Expert Market Research’s new report titled ‘Global Automotive Engineering Services Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global market automotive engineering services market, assessing the market based on its segments such as service types, applications, locations, vehicle types and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
• Historical market size (2020): 153.4 billion USD
• Forecast CAGR (2022-2027): 12%
The automotive engineering services market is driven by factors such as autonomous vehicles, the introduction of 5G networks in the automotive industry, the focus of OEMs and governments on electric vehicles, the use of advanced technologies, concerns about vehicle and passenger safety and vehicle weight reduction. The market is also growing due to increased awareness and demand for technological solutions in automobiles such as connection and collision avoidance sensors, among others. The global market is driven by increasing requirements for light-duty vehicles as government and manufacturers focus on the design and development of light-duty vehicles to make vehicles more fuel-efficient, as well as increasing requirements for safety-related systems due to government regulations.
Industry definition and major segments
Automotive engineering is a subset of vehicle engineering that includes sophisticated electrical, electronic, mechanical, software, and safety functions. Automotive and commercial vehicle engineering services are used in the design, development, manufacture and operation of automobiles and commercial vehicles. In addition, these services aim to improve the manufacturing process and protect the economy of the vehicle.
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The different types of services provided by the market are:
• Integration system
The main market applications are:
• ADAS and security
• Electric, electronic and bodily controls
• Connectivity services,
• Interior, exterior and body engineering
• Powertrain and exhaust
Based on location, the market is divided into:
The different types of vehicles are:
• Passenger car
• Commercial vehicle
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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As the use of electric and hybrid vehicles increases, the production of these vehicles is also increasing, which is expected to drive the expansion of the global market over the forecast period. The major factors driving the global automotive engineering services market are growing competition in the automotive industry among automotive OEMs and increasing emphasis on improving key capabilities of automotive OEMs. Other factors driving the growth of this market include increasing sales of electric vehicles, increasing investment in research and development in the automotive industry, and stringent government policies and regulations for electric vehicles. internal combustion engine (ICE). Additionally, the advent of autonomous vehicles offers tremendous growth opportunities for automotive engineering service providers.
Main market players
The major market players are Harman International Industries, Inc., Capgemini Services SAS, Bertrandt Ag, L&T Technology Services Limited, Fev Group Gmbh, Akka Technologies SE, HCL Technologies Limited, Ingenieurgesellschaft Auto und Verkehr GmbH (IAV GmbH), Tech Mahindra Limited , and CRESTTEK LLC, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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