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. Automotive engineering firms design, create, construct, and test both individual automobile parts and complete vehicles. The manufacturer choose whether to use internal or external engineering services for cars.
vehicle engineering services The pursuit of sophisticated and autonomous networking capabilities has a tremendous 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 growing their staff in these fields. They face increasing competition in the market for automotive engineering-related services.
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Due to the advancement of vehicle testing, the development of connected cars, and the integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services, telematics is the trend in the global market for automotive engineering services that is growing at the fastest rate. In addition to standard car management, services like smart entertainment, parking assistance, and auto diagnostics are provided. As a result, it is anticipated that during the anticipated period, connection services will significantly expand in the global market for automotive engineering 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 connectivity features for automobiles. In the first quarter of 2019, the Renault-Nissan-Mitsubishi alliance unveiled the Alliance Intelligent Cloud, which would offer connection services for the vehicles made by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault. This is anticipated to enhance demand for automotive engineering services over the projected time span.
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Automotive Engineering Services: Regional Market Outlook
As consumer demand for automobiles with better performance and lower emissions rises, it is expected that automakers would upgrade the exhaust engine system. The European Union’s goal to cut emissions to three-fourths of what they are now is another element that is projected to enhance the market for electric powertrains in general. As more electric vehicles are produced in Europe, the need for automotive engineering services will rise.
Germany, which is also the location of the automobile industry, is home to significant firms that dominate the global market for automotive engineering services. Due to ongoing collaboration between engineering service providers and automobile manufacturers, the country is anticipated to outperform the rest of the world in terms of market growth. A similar trend towards the adoption of technologically advanced products in Americas is anticipated to have a substantial impact on the market for automotive engineering services.
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
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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