Global Automotive Engineering Services Market is estimated to accrue USD 300 billion by 2032, as per the company’s latest research report.
Numerous advancements in automotive technology such as electric vehicles, autonomous driving systems, and connected car solutions are shaping the automotive engineering services industry scenario. The emergence of EVs and complex vehicles with a plethora of electronic systems, software, and sensors have pushed the demand for automotive engineering services (AES). These services assist in designing, developing, and integrating intricate systems, ensuring they work seamlessly together. Moreover, the growing emphasis on vehicle safety, coupled with regulatory compliances are driving the demand for specialized engineering services.
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Increasing focus on sustainability to augment designing services demand
With respect to type, the industry is segmented into concept/research, designing, prototyping, and system integration. The automotive engineering services market size from designing segment accounted for significant revenues in 2022. There is growing focus on environmental sustainability and fuel efficiency of automobiles which is encouraging automotive manufacturers to emphasis on lightweight design and the use of alternative materials. The shifting trend of outsourcing automotive design services to specialized engineering firms that offers cost & time advantages to automakers is driving the segment growth.
Product design & development application to generate industry revenues
In terms of application, the automotive engineering services market is categorized into prototyping & testing, product design & development, powertrain optimization, body & interior engineering, software & electronics integration, electric & autonomous vehicle development, chassis, electrical & electronics engineering, and others. The product design & development segment will exhibit a remarkable CAGR between 2023 and 2032, driven by a growing demand for vehicles with advanced features, such as electric and autonomous vehicles. The automotive manufacturers are constantly focusing on launching new products and technologies to stay competitive in the industry. Additionally, stringent regulatory requirements and emission standards imposed by governments necessitates continuous product innovation and engineering enhancements, increasing the demand for AES for product design & development.
Strict regulatory norms to push North America industry growth
North America automotive engineering services market will amass substantial gains by 2032 due to the increasing demand for zero-emission vehicles and strong government support for emission reduction policies. With the increase in electrification of vehicles, the need for new battery technologies, advanced transmission systems and other solutions will rise in the coming years. The wider acceptance of shared mobility services, with ridesharing requiring advanced connectivity and safety features, will highlight the importance of AES providers for development of novel solutions, thus adding to industry value.
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Major Automotive Engineering Services Market Players
Some of the top players profiled in the automotive engineering services industry report include Alten Group, AKKA Technologies, Assystem Group, Continental AG, Capgemini, EDAG Engineering GmbH, Harman International Industries, FEV Group, IAV GmbH, Mahindra Engineering Services, L&T Technology Services, Ricardo plc, Robert Bosch GmbH, RLE International Group, and Tata Technologies Limited.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Automotive engineering services Market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends
2.6 Location trends
2.7 Vehicle type trends
2.8 Propulsion type trends
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Market OverviewMarket Research Future (MRFR) reveals that the Automotive Acoustic Engineering Services Market 2020 could possibly progress at a rate of 6.5% between 2018 and 2023 (evaluation period).
The short-term impact and long-term impact of COVID-19 on the automotive sector has resulted in the closing off of assembly plants in the United States (US) along with manufacturing interruptions across Europe as well as ceased export of Chinese components.
Novel Coronavirus has severely impacted the supply chain as well as the product demand across the automotive industry.
On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry and related markets are expected to remain strong, as a result of the ongoing efforts by market players to curb revenue losses by indulging in mergers and acquisitions, among others.Growth Drivers and Main RestraintsThe Automotive Acoustic Engineering Services Market Size can expect prodigious growth in the approaching years on account of the mounting demand for comfortable interior cabin along with other luxury features.
The surge in the sales of electric and hybrid vehicles combined with accelerated demand for premium and sports vehicles has also had a profound effect on the worldwide market.
This helps promote the deployment of acoustic engineering services in the automotive industry.
