Automotive Engineering Service Provider Market 2024

Automotive Engineering Service Provider Market

The Business Research Company recently released a comprehensive report on the Global Automotive Engineering Service Provider Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company’s, The automotive engineering service provider market size has grown strongly in recent years. It will grow from $149.96 billion in 2023 to $162.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the expansion of automotive markets, globalization of industries, changing consumer preferences towards sustainability, growth of urban areas, and growing emphasis on vehicle safety features.

The automotive engineering service provider market size is expected to see strong growth in the next few years. It will grow to $222.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to stricter emission norms and safety regulations, focus on efficiency and lean manufacturing practices, adoption of industry 4.0 principles, increasing awareness of environmental impact, and rise of electric vehicles. Major trends in the forecast period include technological advancements, integration of digital technologies like IoT and AI, development of lightweight materials, development of self-driving cars, and adoption of 3D printing.

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Market Drivers and Trends:

The increasing demand for advanced driver assistance systems (ADAS) is expected to propel the growth of the automotive engineering service provider market going forward. Advanced driver-assistance systems (ADAS) are technologies that assist drivers with the safe operation of a vehicle, using automated technology such as sensors and cameras to detect nearby obstacles or driver errors and respond accordingly. The demand for ADAS is rising due to increasing regulatory mandates for safety features, consumer interest in accident-reducing technologies, and the potential for ADAS to enable autonomous vehicle capabilities. Automotive engineering service providers contribute to developing advanced driver assistance systems (ADAS) by offering specialized expertise and technology solutions to enhance vehicle safety and automation. For instance, in April 2022, according to the Highway Loss Data Institute, a US-based nonprofit organization, by 2026, rear cameras and rear parking sensors were estimated to be on 71% and 60% of registered vehicles, respectively. Most safety features will see over a 20 percentage point increase in presence, except for curve adaptive headlights and adaptive cruise control with lane centering, which will increase by 7% and 15%, respectively. Front automatic emergency braking (AEB) is projected to rise from 18% in 2021 to 43% in 2026, likely due to a voluntary agreement to equip vehicles with AEB by 2022. Therefore, the increasing demand for advanced driver assistance systems (ADAS) is driving the growth of the automotive engineering service provider market.

Major companies operating in the automotive engineering service provider market are focusing on developing connected service technology to better serve customers. Connected services technology refers to the ability of vehicles to connect to the internet and cloud-based services, enabling remote monitoring, control, and access to vehicle data and functionalities through mobile apps and digital platforms. For instance, in June 2024, Tata Elxsi, an India-based technology services provider, partnered with Red Hat, Inc., a US-based software company, to accelerate application mobility in a multi-cloud network for 5G-connected vehicles. This strategic alliance aims to accelerate 5G connected vehicle applications by leveraging Red Hat OpenShift and Tata Elxsi Neuron and to enable network monetization. Together, Tata Elxsi and Red Hat will work on 5G connected car projects using Tata Elxsi’s Connected Vehicle Platform (CVP) named TETHER and Red Hat In-Vehicle OS. This collaboration will facilitate the movement of applications in 5G multi-cloud environments for telecom operators and mobile virtual network operators (MVNOs). The partnership will employ Red Hat OpenShift as a unified container-as-a-service (CaaS) layer across multi-cloud environments, while Tata Elxsi’s Neuron platform will support seamless cloud automation, 5G application placement, and modernization.

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Major Key Players of the Market:

Robert Bosch GmbH, Magna International Inc., Capgemini Technology Services Limited, HCL Technologies Limited, Harman International Industries Inc., Tech Mahindra Limited, Alten Group, Intertek Group plc, AVL LIST GmbH, FEV GmbH, HORIBA Ltd., Bertrandt AG, ARRK Product Development Group, EDAG Engineering GmbH, IAV GmBH, Altair Engineering Inc., Ricardo Plc, Semcon, Continental Engineering Services Ltd., P3 Automotive GmbH, Link Engineering Company, Kistler Holding AG, Magneti Marelli S.p.A

Automotive Engineering Service Provider Market 2024 Key Insights:

• The automotive engineering service provider market size is expected to see strong growth in the next few years. It will grow to $222.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.

• Rising Demand For ADAS Fuels Growth In The Automotive Engineering Service Provider Market

• Strategic Partnership For 5G Connected Vehicle Applications

• North America was the largest region in the automotive engineering service provider market in 2023

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