According to The Business Research Company’s Automotive Engineering Services , The automotive engineering services market size has grown rapidly in recent years. It will grow from <b>$242.52 billion in 2023 to $267.99 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. </b> The growth in the historic period can be attributed to globalization of automotive industry, increased complexity of vehicle systems, emphasis on fuel efficiency and emissions reduction, growth in automotive electronics and software, demand for innovative vehicle designs and features.
More On The Automotive Engineering Services Market:
The automotive engineering services market size is expected to see rapid growth in the next few years. It will grow to <b>$396.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. </b> The growth in the forecast period can be attributed to rise of electric and autonomous vehicles, accelerated adoption of connected car technologies, increasing focus on sustainability and green engineering, integration of advanced driver-assistance systems (adas), demand for personalized and user-centric automotive experiences. Major trends in the forecast period include use of advanced technology, embrace of digital twin technology for simulation and testing, collaboration for research and development in autonomous driving, growing importance of cybersecurity in automotive engineering, use of artificial intelligence in design optimization and manufacturing.The rising demand for emission-less transportation is expected to propel the growth of the automotive engineering services market. The usage of fossil fuels like diesel and gasoline releases greenhouse gases such as carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide into the atmosphere, resulting in changes to the climate and thus increasing demand for emission-less transport mediums such as electric vehicles. For instance, in 2021, electric car sales doubled to 6.6 million from 3 million in 2020. The rising demand for emission-less transportation lowers fossil fuel consumption and reduces greenhouse gas emissions. The demand for emission-less transportation, coupled with increased awareness of emission-less transportation, is expected to propel the automotive engineering services market.
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The automotive engineering services market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
3) By Location Type: On-Shore, Off-Shore
4) By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation The use of artificial intelligence (AI) in automotive engineering is a key trend gaining popularity. Helpful AI algorithms and controllers aid in providing a realistic driving-range estimation and optimizing energy conservation in electric vehicles, allowing for the addition of additional driving range. Artificial intelligence is also at the core of self-driving cars, which are becoming increasingly popular in the automotive industry. For instance, in 2021, a US-based automobile manufacturer Ford collaborated with Google to leverage AI to improve customer experiences, accelerate the modernization of product development, enhance manufacturing and supply chain management, and fast-track the implementation of data-driven business models.The automotive engineering services market report table of contents includes:
1. Executive Summary
2. Automotive Engineering Services Market Characteristics
3. Automotive Engineering Services Market Trends And Strategies
4. Automotive Engineering Services Market – Macro Economic Scenario
5. Global Automotive Engineering Services Market Size and Growth
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26. South America Automotive Engineering Services Market
27. Brazil Automotive Engineering Services Market
28. Middle East Automotive Engineering Services Market
29. Africa Automotive Engineering Services Market
30. Automotive Engineering Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Capgemini SE
- IAV GmbH
- Tech Mahindra Limited
- AKKA Technologies Group
- Bertrandt AG
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