DUBAI, United Arab Emirates, Nov. 13, 2022 (GLOBE NEWSWIRE) — The global automotive engineering services market is anticipated to augment its growth over the projection period by registering a CAGR of around 8.6% from 2022 to 2032. The global market is anticipated to forecast revenue of US$ 166.16 Bn in 2022 and is likely to cross US$ 348 Bn by the end of 2032. The growth of the global automotive engineering services market is predicted by the growth prospects during the forecast period, expanding the automotive engineering services market size.
The automotive engineering services are largely used in servicing and diagnostic of mechanical, electrical, electronics and software systems, developing, fabricating, testing, and designing any component of a vehicle. This helps in giving the best shape, size, and model to the vehicle. The automotive engineering services comprise multiple services such as transmission and engine-related services, including changing the chassis and upgrading multiple components, fueling the sales of automotive engineering services.
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The automotive engineering services combine the concept phase with the use phase, efficiently integrating each component with the other. These components and fittings are also outsourced or done by the vendor themselves, also known as in-house automotive engineering services. This pushes the sales of automotive engineering services.
- The demand for advanced and autonomous connectivity features is making an impact on the innovation intensely for automotive engineering services, in turn, changing the face of the automotive industry. In order to be in line with the increasing demand for connectivity, vehicle manufacturers are developing and acquiring new expertise within vehicle software and electronic services, therefore, venturing into the automotive engineering services field.
- Within the global automotive engineering services market, telematics is well known to be the prominent growth factor attributed to the expansion of vehicle testing, connected cars, and integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services.
- Smart infotainment, parking assist services along with vehicle diagnostic services allows more than partial control of a vehicle. Hence, throughout the assessment period, the connectivity services are expected to gain significant traction and demand for automotive engineering services.
- With each passing day, the number of tier-1 OEMs offering automotive engineering services is expanding significantly. Several prominent companies are entering into partnerships in order to develop connectivity features for vehicles. These collaborations are announcing the launch of several new products which will offer connectivity services to the vehicles manufactured. This in turn is stipulated to accentuate the need for automotive engineering services during the projected period, pushing the demand for automotive engineering services.
- Attributing to the rising consumer demand for enhanced and reduced-emission vehicles is anticipated to compel vehicle manufacturers to redesign the exhaust powertrain system. Owing to this factor, the global automotive engineering services market is expected to propel over the forecast period.
- European countries are envisioning reducing the level of emission to three-fourths of the current situation is anticipated to boost the overall demand for the electric powertrain. Therefore, expanding the production of electric vehicles in the region is expected to fuel the demand for automotive engineering services in Europe.
- Germany is considered to be the foundation of the automotive industry along with the hub of the tier-1 players within the automotive engineering services market. The ongoing collaboration between engineering service providers and vehicle manufacturers is anticipated to place the country on top, in terms of growth, in the global automotive engineering services market.
- A rapid inclination towards the adoption of technically enhanced products within America is stipulated to have a significant impact on the automotive engineering services market.
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The key players in the global automotive engineering services market are emphasizing mergers and collaborations that are fueling the sales of Automotive engineering services.
- FEV Group GmbH
- ALTEN Group
- L&T Technology
More Insights into the Automotive Engineering Services Market
Europe is anticipated to dominate the global automotive engineering services market due to the presence of prominent market players within the region. Several European countries are inclined towards reduced emission vehicles which propel the market growth even further in Europe over the forecast period. Germany is the leading country in Europe which is expected to account for the largest market share over the projection period.
Key Segments Profiled in Automotive Engineering Services Market
- 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
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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