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Automotive Engineering Services: Global Market Opportunities and Growth Forecast 2024
Automotive Engineering Services Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Engineering Services Market 2024 Key Insights:
• 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%.
• Rising Demand For Emission-Less Transportation Propels Growth Of Automotive Engineering Services Market
• Ai In Automotive Engineering Services
• Asia-Pacific was the largest region in the automotive engineering services market in 2023
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