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Global Automotive Engineering Services Market Size, Growth, Key Players And Forecast To 2033
Automotive Engineering Services Market Size
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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