Press release
Automotive Engineering Services Market Insights | Key Players: FEV, IAV Automotive Engineering, Ricardo, AVL, Bertrandt AG, Altran
The growth of the Automotive Engineering Services Market is driven by the rising sales of electric vehicles, increasing R&D investments in the automotive industry, the advent of autonomous vehicles, and high implementation of connectivity services.
The Automotive Engineering Services Market is dominated by major players such as FEV (Germany), IAV Automotive Engineering (Germany), Ricardo (UK), AVL (Austria), Alten (France), Bertrandt AG (Germany), Altran (France), L&T Technology Services (India), and many others.
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Passenger car is expected to be the largest market
The passenger car segment is expected to be the largest market during the forecast period. The adoption of sensors and utilization of vehicle data for autonomous driving and predictive maintenance have created wider scope for automotive engineering services providers in a passenger car. In addition, increasing customer demand for safer and comfortable passenger vehicles has compelled OEMs to invest more in vehicle safety, advanced connectivity features, and smart infotainment systems. The growing demand for digital connectivity features is supported by a wide network coverage of 5G connectivity and implementation of IoT devices in premium sedans and SUVs. In the present scenario, customers want eco-friendly mobility combined with communication. This provides an opportunity for OEMs to offer connectivity features in their upcoming vehicles. Hence the demand for various automotive engineering services is expected to increase.
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Electrical, Electronics and body control is expected to lead the Automotive Engineering Services Market
Automotive electrical, electronics, and body control have a high value-added proportion in vehicle development. Electronics and electrical systems play a crucial role in handling all functions dedicated to passenger comfort and convenience. Services in automotive electrical and electronics include power management module, climate control, power window, body control module, and smart mirror and wipers. The trend is expected to grow due to the adoption of electric vehicles and complex electronic components for the safer and functional driving experience. Service providers such as L&T Technology Services and FEV have invested huge resources to develop electrical, electronics, and body control solutions in automotive engineering services.
The Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region is the fastest-growing market for automotive engineering services because of the growth in India, China, Japan, and South Korea. Rising vehicle production, increasing demand for luxury vehicles, growing sales of electric cars, and technological development are driving the automotive engineering services market in the Asia Pacific region.
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