Newark, Del, Aug. 20, 2023 (GLOBE NEWSWIRE) — The global Automotive Engineering Services Market in 2022 was US$ 1.46 Billion and is estimated to be US$ 1.6 Billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around US$ 3.2 Billion by 2033.
An increase in awareness and demand for technological solutions including connectivity, and collision avoidance sensors among others in automotive is driving the growth of the market. Rise in requirements for lightweight vehicles as governments and manufacturers are mainly focusing on the designs and development of lightweight vehicles for making more fuel-efficient vehicles.
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The increase in the requirements for safety-related systems because of government regulations is the major factor driving the automotive engineering services market. The growth in adoption of electric and hybrid vehicles is raising the production of these vehicles which is henceforth anticipated to propel the growth of the market over the forecast period.
|Automotive Engineering Services Market Projected Forecast Value (2022)||US$ 1.46 billion|
|Automotive Engineering Services Market Projected Forecast Value (2023)||US$ 1.6 billion|
|Automotive Engineering Services Market Projected Forecast Value (2033)||US$ 3.2 billion|
|Automotive Engineering Services Market Growth Rate||7.17% CAGR|
|Automotive Engineering Services Market Forecast period||2023 to 2033|
Key Takeaways from the Market Study
- The global automotive engineering services market expanded at a CAGR of 6.42% between 2018 and 2022.
- India is forecasted to develop a 6.8% CAGR from 2023 to 2033.
- China is anticipated to expand at a CAGR of 7.2% from 2023 to 2033.
- North America has captured a market share of 43.2% in 2022.
- The European market bolstered at a market share of 48.2% in 2022.
- Under the service segment, prototypes were registered at a market share of 56.2% in 2022.
“Demand for advanced and autonomous connectivity features is influencing innovation intensely and is one of the major key drivers of the automotive engineering services market”, commented a Future Market Insights analyst.
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Companies aim to develop cutting-edge solutions during the entire life cycle of a product, from the design and inception phase to the end of its service life. They also strategically locate their main factories in emerging markets to make it ideal to service the developing markets.
Key companies profiled in the Automotive Engineering Services Market
- FEV Group GmbH
- ALTEN Group
- L&T Technology
- Capgemini Service SAS
- T-NET JAPAN Co., Ltd.
- DesignTech Systems.
- Tech Mahindra Limited
- EDAG Engineering GmbH
- Horiba, Ltd.
Some of the new developments in the automotive engineering services market are:
- In May 2023, Tech Mahindra inaugurated Technology Development Center in Oman.
- In August 2023, Temasek is planning to invest 12 billion rupees ($145 million) in Mahindra & Mahindra Ltd.’s electric vehicle unit, valuing it at US$ 9.8 billion.
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Key Segments Profiled in Automotive Engineering Services Market
By Service Type:
- Testing & Diagnostic
- System Integration
- ADAS & Safety
- Body & Chassis
- Powertrain & Exhaust
- Interior, Exterior & Body Engineering
- Electrical, Electronics & Body Controls
- Connectivity Services
- Outsourced Services
- In-house Services
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape:
Automotive Remote Diagnostics Market Size: Is projected to total US$ 32.9 Billion by 2028.
Automotive Connectivity Market Share: Is projected to register at a moderate-paced CAGR of 19% over the forecast period.
Autonomous Vehicles Market Growth: Is projected to grow at a CAGR of 8.7% between 2023 and 2033, totalling around 70,331.5 million by 2033.
Artificial Intelligence (AI) In Automotive Market Demand: Is anticipated to cross a value of US$ 744.39 billion by 2033.
Automotive NFC Market Trends: Is expected to reach US$ 35 Billion by 2032.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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