Global Automotive Engineering Services Market Size, Forecasts, And Opportunities – Includes Automotive Engineering Services Market Trends
Learn about the global automotive engineering services market through The Business Research Company, which provides information on automotive engineering services market size, automotive engineering services market drivers and restraints, automotive engineering services market players, the COVID-19 impact on the automotive engineering services market, and more.
The global automotive engineering services market size is expected to grow from $199.0 billion in 2021 to $220.9 billion in 2022 at a compound annual growth rate (CAGR) of 10.96%. The growth in the market is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global automotive engineering service market size is expected to reach $336.0 billion in 2026 at a CAGR of 11.06%.
The rising demand for emission-less transportation is expected to propel the growth of the automotive engineering services market.
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The automotive engineering services market consists of sales of automotive engineering services by entities (organizations, sole traders, and partnerships) that include mechanical, electrical, software, safety, and electronics engineering for the designing of automotives. Automotive engineering services optimise the manufacturing process to improve the overall operational efficiency of the vehicle. Automotive engineering services offer advanced and innovative features in comfort, infotainment, and safety through the integration of advanced electronics into vehicles.
Global Automotive Engineering Services Market Segments Include:
By Vehicle Type: Passenger Cars, Commercial Vehicles
By Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
By Location Type: On-Shore, Off-Shore
By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific was the largest region in the automotive engineering services market in 2021.
The use of artificial intelligence (AI) in automotive engineering is a key trend gaining popularity. Helpful AI algorithms and controllers assist in providing a realistic driving-range estimation and optimising energy conservation in electric vehicles, ultimately assisting in the addition of additional driving range.Artificial intelligence is also at the core of self-driving cars, which are becoming increasingly popular in the automotive industry.
Major Market Players: Capgemini Se, IAV GmbH, Tech Mahindra Limited, AKKA Technologies, Bertrandt AG, Harman International Industries, Inc, Alten Cresttek, L & T Technology Services, Fev Europe Gmbh, Akka Technologies, AVL, FEV, Ricardo, EDAG Engineering GmbH, Valmet Automotive, Onward Technologies Ltd, T-NET Japan Co., Ltd, Kistler Group, Continental AG, Semcon, and Robert Bosch GmbH.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Automotive Engineering Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides automotive engineering services market overviews, analyzes and forecasts market size, share, automotive engineering services market players, automotive engineering services market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s automotive engineering services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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