WASHINGTON, Nov. 16, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Automotive Engineering Services Market is estimated to be valued at USD 295.6 Billion by 2030, with an exponential growth of 8.6% in the next seven years.
The rise of the Automotive Engineering Services market is driven by factors including the growing demand for electric vehicles, increasing focus on research and development within the automotive sector, and the implementation of stringent government regulations to minimize vehicle pollution.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The automation technology brought about by Industry 4.0 is driving a significant transformation in the automobile industry. As manufacturers in the industry vie for the advantages offered by the latest technology, the demand for outsourcing services is rising. Emerging nations such as India, China, and Brazil have mainly benefited from outsourcing design services, which are in high demand from OEMs. Automobile manufacturers are primarily investing in research and development and are partnering with Automotive Engineering Services companies to integrate intricate features in their vehicles for end users.
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Factors Affecting the Growth of the Automotive Engineering Services Industry
- The automotive industry increasingly relies on technological advancements to improve safety and performance. As new technologies evolve, the demand for Automotive Engineering Services grows significantly, driving the market’s growth.
- Modern vehicles are becoming more complex and are equipped in terms of both design and technology; therefore, manufacturing requires specialized expertise and engineering services, driving the demand of the Automotive Engineering Services industry.
- Consumers nowadays are more inclined towards fuel-efficient, eco-friendly, and technologically advanced vehicles, resulting in increased demand for engineering services focused on developing EVs, hybrid vehicles, and alternative fuel systems.
- Government agencies across the globe have introduced strict regulations to reduce emissions and improve vehicle safety. Compliance with these rules and regulations requires automotive companies to invest in engineering services to develop and implement techniques that meet the regulatory requirements, leading to the growth of the market.
- By Type, the Software segment is anticipated to show the fastest growth in the market during the forecast period.
- By Application, the safety systems market segment accounted for the maximum CAGR during the forecast period owing to increasing focus on safety.
- The in-house segment dominated the market with a maximum share of 60.0% in 2022.
- The market was ruled by Asia Pacific in 2022, with a revenue share of 42.6%.
- Among Services, the prototyping market segment is anticipated to dominate the Automotive Engineering Services market with the largest market share in the forecast period.
- One of the top market trends in the Automotive Engineering Services market is witnessing a remarkable shift towards EVs due to rising environmental issues and government initiatives to promote clean energy
- Advancements in autonomous driving technology is another key trend in the Automotive Engineering Services industry. Automotive Engineering Services play a crucial role in designing and developing advanced driver-assistance systems (ADAS), sensor integration, and other technologies needed for autonomous vehicles.
Prominent Players in The Global Automotive Engineering Services Market Report Scope:
- Harman International (U.S.)
- FEV Group (Canada)
- L&T Technology Services Ltd. (India)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Bertrandt AG (Germany)
- Capgemini Engineering (France)
- AVL (Austria)
- EDAG Engineering GmbH (Switzerland)
- IAV GmbH (Germany)
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Key Strategies in the Global Automotive Engineering Services Market
- Major players in the Automotive Engineering Services industry collaborate with automotive manufacturers to develop innovative products or technologies.
- Automotive Engineering Services companies are forming strategic partnerships and alliances with tech giants and potential startups to enable access to the latest techniques, such as AI, Machine Learning (ML), and the Internet of Things (IoT).
- Industry players are expanding their geographical presence to tap into the growing demand for engineering services in emerging industries. Local engineering centers helps to cut off production cost, leading to better service to the customer.
- Some of the companies in the market specialize in niche areas, namely electric vehicle engineering, advanced driver-assistance systems (ADAS), or lightweight engineering, to differentiate themselves from competitors and to capture the market share of the niche market.
- Manufacturers are focusing on cost reduction and operational efficiency to stay competitive in the industry, which includes reducing waste, streamlining processes, and leveraging automation.
Recent Development of the Global Automotive Engineering Services Market
- In February 2022, a strategic agreement was made between AVL and Batemo on the development of virtual batteries. The partnership between AVL and Batemo aims to compile expertise in battery modeling so that customers may receive guidance in design, function and system development, fleet operation, and battery testing.
- In February 2022, in the area of developing virtual batteries, AVL and Batemo formed a strategic alliance. By combining their expertise in battery modeling, AVL and Batemo hope to provide customers with guidance on fleet operation, design, function and system development, and battery testing.
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Automotive Engineering Services Market Segmentation
- Body Engineering
- Chassis Engineering
- Powertrain Engineering
- Safety Systems
- Infotainment Systems
- Others (Wheel Assembly and Autonomous & Connected Cars)
- System Integration
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights From Segments
- The software segment accounted for the most significant market share in 2022.
- Growing demand for advanced driver assistance systems (ADAS), as well as electric vehicles (EVs), is driving the growth of the software segment.
- Safety systems will have maximum market growth during the projected timeframe.
- Safety is one of the most important factors considered in the automotive sector, which is the crucial reason for its dominance.
- Also, rising government regulations on vehicle safety among developing countries drive the segment growth.
- The in-house segment dominated the market with a maximum share of 60% in 2022.
- The majority of automotive OEMs and component suppliers tend to keep their engineering in-house to maintain control over their intellectual property and to ensure that their engineering needs are met.
- Prototyping is anticipated to have maximum market growth during the projected timeframe.
- One of the key drivers of the growth in the prototyping segment is the increasing use of 3D printing technology to create prototypes of entire cars, assemblies, and individual parts.
Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on Automotive Engineering Services Market Forecast Report (2023-2030).
- The Asia Pacific region led the Automotive Engineering Services market growth in revenue share in 2022.
- Elements including the Significant growth rate of the automotive industry, the presence of top automotive manufacturers, and a strong engineering talent pool are aiding this market expansion.
Scope of the Report:
|Market Size in 2022||USD 152.8 Million|
|Revenue Forecast by 2030||USD 295.6 Million|
|CAGR||8.6% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Harman International, FEV Group, L&T Technology Services Ltd., Robert Bosch GmbH, Continental AG, Bertrandt AG, Capgemini Engineering, AVL, EDAG Engineering GmbH, IAV GmbH|
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