The Automotive Engineering Services Market will exceed USD 455.8 billion by 2031 from USD 166.3 billion in 2021 at a CAGR of 10.6% in the coming years i.e. 2021-31 . Product presentation
New York, July 13. 02, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Automotive Engineering Services Market: Segmented: By Service Type, By Vehicle Type, By Application, and By Region – Global Market Size Analysis, Sharing and trends for 2019-2020 and predictions to 2031” – https://www.reportlinker.com/p06288787/?utm_source=GNW
Automotive engineering is an engineering discipline of automotive engineering that works on the use, design, and production of various automobiles. This branch of engineering involves the use of arithmetic in the development and manufacture of automobiles. Safety engineering, automotive electronics, quality assurance, fuel economy, and emissions are some of the engineering disciplines that could be utilized in this industry. Braking systems, engines, safety mechanisms, fuel technologies, as well as transmission are some of the automotive engineering services that are designed and tested. Growing competition in the automotive sector among original equipment manufacturers (OEMs) and increased emphasis on upgrading critical skills among automotive OEMs are two important drivers of the global automotive engineering services market .
The global automotive engineering services market is expected to project a notable CAGR of 10.6% in 2031.
The automotive engineering services industry is driven by factors such as an automated vehicle, the introduction of 5G network technology in the automotive sector, original equipment manufacturers and the government putting more emphasis on emphasis on an electric vehicle, the use of technological advances, concerns about the vehicle as well as passenger safety and vehicle weight reduction.
Global Automotive Engineering Services: Segments
Connectivity Services Segment Expected to Grow with Highest CAGR in 2021-31
The market is divided into ADAS & Security, Electrical, Electronics & Body Control, Chassis, Connectivity Service, Interiors, Exterior & Body Engineering, Powertrain & Exhaust, Simulation and Others based on the application. The fastest growing market is expected to be connection services over the forecast period. The advancement of self-driving car testing, advancements in AI technology, and the arrival of 5G connections have all spurred the growth in demand for connected systems in automotive engineering services. Connectivity services facilitate automotive functions, including smart entertainment, remote diagnostics, parking assistance functions, diagnostic tests, and more.
Prototyping Segment Expected to Grow with Highest CAGR in 2021-31
The prototyping services segment is expected to hold the highest share of the overall automotive engineering services market, based on service type. The highly competitive nature of the automotive sector, which demands better performance requirements in areas such as fuel efficiency, aerodynamics, connection and safety, is driving the growth of the segment. Shorter manufacturing times and lower production costs are achieved through prototyping approaches, as are easier product innovation and supply chain transformation, and safer, cleaner part designs or lighter.
Increase in demand for electric vehicle sales
The global market for electric vehicles is growing. Electric vehicles, like any other transformational disruptive technology, generate a plethora of powerful economic developments, challenges and opportunities. The global electric vehicle market is driven by increasing vehicle ranges, improved charging infrastructure and proactive involvement of automotive OEMs. As the number of electric vehicles on the road increases, the need for automotive engineering services also increases to ensure product quality, safety and standard. Accordingly, the increasing production of new energy cars, such as hybrid and fully electric vehicles, has led to a major shift towards automotive engineering services, which is expected to open up various market opportunities.
Growing development of autonomous vehicles
Autonomous vehicles are self-driving vehicles that sense their surroundings and operate without human intervention. Advanced automotive engineering services are used by autonomous vehicles to cope with external conditions and drive accordingly. These cars help improve road safety and reduce vehicle collisions caused by human error. Automated cars have the potential to reduce fatalities because software should make fewer mistakes than people. Plus, fewer accidents mean fewer traffic jams, and the elimination of human behavior means fewer roadblocks.
Restriction on Intellectual Property (IP)
A joint engineering service begins with a design/research phase and progresses through the design and test stages before reaching the final manufacturing stage. IP violation restrictions require extra caution from service providers. In the automotive sector, innovation requires a significant investment of resources and time. Intellectual property laws prohibit service providers from repurposing the same technology, which could limit the use of their technical service technology.
Global Automotive Engineering Services: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
HCL Technologies Limited,
Tech Mahindra Limited,
Onward Technologies Ltd.,
T-NET JAPAN Co., Ltd.,
EPAM Systems, Inc., North Carolina.
Other top players
Global Automotive Engineering Services: Regions
The global automotive engineering services market is segmented on the basis of regional analysis into five major regions: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific is the fastest growing automotive engineering services sector, due to the increased use of electric passenger cars. Regulations and mandates imposed by their government to minimize emissions and stimulate the use of renewable technologies are also driving the markets. Many regional powers are planning to soon replace their current public fleet with electric vehicles. The growing growth of the logistics industry is driving the demand for commercial electric vehicles, which is driving the growth of automotive engineering services.
Impact of Covid-19 on Automotive Engineering Services Market
The global lockdown put in place in response to the COVID-19 outbreak has halted and halted automobile production, impacting supply in the AES market. Due to COVID-19, labor shortage has impacted the automotive engineering services industry as people are forced to maintain social distancing and avoid travel due to restrictions. Additionally, COVID-19 had a favorable effect on the electric car market as sales increased from a year earlier. Therefore, an increase in electric car purchases is expected to drive market growth throughout the outbreak. Additionally, compared to the automotive market, the impact of the Covid-19 outbreak on the industry has been minimal.
Global Automotive Engineering Services is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
The Global Automotive Engineering Services report also contains analysis on:
Automotive Engineering Services Segments:
By type of service
By type of vehicle
ADAS and security
Electrics, electronics and body controls
Interior, exterior and body engineering
Powertrain and Exhaust
Automotive Engineering Services Dynamics
Automotive Engineering Services Size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and segmentation of the Automotive Engineering Services Market report
Report attribute details
The value of the market size in 2021 166.3 billion USD
Revenue forecast in 2031 455.8 billion USD
CAGR growth rate of 10.6% from 2021 to 2031
The base year for the 2020 estimate
Quantitative Units Revenue in Million USD and CAGR from 2021 to 2031
Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trending Segments
Segments Covered Service Type, Vehicle Type, Application and Region
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Key Companies Featured Capgemini, AVL, Bertrandt, ALTEN, Valmet Automotive, HCL Technologies Limited, Ricardo, Tech Mahindra Limited, Onward Technologies Ltd., T-NET JAPAN Co., Ltd., ESI Group, Semcon, GlobalLogic, EPAM Systems, Inc . ., NC.and other top players
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