Press release
Automotive Engineering Services Market Expected to Achieve 10.6% CAGR by 2029: Growth Forecast Insights
Automotive Engineering Services
How Large Will the Automotive Engineering Services Market Size By 2025?
The size of the automotive engineering services market has seen a substantial growth over the last few years. The market values show a rise from $266.62 billion in 2024 to a projected $295.47 billion in 2025, suggesting a compound annual growth rate (CAGR) of 10.8%. Factors influencing this growth during the historic period include the globalization of the automotive industry, amplified complexity in vehicle systems, an added focus on fuel efficiency and emission cuts, growth in auto electronics and software, alongside increasing demand for creative vehicle designs and functionalities.
How Big Is the Automotive Engineering Services Market Size Expected to Grow by 2029?
In the coming years, rapid expansion is expected in the automotive engineering services market. The market size is projected to surge to $441.98 billion by 2029, with a compounded annual growth rate (CAGR) of 10.6%. The upward trend during the forecast period is mainly due to the emergence of electric and autonomous vehicles, quick adoption of technologies for connected cars, increasing emphasis on sustainable and eco-friendly engineering, and the inclusion of advanced driver-assistance systems (ADAS). Additionally, the growing demand for personalized and user-focused automotive experiences also plays a significant role. The major developments expected in the forecast period incorporate the utilization of modern technology, adoption of digital twin technology for simulation and testing procedures, increased collaborative efforts for research and development in autonomous driving, heightened focus on cybersecurity in automotive engineering, and the use of AI in optimizing design and manufacturing processes.
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Which Key Market Drivers Powering Automotive Engineering Services Market Expansion and Growth?
The automotive engineering services market is set to witness significant growth as a result of the increasing demand for transportation that produces no emissions. The burning of fossil fuels such as diesel and gasoline result in the release of greenhouse gases, including carbon dioxide, methane, hydrofluorocarbons and nitrous oxide. These emissions contribute to climate change, further intensifying the need for non-polluting modes of transportation like electric vehicles. As reported by the Department for Transport, a UK government agency, in January 2024, 80% of new cars and 70% of new vans sold in Great Britain will be zero-emission by 2030, rising to 100% by 2035. The growing demand and awareness of emission-free transportation are projected to drive the growth of the automotive engineering services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Engineering Services Market?
Leading firms in the automotive engineering services market are pioneering advanced technological solutions such as parking development solutions. This innovation aims to boost efficiency, optimize space use, and augment user experience. A parking development solution embodies an all-inclusive system purposely built to enhance the planning, construction, and administration of parking facilities. It significantly improves space use, traffic circulation, and user convenience in urban or business settings. For example, in March 2024, Applied Intuition, an American software firm, introduced an automated parking development solution for advanced driver-assistance systems (ADAS) and automated driving (AD). This solution enables ADAS and AD teams to create, examine, and implement ML-based or classic automated parking systems (APS) up to 12 times quicker while enhancing safety and dependability.
What Are the Emerging Segments in the Automotive Engineering Services Market?
The automotive engineering servicesmarket 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 Global Leaders in the Automotive Engineering Services Market?
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
Which are the Top Profitable Regional Markets for the Automotive Engineering Services Industry?
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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