Ozva AdminDUBLIN–(BUSINESS WIRE)–The “Global Automotive Engineering Services Market Report 2022” report has been added to researchandmarkets.com offering.
This report provides strategists, marketers, and senior management with the critical information they need to assess the global automotive engineering services market.
The global automotive engineering services market is expected to grow from $199.0 billion in 2021 to $220.9 billion in 2022 at a compound annual growth rate (CAGR) of 10.96%.
The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which had previously led to restrictive containment measures of social distancing, remote work and business closures which resulted in operational challenges. The market is expected to reach $336 billion by 2026 with a CAGR of 11.06%.
Mentioned companies
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Capgemini Se
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IAV GmbH
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Mahindra Limited Technology
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AKKA Technologies
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Bertrandt AG
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Harman International Industries Inc.
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Alten Cresttek
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L&T Technology Services
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Fev Europe Gmbh
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Akka Technologies
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AVL
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FEV
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Richard
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EDAG Engineering GmbH
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valmet automotive
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Forward Technologies Ltd.
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T-NET JAPAN Co. Ltd.
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Kistler Group
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Continental AG
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semcon
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Robert Bosch GmbH
Reasons to buy
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The automotive engineering services market consists of sales of automotive engineering services by entities (organizations, sole traders, and associations) including mechanical, electrical, software, security, and electronic engineering for automotive design.
Automotive engineering services streamline the manufacturing process to improve the overall operating efficiency of the vehicle. Automotive engineering services offer advanced and innovative features in comfort, infotainment and safety through the integration of advanced electronics into vehicles.
The main types of vehicles covered by automotive engineering services include passenger cars and commercial vehicles. Passenger cars are designed and built to carry passengers and have fewer than eight seats, not including the driver’s seat. Different types of automotive engineering services include concept/research, design, prototyping, system integration, and testing.
Automotive engineering services are located onshore and offshore for different applications such as electrical, electronics and body controls, ADAS and safety, chassis, connectivity services, powertrain and exhaust, interior, exterior and body engineering and simulation .
Asia-Pacific was the largest region in the automotive engineering services market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing demand for emission-free transportation is expected to fuel the growth of the automotive engineering services market. The use of fossil fuels such as diesel and gasoline releases greenhouse gases such as carbon dioxide, methane, hydrofluorocarbons, and nitrous oxide into the atmosphere, causing changes in the climate and therefore increasing the demand for means of emission-free transportation, such as electric vehicles.
For example, in 2021, electric car sales doubled to 6.6 million from 3 million in 2020. The growing demand for emission-free transportation reduces fossil fuel consumption and reduces greenhouse gas emissions. The demand for zero-emission transportation coupled with increased awareness of zero-emission transportation is expected to boost the market for automotive engineering services.
The use of artificial intelligence (AI) in automotive engineering is a key trend that is gaining popularity. Helpful AI algorithms and drivers help provide a realistic estimate of driving range and optimize energy conservation in electric vehicles, ultimately helping to add additional driving range. Artificial intelligence is also at the center of self-driving cars, which are becoming increasingly popular in the auto industry.
For example, in 2021, US-based automaker Ford collaborated with Google to harness artificial intelligence to improve customer experiences, accelerate product development modernization, improve supply chain management supply and manufacturing, and accelerate the implementation of data-driven business models.
Countries covered in Automotive Engineering Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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