Automotive Engineering Services Market to record a CAGR of 8.9 percent during the forecast period, Latest Advancements and Regional Insights

Automotive Engineering Services Market size was valued at US$ 153.3 Bn. in 2021 and the total revenue is expected to grow at 8.9{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} of CAGR through 2022 to 2029, reaching nearly US$ 303.23 Bn.

Pune, March 03, 2023 (GLOBE NEWSWIRE) — Maximize Market research, an Automotive and Transportation business research firm has published a market intelligence report on the “Automotive Engineering Services Market”, which is a combination of primary and secondary data. The total market opportunity for Automotive Engineering Services was USD 153.3 Bn in 2021 and is expected to grow at 8.9 percent CAGR through the forecast period to reach USD 303.23 Bn by 2029. As per the report, the Asia Pacific region held the largest revenue share of about 42 percent in 2021.

Automotive Engineering Services Market Report Scope and Research Methodology

The Global Automotive Engineering Service Market report includes growth trends, competitive landscape analysis, and regional development status. The market research was conducted by dividing the market into three major segments: Service Type, location and Application. These major segments of the Automotive Engineering Service industry were further divided into various sub-segments, which helped to understand the market structure easily. The market report provides a detailed segment-wise and region-wise analysis including drivers, challenges, restraints and opportunities in each segment and region. The market size for regional markets and segments has been provided in the report. The bottom-up approach has been used to estimate the Automotive Engineering Service Market size.

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The Automotive Engineering Service Market report highly depends on both primary and secondary data sources. These research processes include the investigation of various external and internal factors affecting the Automotive Engineering Service industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive Automotive Engineering Service Market engineering and calculations for market statistics, market size estimations, market forecasts, market breakdown and data triangulation. SWOT analysis was used to provide the strengths and weaknesses of the Automotive Engineering Service Market. This makes the report an investor’s guide.

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Automotive Engineering Services Market Overview

Automotive engineering services are the engineering solutions for the different parts of the vehicles such as software, safety mechanisms, electrical and electronics engineering services and solutions to design vehicles for aviation, land and marine applications. These engineering services assist original equipment manufacturers (OEMs) and their services in lowering development costs and digitizing the product value chain. Some of the automotive engineering services are the vehicle electronics, vehicle engineering, manufacturing IT and product lifecycle management.

Automotive Engineering Services Market Dynamics

The major growth driving factors of the Automotive Engineering Service Market growth is the increasing demand for advancements in in-vehicle technology and advanced connectivity solutions. Increasing research and development in the automotive industry and strict government policies and regulations for ICE vehicles growth driving factors for the automotive engineering service market growth. The increasing sales of Electric Vehicles is also expected to contribute to Automotive Engineering Service Market growth. The factors that are expected to limit the automotive engineering service market growth are the rising concerns related to intellectual property rights and patent rights for owners and developers. The Automotive Engineering Service Market growth is also restrained because of the changing business models to design solutions in-house by manufacturers.

Automotive Engineering Services Market Regional Insights

The Asia-Pacific region dominated the global automotive engineering service market in 2021, with a revenue share of about 42 percent. This dominance in the market is expected to continue during the forecast period due to the rising adoption of electric vehicles.

The North American region is also expected to grow at a rapid rate during the forecast period. The major factors that are driving the regional automotive engineering service market growth are the increasing demand for in-vehicle connectivity in passenger cars and the increasing sales of hybrid and plug-in hybrid electric vehicles.

Automotive Engineering Services Market Segmentation

By Service Type

• Connectivity

• Designing

• Prototyping

• System Integration

• Testing

The prototype service segment held the largest automotive engineering service market share in 2021. The Testing segment is expected to grow at a fast rate of about 30 percent during the forecast period.

By location

In 2021, the outsourcing engineering service segment held the largest automotive engineering service market share. During the forecast period, this segment is expected to grow at a high rate.

By Application

• ADAS and Safety

• Electrical, Electronics, and Body Controls

• Chassis

• Connectivity Services

• Interior, Exterior, and Body Engineering

• Powertrain and Exhaust

• Simulation

• Battery Development & Management

• Charger Testing

• Motor Control

• Others

During the forecast period, the connectivity service segment is expected to grow at a high rate. The Electronics segment also holds the largest share of the automotive engineering service market and is expected to grow at a high rate in the future.

Automotive Engineering Services Market Key Competitors include:

• Altair Engineering Inc. (US)

• Pilot Systems International (US)

• HARMAN International (US)

• EPAM Systems (US)

• GlobalLogic (US)

• Belcan (US)

• Hunter Engineering Company (US)

• Alten Group (France)

• Altran (Capgemini Engineering) (France)

• ESI Group (France)

• ASAP Holding Gmbh (Germany)

• ESG Elektroniksystem- und Logistik-GmbH (Germany)

• FEV Group GmbH (Germany)

• Bertrandt AG (Germany)

• EDAG Group (Germany)

• ITK Engineering GmbH (Germany)

• P3 group GmbH (Germany)

• Robert Bosch GmbH (Germany)

• IAV (Germany)

• Continental AG (Germany)

• L&T Technology Services Limited (India)

• HCL Technologies Limited (India)

• Onward Technologies Ltd. (India)

• Horiba, LTD. (Japan)

• Ricardo (UK)

• Akka Technologies (Belgium)

• Valmet Automotive (Finland)

• Semcon (Sweden)

• AVL List GmbH (Austria)

Key questions answered in the Automotive Engineering Services Market are:

• What is the global Automotive Engineering Services Market structure?

• What is the CAGR of the Automotive Engineering Services Market?

• What are the global trends in the Automotive Engineering Services Market?

• What are the upcoming industry applications and trends for the Automotive Engineering Services Market?

• What is the revenue generated from the sales of Automotive Engineering Services across the world?

• What are the recent industry trends that can be implemented to generate additional revenue streams for Automotive Engineering Services Market?

• What growth strategies are the players considering to increase their presence in Automotive Engineering Services Market?

• Who are the leading companies and what are their portfolios in Automotive Engineering Services Market?

• What are the major challenges that the Automotive Engineering Services Market could face in the future?

• Who held the largest market share in Automotive Engineering Services Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)

• Past Pricing and price curve by region (2018 to 2021)

• Automotive Engineering Services Market Size, Share, Size & Forecast by different segment | 2022−2029

• Automotive Engineering Services Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region

• Automotive Engineering Services Market Segmentation – A detailed analysis by Component, Application, Vehicle type and Region

• Competitive Landscape – Profiles of selected key players by region from a strategic perspective

  • Competitive landscape – Market Leaders, Market Followers, Regional player

  • Competitive benchmarking of key players by region

• PESTLE Analysis

• PORTER’s analysis

• Value chain and supply chain analysis

• Legal Aspects of business by region

• Lucrative business opportunities with SWOT analysis

• Recommendations

Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:

Automotive Engineering Service Provider Market – The market size is expected to reach USD 278.87 million by 2029 at a CAGR of 8.1 percent during the forecast period. The market is expected to be driven by increasing demand for technological advancement and increasing research and development in the automotive sector.

Product Engineering Services Market – The market size is expected to reach USD 1710.46 billion by 2029 at a CAGR of 7.4 percent during the forecast period. The market is expected to be driven by the increasing demand for smart electronics, smart homes and in-vehicle networking systems from customers.

Brake System Market – The market size is expected to reach USD 30.19 billion by 2029 at a CAGR of 4.8 percent during the forecast period. The market is expected to be driven by increasing automotive production and sales with increasing demand for EVs.

Brake Pad Market – The market size is expected to reach USD 12.05 billion by 2029 at a CAGR of 10.94 percent during the forecast period. The market is expected to be driven by the increasing demand for the front-positioned car brake pad and the adoption of metal-free friction materials.

Automotive Chassis System Market – The market size is expected to reach USD 84.85 billion by 2029 at a CAGR of 6.2 percent during the forecast period. The market is expected to be driven by the increasing production of electric vehicles and technological advancements in chassis systems.

About Maximize Market Research:

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