Press release
Automotive Engineering Services Market Size, Share, Growth, Trends, Industry Analysis, Outlook, Forecast, Report 2023-2028
Automotive Engineering Services Market
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 195.9 Billion
• Forecast CAGR (2023-2028): 12.1%
The automotive engineering services market is driven by factors such as autonomous vehicles, the introduction of 5G networks in the automotive industry, OEM and government focus on electric vehicles, use of advanced technology, concerns about vehicle and passenger safety, and vehicle light-weighting.
The market is also growing due to increased awareness and demand for technological solutions in automotive, such as connection and collision avoidance sensors, among other things. The global market is being driven by rising requirements for lightweight vehicles as the government and manufacturers focus on designing and developing lightweight vehicles to make vehicles more fuel-efficient, along with the rising requirements for safety-related systems as a result of government regulations.
Automotive Engineering Services Industry Definition and Major Segments
Automotive engineering is a subset of vehicle engineering that includes electrical, electronics, mechanical, software, and sophisticated safety features. Automobile and commercial vehicle engineering services are utilised in the design, development, manufacturing, and operation of automobiles and commercial vehicles. Furthermore, these services are aimed at improving the manufacturing process and protecting vehicle economy.
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The various types of services provided by the market are:
• Designing
• Prototyping
• System Integration
• Testing
The major applications of the market are:
• ADAS and Safety
• Electrical, Electronics, and Body Controls
• Chassis
• Connectivity Services,
• Interior, Exterior, and Body Engineering
• Powertrain and Exhaust
• Simulation
• Others
Based on location, the market is divided into:
• In-House
• Outsource
The several types of vehicles are:
• Passenger Car
• Commercial Vehicle
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Engineering Services Market Trends
As the usage of electric and hybrid vehicles grows, so does the production of these vehicles, which is likely to drive the global market expansion over the forecast period. The major factors that boost the global automotive engineering services market are the growing competition in the automobile industry among auto OEMs and the increasing focus on enhancing key capabilities among auto OEMs.
Other factors driving this market's growth include rising sales of electric vehicles, increasing investments in research and development in the automotive industry, and stringent government policies and regulations for internal combustion engine (ICE) vehicles. In addition, the advent of autonomous vehicles is offering considerable growth opportunities for automotive engineering service providers.
Key Market Players
The major players in the market are Harman International Industries, Inc., Capgemini Services SAS, Bertrandt Ag, L&T Technology Services Limited, Fev Group Gmbh, Akka Technologies SE, HCL Technologies Limited, Ingenieurgesellschaft Auto und Verkehr GmbH (IAV GmbH), Tech Mahindra Limited, and CRESTTEK LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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