Our
Clients
: Aug, 2020
: 100
:
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
Why to buy this Report?
Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.
Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.
Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.