Automotive Engineering Services Market Growth, Competitive Analysis, Future Prospects and Forecast 2028

Automotive engineering services are gaining popularity with the rising trend of emission less transportation and the requirement for advanced safety features. Automotive engineering involves development of mechanical, electrical, electronics, software, and sophisticated safety features. These services are used in the design, development, testing, prototyping, system integration and other respective services. Automotive services market is expected to observed promising growing in coming years all over the world.

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Companies Profiled in this report includes:  AKKA,  AVL List GmbH, Bertrandt Group, Capgemini, FEV Group, IAV, KPIT, Onward Technologies Ltd., Ricardo plc, Tech Mahindra Limited

MARKET SEGMENTATION

  Based on service type, the global automotive engineering services market is segmented into designing, prototyping, testing, system integration and concept/research.

  On the basis of application, the market is segmented into ADAS and Safety, Chassis, Simulation, Vehicle Electronics, Electrification, and Body Controls, Connectivity Services, Power Train and Exhaust, Interior, Exterior and Body Engineering, and Others.

  Based on location, the market is bifurcated into Outsource and In House.

  On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles.

MARKET DYNAMICS

Drivers:

  Growing demand for advanced connectivity solutions.

  Rising urbanization and increasing per capita disposable income to boost market growth of automotive engineering services.

  Growing awareness regarding safety offered in automobiles.

Restraints:

  Intellectual Property restraints may occur in some instances.

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IMPACT OF COVID-19 ON AUTOMOTIVE ENGINEERING SERVICES MARKET

The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities. This pandemic restricted the movement of people from one place to another. This impacted the demand for automobiles drastically all over the world. Sales of passenger vehicles experienced negative growth during this period. However, post pandemic, this market is expected to rise considerably.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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