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%.
What is the Global Automotive Engineering Services Market?
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.
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What drives the Global Automotive Engineering Services Market?
The rising demand for emission-less transportation is expected to propel the growth of the automotive engineering services market. The usage of fossil fuels like diesel and gasoline releases greenhouse gases such as carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide into the atmosphere, resulting in changes to the climate and thus increasing demand for emission-less transport mediums such as electric vehicles. For instance, in 2021, electric car sales doubled to 6.6 million from 3 million in 2020. The rising demand for emission-less transportation lowers fossil fuel consumption and reduces greenhouse gas emissions. The demand for emission-less transportation coupled with increased awareness of emission-less transportation is expected to propel the automotive engineering services market.
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Global Automotive Engineering Services Market Segments
The global automotive engineering services market is segmented:
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 regions covered in the automotive engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Automotive Engineering Services Global Market Report 2022provides market size and growth forecasts for the global automotive engineering services market, global automotive engineering services market share, automotive engineering services market segments and geographies, automotive engineering services market competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive engineering services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Automotive Engineering Services Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
