Global Automotive Engineering Service Market Analysis by Service Types, Vehicle Type, Location Type, Application, Region and segments forecast till 2033
Market Overview
The Global automotive engineering service market is presently worth USD 166,160 million, and is anticipated to grow to a value of more than USD 348,000 million by 2033, with a growing CAGR (compound annual growth rate) of over 8.6% from 2023 to 2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 166,160 million |
Market Forecast in 2033 | USD 348,000 million |
CAGR % 2023-2033 | 8.6% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | FEV Group, Alten GmbH, IAV GmbH, Bertrandt, ASAP Holding GmbH, EDAG Engineering GmbH, Horiba, M Plan GmbH, Altran, ESG Group, RLE International Group, Altair Engineering, Robert Bosch (ITK Engineering), P3 Automotive GmbH, AKKA Technologies, Kistler Instrumente, P+Z Engineering GmbH, and AVL List GmbH. |
Global Automotive Engineering Service Market- Description
Automotive engineering services include mechanical, software, electrical, electronics, and safety engineering, which are predominantly a collection of various service offerings utilized to produce an automobile. The services are designed to improve the manufacturing process so that the company's entire operational cycle can be extended without affecting vehicle efficiency. As the business climate changes, automotive enhanced service providers (ESPs) develop increasingly adaptive and customized solutions for OEMs. As a result, the majority of OEMs are collaborating with automotive ESOs to design, develop, and test new engines, transmissions, and designs, moving the global automotive engineering services market forward.
Connected cars have a number of benefits, including the potential to be safer and less harmful to the environment. They also give the vehicle business a greater opportunity to develop and strengthen customer relationships than ever before. 5G connectivity is the future of the auto industry, and it will further change the mobility dynamics.
Automotive engineering service market is projected to be driven by the increased need for improved connectivity solutions. However, the market is likely to be constrained by intellectual property (IP) restrictions. The automotive engineering services industry is predicted to increase in response to the growing need for improved connectivity solutions.
Automobile manufacturers and OEM corporations have invested enormous efforts in creating next-generation connected vehicles. In luxury sedans and SUVs, ultrasonic sensors, Iota devices, and high-definition cameras are standard. The numerous components work together to create an eco-system that can communicate with the outside world and share data in order to improve the in-car experience. Additionally, the data is used to assess the vehicle's condition and health in order to plan maintenance, which can assist avoid unexpected engine failures.
Global Automotive Engineering Service Market: Key Trends
· More Use of Artificial Intelligence Will Help the Market to Grow
The application of artificial intelligence (AI) in automobile engineering is a growing trend. Helpful AI algorithms and controllers help provide a realistic driving-range estimation and optimize energy conservation in electric vehicles, resulting in the addition of additional driving range. Self-driving cars, which are becoming increasingly popular in the automotive industry, are likewise based on artificial intelligence.
· Demand for Emission-Free Transportation Is Growing Which Will Aid the Market Expansion
The market for automotive engineering services is predicted to develop in response to rising demand for emission-free transportation. Carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide are released into the atmosphere when fossil fuels like diesel and gasoline are used, causing climate change and driving demand for emission-free transportation mediums like electric vehicles. Demand for emission-free transportation is increasing, which reduces fossil fuel usage and greenhouse gas emissions. The automotive engineering services market is likely to be propelled by rising demand for emission-free transportation and increased awareness of emission-free transportation.
Global Automotive Engineering Service Market: Segment Assessment
Based by Vehicle Type
Passenger cars
Commercial vehicles
Based by Service Types
Designing
Prototyping
System integration
Testing
Others
Based by Location Type
On-shore
Off-shore
Based by Application
OEMs
Component suppliers
Others
OEMs segment dominates the market with the highest market share, and is expected to grow further in the upcoming years.
Global Automotive Engineering Service Market- Geographical Landscape
In term of geographic region, the Global automotive engineering service market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia-Pacific dominates the market with the highest market share. Presence of potential market leaders in the locale is one of the main considerations contributing toward the development of the Asia-Pacific market.
Global Automotive Engineering Service Market: Recent Developments
· In June 2021, Bertrandt AG announced a partnership with HP Inc. to develop and implement digital manufacturing solutions for the automotive industry. The partnership aims to help automakers accelerate their digital transformation and improve their engineering and production processes.
· In July 2021, Tata Technologies announced a collaboration with GKN Automotive to provide engineering and design services for GKN's driveline systems. The partnership aims to enhance GKN's product development capabilities and speed up time-to-market for new products.
· In February 2021, AKKA Technologies announced the acquisition of CDS GmbH, a German-based engineering services provider specializing in digital product development. The acquisition aimed to strengthen AKKA's expertise in the automotive and aerospace industries.
Global Automotive Engineering Service Market: Key Companies
· FEV Group
· Alten GmbH
· IAV GmbH
· Bertrandt
· ASAP Holding GmbH
· EDAG Engineering GmbH
· Horiba
· M Plan GmbH
· Altran
· ESG Group
· RLE International Group
· Altair Engineering
· Robert Bosch (ITK Engineering)
· P3 Automotive GmbH
· AKKA Technologies
· Kistler Instrumente
· P+Z Engineering GmbH
· AVL List GmbH
· Others
Global Automotive Engineering Service Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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