Press release
Automotive Engineering Services Market Size, Trends And Report 2024-2033
Automotive Engineering Services Market
Automotive Engineering Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $396.45 billion In 2028 At A CAGR Of 10.3% :
The automotive engineering services market size has grown rapidly in recent years. It will grow from $242.52 billion in 2023 to $267.99 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to globalization of automotive industry, increased complexity of vehicle systems, emphasis on fuel efficiency and emissions reduction, growth in automotive electronics and software, demand for innovative vehicle designs and features.
The automotive engineering services market size is expected to see rapid growth in the next few years. It will grow to $396.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to rise of electric and autonomous vehicles, accelerated adoption of connected car technologies, increasing focus on sustainability and green engineering, integration of advanced driver-assistance systems (adas), demand for personalized and user-centric automotive experiences. Major trends in the forecast period include use of advanced technology, embrace of digital twin technology for simulation and testing, collaboration for research and development in autonomous driving, growing importance of cybersecurity in automotive engineering, use of artificial intelligence in design optimization and manufacturing.
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Automotive Engineering Services Market Major Segments
The automotive engineering services market covered in this report is segmented -
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
3) By Location Type: On-Shore, Off-Shore
4) By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation
Key Driver - Rising Demand For Emission-Less Transportation Propels Growth Of Automotive Engineering Services Market
The rising demand for emission-less transportation is expected to propel the growth of the automotive engineering services market. The usage of fossil fuels like diesel and gasoline releases greenhouse gases such as carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide into the atmosphere, resulting in changes to the climate and thus increasing demand for emission-less transport mediums such as electric vehicles. For instance, in 2021, electric car sales doubled to 6.6 million from 3 million in 2020. The rising demand for emission-less transportation lowers fossil fuel consumption and reduces greenhouse gas emissions. The demand for emission-less transportation, coupled with increased awareness of emission-less transportation, is expected to propel the automotive engineering services market.
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Prominent Trend - Ai In Automotive Engineering Services
The use of artificial intelligence (AI) in automotive engineering is a key trend gaining popularity. Helpful AI algorithms and controllers aid in providing a realistic driving-range estimation and optimizing energy conservation in electric vehicles, allowing for the addition of additional driving range. Artificial intelligence is also at the core of self-driving cars, which are becoming increasingly popular in the automotive industry. For instance, in 2021, a US-based automobile manufacturer Ford collaborated with Google to leverage AI to improve customer experiences, accelerate the modernization of product development, enhance manufacturing and supply chain management, and fast-track the implementation of data-driven business models.
Automotive Engineering Services Market Players
Major companies operating in the automotive engineering services market report are Capgemini SE, IAV GmbH, Tech Mahindra Limited, AKKA Technologies Group, Bertrandt AG, Harman International Industries Inc., ALTEN Cresttek Engineering Solutions Pvt Ltd., L&T Technology Services Ltd., Fev Europe GmbH, AVL List GmbH, Ricardo plc, EDAG Engineering GmbH, Valmet Automotive Oyj, Onward Technologies Ltd., T-Net Japan Co. Ltd., Kistler Holding AG, Continental AG, semcon engineering uk limited, Robert Bosch GmbH, Altran India Pvt. Ltd., Tata Technologies Ltd., Altair Engineering Inc., HORIBA Ltd, MBtech Group GmbH, P3 Automotive GmbH, ASAP Holding GmbH, Link Engineering Company, Ansys Inc., EPAM Systems Inc., GlobalLogic, Hunter Engineering Company
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive engineering services market in 2023. The regions covered in the automotive engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Engineering Services Market Report Structure
3. Automotive Engineering Services Market Trends And Strategies
4. Automotive Engineering Services Market - Macro Economic Scenario
5. Automotive Engineering Services Market Size And Growth
…..
27. Automotive Engineering Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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