Automotive Engineering Services Market Se To High Growth Level,

Automotive Engineering Services Market Se To High Growth Level,

The global automotive engineering services market is projected to expand at a compound annual growth rate (CAGR) of 8.2% to reach USD 317.7 billion by 2029. The market is experiencing significant growth due to the increasing adoption of technological advancements in the automotive sector, as well as the growing popularity of electric, connected, and autonomous vehicles.

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In 2022, the market size of the global automotive engineering services was estimated at USD 182.43 billion, according to Report Ocean, a leading strategic consulting and market research firm. Report Ocean expects the market size to grow at a substantial CAGR of 8.2% during the forecast period from 2023 to 2029, reaching USD 317.73 billion by 2029.

Several factors are driving the growth of the global automotive engineering services market. Increasing consumer awareness and demand for technical solutions in the vehicle sector, such as connection and collision avoidance sensors, play a significant role in driving market growth. Government regulations mandating safety-related systems and the focus on developing lightweight vehicles to improve fuel efficiency also contribute to market expansion. Additionally, the production of electric and hybrid vehicles is increasing due to rising customer demand, further boosting the market’s growth potential.

However, the limited availability of skilled automotive engineers could pose a challenge and restrain the market’s growth.

The COVID-19 pandemic has had an impact on the global automotive industry, including the automotive engineering services market. Disruptions in the global supply chain and the closure of manufacturing facilities resulted in a significant decline in the demand for automotive engineering services. However, with the increasing adoption of electric and autonomous vehicles, the market is expected to recover in the long term. In the short term, companies in the automotive engineering services market are implementing cost-reduction measures and exploring new revenue streams, such as providing engineering services for medical equipment and devices. Overall, as the global economy recovers from the pandemic, the market is expected to rebound.

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The global automotive engineering services market is segmented based on application, including ADAS & Safety, Electrical, Electronics & Body Controls, Chassis, Connectivity Services, Interior, Exterior & Body Engineering, Powertrain & Exhaust, and Simulation segments. Among these, the powertrain & exhaust segment is the highest contributor to the market. The electrification of powertrains as a replacement for Internal Combustion Engines (ICE) fueled by petroleum and petrol is driving the growth of this segment, as it helps reduce carbon emissions and mitigate environmental impact. OEM investments in powertrain technologies are expected to positively impact the growth of the powertrain and exhaust industry.

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The market is fiercely competitive, with major companies vying for market share. Key players in the global automotive engineering services market include Bertrandt AG, AVL List GmbH, Alten GmbH, IAV GmbH, Ricardo plc, EDAG Engineering GmbH, AKKA Technologies SE, Tata Technologies Ltd, Assystem Technologies, FEV Group GmbH, L&T Technology Services Limited, Ricardo Strategic Consulting, HORIBA MIRA Ltd., Tata Consultancy Services Limited, and Wipro Limited. These companies employ various strategies such as R&D investments, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to strengthen their position in the market.

In conclusion, the global automotive engineering services market is experiencing significant growth driven by technological advancements in the automotive sector and the increasing popularity of electric, connected, and autonomous vehicles. However, challenges related to the availability of skilled engineers exist. The COVID-19 pandemic has impacted the market but recovery is expected in the long term. The powertrain & exhaust segment is a significant contributor to the market. Key players are employing strategic initiatives to enhance their market position.

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