobile components or the entire vehicle from concept to use. The manufacturer choose whether to use internal or external engineering services for automobiles.
services for car engineering The pursuit of complex and autonomous networking capabilities has a huge impact on innovation and, in turn, changes how the automotive industry is seen. To meet the growing need for connectivity, automakers are creating new software and electronic services and hiring new people in these fields. In the market for services relating to automotive engineering, they increasingly confront competition.
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Telematics is the fastest-growing trend in the global market for automotive engineering services as a result of the development of vehicle testing, connected cars, and the integration of AI (Artificial Intelligence), which has raised the demand for automotive engineering services. Services like smart entertainment, parking assistance, and auto diagnostics are available, going beyond simple automobile control. As a result, it is predicted that during the anticipated period, the global market for automotive engineering services would have significant increase 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 connectivity services to the vehicles built by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault, was launched as part of the Renault-Nissan-Mitsubishi alliance in the first quarter of 2019. Over the estimated time frame, it is anticipated that this would enhance demand for automotive engineering services.
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Automotive Engineering Services: Regional Market Outlook
Automakers are anticipated to update the exhaust engine system due to the growing consumer demand for automobiles with better performance and lower emissions. Additionally, it is anticipated that the market for electric powertrains in general would grow as a result of European countries’ ambition to reduce emissions to three-fourths of what they are currently. As a result, demand for automotive engineering services in Europe will rise along with the region’s production of electric vehicles.
The global market for automotive engineering services is dominated by significant firms in Germany, which is also the country’s home to the automobile industry. Because engineering service providers and automakers frequently work together, the nation is predicted to lead the world in terms of market growth. On the market for automotive engineering services, a similar trend towards the adoption 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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