Automotive Engineering Services Market Poised to Hit $439.65 Billion by 2029 with Accelerating Growth Trends

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Automotive Engineering Services Market Size Growth Forecast: What to Expect by 2025?
The market size for automotive engineering services has seen quick expansion in the recent past. The market is projected to expand from $266.62 billion in 2024 to $294.7 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.5%. Factors contributing to the growth during this period include the globalization of the automotive industry, increased intricacy in vehicle systems, focus on improving fuel efficiency and reducing emissions, growth in the usage of electronics and software in automobiles, and the demand for distinctive vehicle designs and features.

How Will the Automotive Engineering Services Market Size Evolve and Grow by 2029?
There is a prediction for a swift expansion in the automotive engineering services market size in the upcoming years, projecting to reach $439.65 billion by 2029, with a compound annual growth rate (CAGR) of 10.5%. The predicted growth during this period is thought to be driven by the surge in electric and autonomous vehicles, the rapid implementation of connected car technologies, an increasing aim towards sustainability and green engineering, introduction of advanced driver-assistance systems (ADAS) and a rising demand for personal and user-focused automotive experiences. The forecast period is projected to witness some significant trends including the utilization of cutting-edge technology, adoption of digital twin technology for simulation and testing, collaborations on research and development in autonomous driving, an increased focus on cybersecurity in automotive engineering, and the application of artificial intelligence in design optimization and manufacturing.

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What Drivers Are Propelling the Growth of Automotive Engineering Services Market Forward?
The escalating imperative for transport that does not contribute to emissions is anticipated to drive the expansion of the automotive engineering services market. The combustion of fossil fuels like diesel and gasoline leads to the emission of greenhouse gases including carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide into the atmosphere, causing climatic alterations and thereby pushing the need for non-emissive transport options like electric vehicles. Illustratively, in January 2024, the Department for Transport, a government body based in the UK, announced that by 2030, 80% of newly sold cars and 70% of new vans in Great Britain will be zero-emission, reaching 100% by 2035. The increasing call for emission-free travel, paired with heightened awareness of such transport alternatives, is projected to catalyze the growth of the automotive engineering services market.

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Which Emerging Trends Are Transforming the Automotive Engineering Services Market in 2025?
Leading firms in the automotive engineering services market are innovating with cutting-edge solutions, such as parking development systems, to boost efficiency, optimize space use, and upscale customer satisfaction. This solution is an all-inclusive system, aimed at refining the design, execution, and supervision of parking facilities, thus enhancing space management, traffic movement, and user convenience in city or commercial settings. For example, Applied Intuition, a software company based in the US, introduced an automatic parking development solution for advanced driver-assistance systems (ADAS) and automated driving (AD) in March 2024. This solution empowers ADAS and AD development groups to design, evaluate, and implement ML-based or traditional automated parking systems (APS) up to 12 times faster, enhancing safety and dependability.

What Are the Key Segments in the Automotive Engineering Services Market?
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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Who Are the Key Players Shaping the Automotive Engineering Services Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Automotive Engineering Services Market?
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

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