Press release
Automotive Engineering Service Market Emerging Trend, Top Companies, Industry Demand And Regional Analysis To 2030
Automotive Engineering Service Market
Automotive engineering solutions help OEMs and their suppliers digitize the product value chain and thereby minimize product development costs and reduce the time to market. The automotive engineering solutions include vehicle engineering, vehicle electronics, manufacturing IT, and Product Lifecycle Management (PLM).
Global Automotive Engineering Service Market: Overview
The Global automotive engineering service market is presently worth USD 166.16 billion, and is anticipated to grow to a value of more than USD 348 billion by 2030, with a growing CAGR (compound annual growth rate) of over 8.6% from 2022 to 2030.
Increasing concerns over air pollution and global warming have forced the governments of several countries to enforce strict emission policies and regulations for ICE vehicles. Increasing adoption of electric vehicles is expected to change the outlook of the automotive engineering services market. More EV sales would accentuate the need to develop new battery technologies, new chassis and exterior designs, and advanced transmission systems for these vehicles. EV manufacturers such as Tesla, Nissan, and BAIC outsource the design and development of new technologies and solutions to tier 1 engineering companies. This trend is likely to grow with the rise in EV sales and would drive the automotive engineering services market during the forecast period.
Key Trends: Growth Determinants and Challenges
• Increasing demand for advanced connectivity solutions
Automotive OEMs and Tier 1 partners have invested huge resources in developing next-generation connected vehicles. IoT devices, ultrasonic sensors, and high definition cameras are common in premium sedans and SUVs. All these different elements create an eco-system that can connect with the outside world and exchange data to enhance the in-car experience. The data is processed by an on-board computer to provide various features such as smooth navigation and personalized infotainment systems.
The data can also be used to analyse the vehicle condition/health to schedule maintenance, which, in turn, can prevent uncertain engine failures.
• Security Breaches:
Automotive engineering services play a major part in ADAS technologies in vehicles. Most safety features of ADAS comprise sensors such as radar, LiDAR, ultrasonic sensors, cameras, infrared, and several actuators. These sensors and actuators monitor fields in every direction and ensure the safety of the vehicle, driver, passengers, and pedestrians. The functioning of the system depends on several factors, such as traffic and weather.
The lack of accurate fail-safe methods could jeopardize occupant safety. A perfect balance between automation and manual override is necessary for the safe operation of ADAS.
Competitive Landscape:
• Continental AG
• AVL LIST GmbH
• Robert Bosch GmbH
• Bertrandt
• HARMAN International
• EDAG Engineering GmbH
• IAV Automotive Engineering, Inc.
• Magna International Inc.
• Imaginative Automotive Engineering Services
• Contechs
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Segmental Analysis of global Automotive Engineering Service Market:
Based on Vehicle Type
• Passengers Cars
• Commercial Vehicles
Based on Service Type
• Concept or Research
• Designing
• Prototyping
• System Integration
• Testing
Based on Location
• In-house
• Outsource
The in-house engineering services are expected to be the largest market. Major OEMs keep complicated automotive engineering services such as engine design, powertrain design, and transmission systems for in-house development.
Based on Application
• ADAS and Safety
• Electrical, Electronics, and Body Controls
• Chassis
• Connectivity Services
• Interior, Exterior, and Body Engineering
• Powertrain and Exhaust
• Simulation
• Battery Development & Management
• Charger Testing
• Motor Control
The connectivity services segment is expected to be the fastest-growing market during the forecast period. The expansion of autonomous vehicle testing, advancements in artificial intelligence, and the introduction of 5G connectivity have increased the demand for connected services in automotive engineering services.
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Based On Region:
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
Asia Pacific is the fastest-growing market for automotive engineering services due to the high adoption of electric passenger cars, especially in China.
Major Developments:
In December 2020, Altran Technologies, a part of the Capgemini Group, collaborated with Groupe PSA to create the Citroën AMI, its new mobility solution, which is a light electric vehicle designed to meet environmental challenges.
In February 2021, Schaeffler Group announced that starting from 2024, it will design and manufacture a hybrid EV drive unit comprising two electric motors and transmission with integrated power electronics. A system power rating of 120 kW will offer high-performance with low fuel consumption.
Major Questions Answered In The Report:
• What are the major challenges, trends and growth determinants in the global automotive engineering service market?
• Which regional segment accounts for the largest revenue in the global automotive engineering service market?
• Which top companies are contributing in the growth of global automotive engineering services market?
Key Takeaways From The Report:
• Deep-insights on regional analysis coupled with other segmental analysis.
• Major market trends, challenges and growth factors.
• The Global automotive engineering service market is presently worth USD 166.16 billion, and is anticipated to grow to a value of more than USD 348 billion by 2030, with a growing CAGR (compound annual growth rate) of over 8.6% from 2022 to 2030.
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