The global automotive engineering services market is anticipated to grow at a moderate CAGR of 8.6%. The global market is expected to generate US$ 166.16 billion in sales in 2022 and US$ 348 billion by the end of 2032.
Automotive engineering services incorporates servicing and diagnostic of electrical, mechanical, electronics, and software systems of a vehicle. Automotive engineering services provider develop, design, fabricate, & test component of a vehicle or the whole from the concept phase to use phase. It could either be outsourced by the manufacturers or done by themselves called in-house automotive engineering services.
The demand for advanced and autonomous connectivity features is influencing innovation intensely for the automotive engineering services, in turn, changing the face of automotive industry. To be in line with the increasing demand for connectivity, vehicle manufacturers are developing and acquiring new expertise in vehicle software and electronic services, thereby, venturing into automotive engineering services field.
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In the global automotive engineering services market, telematics is considered to be the prominent growing trend owing to the expansion of vehicle testing, connected cars, and integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services. Smart infotainment, parking assist services, and vehicle diagnostic services enable more than partial control of a vehicle. Therefore, over the forecast period, the connectivity services is expected to gain significant traction in the global automotive engineering services market.
Also, day by day the number of tier-1 OEMs offering automotive engineering services is expanding. For instance, in 2018, Huawei Technologies Co., Ltd. and AUDI AG entered into a partnership to develop connectivity features for vehicles. In the first quarter of 2019, the Renault-Nissan-Mitsubishi coalition announced the launch of Alliance Intelligent Cloud that will offer connectivity services to the vehicles manufactured by MITSUBISHI MOTORS CORPORATION, Nissan Motor Corporation, and Groupe Renault. This, in turn, is stipulated to accentuate the need of automotive engineering services during the projected period.
Key Takeaways
- The demand for advanced and autonomous connectivity features is making an impact on the innovation intensely for automotive engineering services, in turn, changing the face of the automotive industry. In order to be in line with the increasing demand for connectivity, vehicle manufacturers are developing and acquiring new expertise within vehicle software and electronic services, therefore, venturing into the automotive engineering services field.
- Within the global automotive engineering services market, telematics is well known to be the prominent growth factor attributed to the expansion of vehicle testing, connected cars, and integration of AI (Artificial Intelligence), which has increased the demand for automotive engineering services.
- Smart infotainment, parking assist services along with vehicle diagnostic services allows more than partial control of a vehicle. Hence, throughout the assessment period, the connectivity services are expected to gain significant traction and demand for automotive engineering services.
- With each passing day, the number of tier-1 OEMs offering automotive engineering services is expanding significantly. Several prominent companies are entering into partnerships in order to develop connectivity features for vehicles. These collaborations are announcing the launch of several new products which will offer connectivity services to the vehicles manufactured. This in turn is stipulated to accentuate the need for automotive engineering services during the projected period, pushing the demand for automotive engineering services.
- Attributing to the rising consumer demand for enhanced and reduced-emission vehicles is anticipated to compel vehicle manufacturers to redesign the exhaust powertrain system. Owing to this factor, the global automotive engineering services market is expected to propel over the forecast period.
- European countries are envisioning reducing the level of emission to three-fourths of the current situation is anticipated to boost the overall demand for the electric powertrain. Therefore, expanding the production of electric vehicles in the region is expected to fuel the demand for automotive engineering services in Europe.
- Germany is considered to be the foundation of the automotive industry along with the hub of the tier-1 players within the automotive engineering services market. The ongoing collaboration between engineering service providers and vehicle manufacturers is anticipated to place the country on top, in terms of growth, in the global automotive engineering services market.
- A rapid inclination towards the adoption of technically enhanced products within America is stipulated to have a significant impact on the automotive engineering services market.
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Automotive Engineering Services: Regional Market Outlook
The swelling consumer demand for enhanced and reduced emission vehicle is expected to compel the vehicle manufacturers to redesign the exhaust powertrain system. Also, the vision of European countries to reduce the level of emission to three-fourth of the current situation is anticipated to boost the overall demand for electric powertrain. Henceforth, expanding the production of electric vehicles in the region, thereby, fueling the revenue share of automotive engineering services in Europe.
On the country level, Germany is the foundation of automotive industry and hub of the tier-1 players of automotive engineering services market, and the ongoing collaboration between engineering service providers and vehicle manufacturers is predicted to place the country on top, in terms of growth, in the global automotive engineering services market. Similar inclination towards adoption of technically enhanced products in Americas is stipulated have significant impact on the automotive engineering services market.
Automotive Engineering Services: Market Key Players
Some of the major participants operating in the global automotive engineering services market include the following players:
- FEV Group GmbH
- IAV
- Ricardo
- AVL
- ALTEN Group
- Bertrandt
- ALTRAN
- L&T Technology Services Limited
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Key Segments Profiled in Automotive Engineering Services Market
Service Type:
- Testing & Diagnostic
- System Integration
- Designing
- Prototyping
- Research
Applications:
- ADAS & Safety
- Body & Chassis
- Powertrain & Exhaust
- Interior, Exterior & Body Engineering
- Electrical, Electronics & Body Controls
- Connectivity Services
- Simulation
Location:
- Outsourced Services
- In-house Services
Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
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