Automotive engineering

Automotive Engineering Services Market is Expected to Grow at a CAGR of 8.50% CAGR in the Coming Year

Reports and data

Automotive Engineering Services Market was valued at USD 140.63 Billion in 2020 and is projected to reach USD 271.86 Billion by 2028

NEW YORK, NY, USA, March 3, 2022 /EINPresswire.com/ — Reports and Data recently published the global report automotive engineering services market research report which provides an in-depth overview of the current Automotive Engineering Services market dynamics, market size, market development, revenue growth, and industry outlook. The study provides a comprehensive overview of market statistics, market estimates, industry growth rates, major companies, market demand, sales forecasts and implemented business expansion strategies by the main manufacturers on the market. The Automotive Engineering Services Market research report encompasses an in-depth analysis of market growth drivers and restraints on a regional and global scale. The research report also includes an in-depth analysis of the challenges, vulnerabilities and growth prospects of the market during the forecast period, as well as key opportunities to help clients and readers develop successful business expansion strategies. .

Automotive Engineering Services Market was valued at USD 140.63 Billion in 2020 and is projected to reach USD 271.86 Billion by 2028, at a CAGR of 8.50% CAGR during the forecast period (from 2018 to 2028). Factors such as the technological advancement of autonomous vehicles, the introduction of the 5G network in the global automotive industry, the increasing attention of governments and OEMs on electric vehicles, safety issues for vehicles, drivers, passengers and pedestrians, and the increasing requirement for light-duty vehicles are driving the growth of the market.

Market Overview:

Electric vehicles are the future of the automotive industry. Despite the global economic crisis caused by the epidemic, it seems that the future of electric transport is brighter than ever. During the COVID-19 crisis, global auto sales plummeted, but electric mobility activity in several countries remained remarkably robust. The global light-duty vehicle (LV) industry has unquestionably been impacted by the 2020 pandemic, and the long-term automotive sales market dynamics predict that the global electric vehicle (EV) market will recover faster, especially in China and Europe, where substantial growth is expected after the pandemic. Many automakers are prioritizing electric vehicle production lines as they prepare to ramp up production to meet projected strong consumer demand, meet regional regulatory requirements and contribute to the global effort to fight against global warming.

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The global automotive industry has invested approximately $125 billion worldwide in research and development (R&D). By geography, the European region contributed the largest share of spending, with $60 billion, followed closely by the Asia-Pacific region (~$47 billion) and with the Americas a distant third (~$20 billion). dollars). Automotive technology is moving towards connected services, vehicle electrification, shared vehicles and, autonomous driving, is fueling R&D. Additionally, some of the current profit margins of major automotive OEMs can be attributed to heavy investments in technology. In addition, stricter regulations have placed significant pressure on the core business of automotive engineering services, such as testing, powertrain calibration and homologation.

The regional analysis includes:

North America (USA, Canada)
Europe (UK, Italy, Germany, France, Rest of EU)
Asia-Pacific (China, India, Japan, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

Automotive Engineering Services Market competitive environment provides insights into company profiles, product portfolios, production models, market sales and business expansion plans. It also includes information on market share, market size, sales growth, gross margins, and price analysis. It also covers recent mergers and acquisitions, joint ventures, partnerships, alliances, corporate and government transactions, product launches, and brand promotions, among other topics. It also includes SWOT and Porter’s Five Forces analysis to provide insight into the competitive landscape of the market.

Segments covered in the report

This report forecasts the industry trends for the global automotive engineering services market for the years 2019-2026. 2016-17 is used for historical data analysis while 2018 is the base year. For the purposes of this study, the reports and data have segmented the industry by service type, nature, application, location and region:

Automotive Engineering Services Market by Service Type (Revenue, USD Million; 2018-2028)

• Concept/Research
• Design
• Manufacturing assistance
• Validation analysis and predictive engineering
• Prototyping
• System integrator
• Testing

Automotive Engineering Services Market by Nature (Revenue, USD Million; 2018-2028)

• Bodywork rental
• Turnkey

Automotive Engineering Services Market by Application (Revenue, USD Million; 2018-2028)

• Electric, electronic and bodily controls
• Frame
• In-vehicle systems and infotainment
o HMI platform
o Multimedia subsystem
o Telematics solution
o Instrument clusters
• Interior and exterior bodywork
• Powertrain and exhaust
• Simulator

Automotive Engineering Services Market by Location (Revenue, USD Million; 2018-2028)

• At sea
• Down

Automotive Engineering Services Market by Region (Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Reports and data
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