Press release
Automotive Engineering Services Market Anticipated To Witness Robust Growth, Surpassing $439.65 Billion By 2029
Automotive Engineering Services Market
What Is the Current Automotive Engineering Services Market Size and Its Estimated Growth Rate?
The rapid expansion of the automotive engineering services market has been noted in recent years, with projections indicating an increase from $266.62 billion in 2024 to $294.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.5%. Factors contributing to the historical growth include the globalization trend within the automotive industry, heightened complexity in vehicle systems, a focus on enhancing fuel efficiency and reducing emissions, the flourishing of automotive electronics and software sectors, and a rising demand for innovative design and features in vehicles.
The market size of automotive engineering services is set to witness a swift expansion in the upcoming years, reaching an ultimate value of $439.65 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 10.5%. The projected augmentation in this period can be ascribed to the emergence of electric and autonomous vehicles, rapid assimilation of connected car technologies, amplified focus on green engineering and sustainability, incorporation of sophisticated driver-assistance systems (ADAS), and the rising demand for personalized, user-concentric automotive pursuits. Major trends to look forward to include adoption of cutting-edge technology, utilization of digital twin technology for simulation and trial runs, cooperative research and developments in the autonomous driving sector, increased significance of cybersecurity in automotive engineering, and the implementation of artificial intelligence for enhanced design optimization and manufacturing processes.
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How Are Emerging Segments Shaping the Automotive Engineering Services Market Landscape?
The automotive engineering services market covered in this report is segmented -
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Service Type: Concept Or 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
Subsegments:
1) By Passenger Cars: Compact Cars, Sedans, SUVs (Sport Utility Vehicles), Hatchbacks, Luxury Cars
2) By Commercial Vehicles: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses, Trucks, Vans
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Which Growth Factors Are Influencing Automotive Engineering Services Market Expansion?
The automotive engineering services market is poised for growth, driven by increasing demand for transportation options that don't contribute to air pollution. Burning fossil fuels like gasoline and diesel leads to the release of greenhouse gases such as carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide, altering the climate. This fuels the demand for vehicle options that do not emit these harmful gases, like electric cars. For instance, the UK's Department for Transport reported in January 2024 that there would be a substantial increase in the sale of zero-emission cars and vans, with 80% of new cars and 70% of new vans in Great Britain expected to be emission-free by 2030, and this figure expected to reach 100% by 2035. Driven by this increasing demand and heightened awareness of less polluting alternatives, the automotive engineering services market is set to see a notable uptick.
Who Are the Dominant Players Across Different Automotive Engineering Services Market Segments?
Major companies operating in the automotive engineering services market include 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
What Are the Latest Developing Trends in the Automotive Engineering Services Market?
Leading corporations in the automotive engineering services market are creating technologically sophisticated solutions like parking development solutions to increase efficiency, ensure better use of space, and augment user experience. These solutions offer a comprehensive system that optimizes the planning, construction, and oversight of parking facilities, enhancing space usage, traffic flow, and user convenience in urban or commercial settings. For example, Applied Intuition, a software firm based in the US, introduced an automated parking development solution for advanced driver-assistance systems (ADAS) and automated driving (AD) in March 2024. This solution enables ADAS and AD development teams to create, examine, and launch ML-based or classical automated parking systems (APS) up to 12 times faster, thereby boosting safety and reliability.
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Which Geographic Regions Are Expected to Dominate the Automotive Engineering Services Market in the Coming Years?
Asia-Pacific was the largest region in the automotive engineering services market in 2024. The regions covered in the automotive engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Engineering Services Market?
2. What is the CAGR expected in the Automotive Engineering Services Market?
3. What Are the Key Innovations Transforming the Automotive Engineering Services Industry?
4. Which Region Is Leading the Automotive Engineering Services Market?
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