Automotive Engineering Services Market is likely to cross US$ 348 Bn by the end of 2032
During the forecast period, the global market for automotive engineering services 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.
The demand for advanced and autonomous connectivity features is influencing innovation intensely for the automotive engineering services, in turn, changing the face of automotive industry. To be in line with the increasing demand for connectivity, vehicle manufacturers are developing and acquiring new expertise in vehicle software and electronic services, thereby, venturing into automotive engineering services field.
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In the global automotive engineering services market, telematics is considered to be the prominent growing trend owing to the expansion of vehicle testing, connected cars, and integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services. Smart infotainment, parking assist services, and vehicle diagnostic services enable more than partial control of a vehicle. Therefore, over the forecast period, the connectivity services is expected to gain significant traction in the global automotive engineering services market.
Also, day by day the number of tier-1 OEMs offering automotive engineering services is expanding. For instance, in 2018, Huawei Technologies Co., Ltd. and AUDI AG entered into a partnership to develop connectivity features for vehicles. In the first quarter of 2019, the Renault-Nissan-Mitsubishi coalition announced the launch of Alliance Intelligent Cloud that will offer connectivity services to the vehicles manufactured by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault. This, in turn, is stipulated to accentuate the need of automotive engineering services during the projected period.
Automotive Engineering Services: Regional Market Outlook
The swelling consumer demand for enhanced and reduced emission vehicle is expected to compel the vehicle manufacturers to redesign the exhaust powertrain system. Also, the vision of European countries to reduce the level of emission to three-fourth of the current situation is anticipated to boost the overall demand for electric powertrain. Henceforth, expanding the production of electric vehicles in the region, thereby, fueling the revenue share of automotive engineering services in Europe.
On the country level, Germany is the foundation of automotive industry and hub of the tier-1 players of automotive engineering services market, and the ongoing collaboration between engineering service providers and vehicle manufacturers is predicted to place the country on top, in terms of growth, in the global automotive engineering services market. Similar inclination towards adoption of technically enhanced products in Americas is stipulated have significant impact on the automotive engineering services market.
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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
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)
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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