New York, NY, June 19, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Automotive Engineering Services Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger, Commercial); By Location; By Application; By Service; By Propulsion; By Nature Type; By Region; Segment Forecast, 2023- 2032” in its research database.
“As per the latest research analysis, the global automotive engineering services market size/share will be valued at roughly USD 20.55 Billion in 2022, and its revenue is projected to reach about USD 35.21 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 5.5% between 2023 and 2032.”
What are Automotive Engineering Services? How Big is Automotive Engineering Services Market Size?
- Overview
Automotive engineering services are predominantly used in advancing, designing, and modeling automotive parts. Also covered under these services are system amalgamation and virtual testing and the production of passenger cars and commercial vehicles. The rapidly rising demand for the automotive engineering services market can be attributed to the fact that these services are willed to enhance manufacturing and lessen additional disbursement.
Growth in consciousness and demand for superlative connectivity and collision prevention technology propels the market growth. Vehicle makers are also concentrating on the advancement of lightweight vehicles to render them more fuel efficient. Growth in worries over safety and government restrictions to rendering vehicles safer are the factors that are pushing the market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Capgemini
- IAV Automotive Engineering
- Bertrandt
- L&T Technology Services
- ALTRAN
- Ricardo
- Continental
- EDAG Engineering
- Semcon
- Tech Mahindra
- AKKA Technologies
- HCL Technologies
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/automotive-engineering-services-market/request-for-sample
Market Drivers
- Advancement in hybrid and electric vehicles: Progression in electric and hybrid vehicles is pushing the market. Automotive engineering service providers reinforce automakers in outlining and manufacturing of electrical systems, including inverters, generators, and electric motors. The automotive engineering services market size is expanding as they maximize the conductance, productivity, and dependability of these systems to encounter the needs of electric and hybrid vehicles.
- Progression in electric charging: The increase in electric vehicles will straightaway push the advancement of electric charging. Automotive engineering firms chip into the construction and functionality of charging stations for private and public usage. They took into consideration elements such as charging speed, similarity, and network connectivity.
- Secure and networked vehicles: Government restrictions encompassing emissions, security, and data seclusion are becoming stricter, propelling the need for automotive engineering services. These contain areas such as deference testing and discharge testing. Automotive engineering services market sales are soaring as consumers demand more productive, secure, and networked vehicles. These drive the requirement for engineering services in lightweight substances, fuel effectiveness, and infotainment systems.
- Technological progression: The speedy stride of technological progressions in fields such as software, sensors, and communication frameworks is pushing the need for more progressive engineering services, which is driving the market.
Top Report Findings
- Government restrictions encompassing emissions, security, and data seclusion are becoming stricter, propelling the automotive engineering services market.
- The market is essentially segregated into vehicle type, location, application, service, propulsion, nature type, and region.
- The leading region of the market is Asia Pacific.
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Top Trends Influencing the Market
- Rising demand for electrical system design services: The demand is rising for the electrical systems design services such as circuit design, wiring harness outline, battery supervision technique design or regulation module design, software advancement and incorporation testing, and body regulation module techniques such as sensor unification, actuator control, and software advancement which pushing the upswing in the market growth.
- ADAS technology: The automotive industry is experiencing speedy technological interchange pushed by progression in fields such as electric and autonomous vehicles, advanced driver assistance systems (ADAS), and accordance. ADAS technology has become growingly important in the automotive industry, and engineering organizations training in developing and testing ADAS systems are encountering notable growth.
- Phantom AI fundraising round: In February 2023, Phantom AI and ADAS system firms announced that a $36.5 million fundraising round has been finished. Its PhantomDrive is a vehicle control system that forecasts the movement of witnessed objects to offer a secure and organic vehicle movement. Sensor setup and map availability decide which functions are obtainable.
Segmental Analysis
- The electrical, electronics, and body control segment accounted for the largest market share
Based on application, the electrical, electronics, and body control segment accounted for the largest market share. The automotive engineering services market demand is on the rise as this is an up-to-date framework for a vehicle's electrical system is needed because of the speedily escalating demand for driving comfort and safety.
- The ICE segment is anticipated to grow at the highest CAGR
Based on propulsion, the ICE segment is anticipated to grow at the highest CAGR. The automotive engineering services market trends include internal combustion engines being the key propulsion technology for automobiles for over a specific period of time due to the accepted supply chain and manufacturing framework, scope and refueling framework, and IC engines being the most economical.
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Automotive Engineering Services Market: Report Scope & Segmentation
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 35.21 Billion |
| Market size value in 2023 | USD 21.65 Billion |
| Expected CAGR Growth | 5.5% from 2023- 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Capgemini, IAV Automotive Engineering, Bertrandt AG, L&T Technology Services, ALTRAN, Ricardo, Continental AG, EDAG Engineering GmbH, Semcon, Tech Mahindra, AKKA Technologies, and HCL Technologies |
| Segments Covered | By Vehicle Type, By Location, By Application, By Service, By Propulsion, By Nature Type, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: This region held the largest automotive engineering services market share due to the growing acceptance of EVs in the region. It is home to some of the biggest automotive markets in the world, including India, China, and Japan. As automakers seek to escalate effectiveness and save costs, engineering services pertaining to contemporary manufacturing procedures, such as 3D printing, robotics, and automation, have a high desire.
Browse the Detail Report “Automotive Engineering Services Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger, Commercial); By Location; By Application; By Service; By Propulsion; By Nature Type; By Region; Segment Forecast, 2023- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/automotive-engineering-services-market
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Recent Developments
- In February 2023, General Motors & GlobalFoundries signed a long-term partnership to have a dedicated corridor specifically for GM's chip supply. This will produce distinctive chips to power complicated & technologically advanced automobiles.
- In November 2022, the conclusion of a new Round C financing deal totaling more than USD 69 million was announced by Atech Automotive. It creates new energy automotive electronics, intelligent seats, keyless entry systems, body controllers, domain controllers, RF Bluetooth, and central core domain control. The company is presently developing a new generation of automotive electronic and electrical architecture platforms based on SOA software.
Polaris Market Research has segmented the Automotive Engineering Services Market report according to vehicle type, location, application, service, propulsion, nature type, and region:
By Vehicle Type Outlook
- Passenger Cars
- Commercial cars
By Location Outlook
- In-House
- Outsourcing
By Application Outlook
- ADAS and safety
- Electrical, electronics, and body controls
- Chassis
- Connectivity services
- Interior, exterior, and body engineering
- Powertrain and exhaust
- Simulation
- Battery development and management
- Charger Testing
- Motor controls
- Others
By Service Outlook
- Concept/Research
- Designing
- Prototyping
- System Integration
- Testing
By Propulsion Outlook
- ICE
- Electric
By Nature Type Outlook
- Body Leasing
- Turnkey
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa
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