The report “Automotive Engineering Services Market by Application (ADAS & Safety, Body Electrical & Electronics, Chassis, Connectivity, Interior/Exterior, Powertrain & Exhaust, Battery, Motor, Charger Test, Simulation), Service, Location & Vehicle – Forecast to 2027″, is projected to grow at a CAGR of 8.8% from USD 153.3 billion in 2021 to USD 253.9 billion by 2027. The growth of the automotive engineering services market is driven by the rising sales of electric vehicles, increasing R&D investments in the automotive industry, the advent of autonomous vehicles, and the high implementation of connectivity services.
Europe is expected to be the largest automotive engineering services market in the forecast
Europe is estimated to account for a share of 43.0% of the global automotive engineering services market in 2021, and the market in this region is projected to register a CAGR of 8.9% during the forecast period.
For the market analysis, Europe includes Germany, France, Spain, the UK, Italy, Russia, and the Rest of Europe. The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers growth opportunities for the automotive engineering services market in the region. European automotive enterprises dominate the global landscape, accounting for almost 50% of the R&D spending led by firms such as BMW, Continental, and Daimler. The increasingly stringent regulations related to environmental issues are encouraging market players to test and develop advanced vehicles, further boosting the market for automotive engineering services. For example, in March 2017, L&T Technology Services unveiled a new delivery center for a German OEM in Munich. The center would cater to engineering and R&D services for the company’s suite of infotainment consoles and its family of hybrid electric vehicles. In October 2018, Siemens Mobility launched a field test for autonomous driving at the Siemens campus in Munich-Perlach, Germany, in partnership with IAV GmbH (IAV Automotive Engineering), Institute for Climate Protection, Energy and Mobility (IKEM), Emm Solutions GmbH, UTB Projektmanagement GmbH, and the Technical University of Munich (TUM). The project was established for testing the interaction between roadside infrastructure, cloud-based software services, and autonomous electric vehicles.
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Electrical, electronics, and body controls is expected to lead the automotive engineering services market
Automotive electrical, electronics, and body controls have a high value-added proportion in vehicle development. Electronics and electrical systems play a crucial role in handling all functions dedicated to passenger comfort and convenience. Services in automotive electrical and electronics include power management module, climate control, power window, body control module, and smart mirror and wipers. The trend is expected to grow due to the adoption of electric vehicles and complex electronic components for a safer and functional driving experience. Service providers such as L&T Technology Services and FEV have invested huge resources to develop electrical, electronics, and body control solutions in automotive engineering services.
Key Markets Players:
The automotive engineering services market is dominated by global players such as Capgemini (France), IAV Automotive Engineering (Germany), Tech Mahindra (India), AKKA Technologies (Belgium), and Bertrandt AG (Germany). The key strategies adopted by these companies to sustain their market position are new product developments, mergers & acquisitions, supply contracts, partnerships, expansions, collaborations, acquisitions, and contracts & agreements.
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The Global Automotive Engineering Services Market report by Reports and Data is an all-encompassing study of the global Automotive Engineering Services market.
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The report provides the reader with a panoramic view of the Automotive Engineering Services market, supported by key statistical data and industry-verified facts.
Hence, it examines the size, share, and volume of the Automotive Engineering Services industry in the historical period to forecast the same valuations for the forecast period.The Automotive Engineering Services market research report is broadly bifurcated in terms of product type, application spectrum, end-user landscape, and competitive backdrop, which would help readers gain more impactful insights into the different aspects of the market.
Under the competitive outlook, the report’s authors have analyzed the financial standing of the leading companies operating across this industry.
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The report also focuses on qualitative and quantitative assessments by analyzing data collected from industry analysts and market participants across key points in the industry's value chain, growth aspects, utilization and manufacturing capabilities.Click HERE To get SAMPLE PDF at https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-automotive-engineering-services-marketSignificant Major Market Competitors/Players of this Global Automotive Engineering Services Market –HARMAN International, Capgemini, AVL, Bertrandt, ALTEN, Valmet Automotive, L Technology Services Limited, FEV Europe GmbH, AKKA, HCL Technologies Limited, IAV, ALTRAN, Ricardo, Tech Mahindra Limited, Onward Technologies Ltd., T-NET JAPAN Co., Ltd., Kistler Group, Continental AG, EDAG Engineering GmbH, ESI Group, Semcon, GlobalLogic, EPAM Systems, Inc., Belcan and Robert Bosch GmbH among some global playersHighlights of the Automotive Engineering Services Market Report:Exact market size and CAGR forecasts for the period 2021-2028.Identification and in-depth assessment of development opportunities in key segments and regions.Complete company profiling of top players of the Automotive Engineering Services market.Exhaustive research on innovation and other trends of the Automotive Engineering Services marketConsistent industry value chain and supply chain analysisComplete examination of key growth drivers, restraints, challenges and development prospects.Global Automotive Engineering Services Market Segmentation –Service Type is Divided Into:Concept/ResearchDesigningPrototyping,System IntegrationTestingVehicle Type is Divided Into:Passenger Car (PC)Commercial Vehicle (CV)Application is Divided Into:ADAS & SafetyElectricalElectronics & Body ControlsChassisConnectivity ServicesInteriorExterior & Body EngineeringPowertrain & ExhaustSimulation, OthersBrowse TOC with Selected illustrations and example pages of Global Automotive Engineering Services Market @ https://www.databridgemarketresearch.com/toc/?dbmr=global-automotive-engineering-services-marketRegional Analysis for Automotive Engineering Services Market:North America (United States, Canada and Mexico)Europe (Germany, France, UK, Russia and Italy)Asia-Pacific (China, Japan, Korea, India and Southeast Asia)South America (Brazil, Argentina, Colombia etc.
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