The size of the automotive engineering services market was valued at $153.3 billion. in 2021 and total revenue is expected to grow by 8.9% CAGR between 2022 and 2029, reaching nearly $303.23 billion.
Automotive Engineering Services Market Worth USD 303.23 Billion by 2029: Competitive Landscape, New Market Opportunities, Growth Centers, Return on Investments
pune, december 5 2022: The Automotive Engineering Services Market it is expected to be worth $303.23 billion by 2029, with a CAGR of 8.9%, according to Maximize Market Research. The market is growing thanks to the investment in R&D made by the automotive industry.
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Automotive Engineering Services Market Scope and Research Methodology
The Automotive Engineering Services Market report investigates current market trends and is highlighted to help clients explore opportunities and develop market strategies. The goods and services of key market participants and new entrants are investigated, as well as their revenues, financial condition, portfolio, growth strategies, and regional presence. Recent acquisitions and mergers, as well as the company’s strategic stances and joint alliance data, paint a clear picture of the competitive landscape in the automotive engineering services market. A segment by segment analysis of the form, additive, process, active ingredient, and crop type of the Automotive Engineering Services market is conducted, complete with factors influencing the market and current technological changes and innovations. The report also discusses Automotive Engineering Services market drivers, challenges, restraints, and challenges in great detail. Market entrants and new entrants can use regional market analysis to develop pricing and marketing strategies at the local, regional, and global levels.
For market estimation and global market trend analysis, bottom-up approaches were used. Data was collected from a large sample using primary and secondary research methods to draw accurate inferences. Among the main methods used are surveys, distribution of questionnaires and telephone interviews with industry experts, market leaders, entrepreneurs and marketing professionals. Secondary data was meticulously collected from a carefully selected set of sources to ensure that the conclusions were correct. In addition to white papers and annual reports, there are paid databases, industry magazines, white papers, annual reports, releases from product manufacturers and suppliers, official databases of numerous organizations, and government websites. PESTLE analysis was used to understand various market factors, while SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report goes into great detail about the Automotive Engineering Services market.
Automotive Engineering Services Market Overview
Automotive engineering services help OEMs and their suppliers digitize the product value chain, reduce development costs and increase time to market. Automotive engineering services include vehicle engineering, vehicle electronics, manufacturing IT, and product lifecycle management.
Automotive engineering services include the design and testing of braking systems, engines, safety mechanisms, fuel technologies, and transmissions. The main factors driving the global automotive engineering services market are increased competition in the automotive sector among auto OEMs and increased focus on improving key capabilities among auto OEMs.
Automotive Engineering Services Market Dynamics
The key factors driving market growth are increasing consumer confidence in engineering services and significant R&D investments by the automotive industry. Automotive engineering services are used by some of the world’s leading manufacturers, including Renault, Volkswagen, BMW AG, Daimler AG and Ford Motor Company. Due to the increased emphasis on autonomous driving systems, OEMs will need to include more cruise control features and advanced safety systems for semi-autonomous vehicles. In addition, other automakers are seriously considering using automotive engineering services to improve quality, increase safety, reduce development costs, and meet government-mandated standards. These are the main driving forces in the automotive engineering services market. In addition, other automakers are seriously considering using automotive engineering services to improve quality, increase safety, reduce development costs, and meet government-mandated standards. These are the main driving forces in the automotive engineering services market.
Regional Automotive Engineering Services Market Outlook
The Asia Pacific region dominated the automotive engineering services market in 2021, with a revenue share of approximately 42.0%, and this trend is expected to continue for the next eight years. The rapid adoption of electric vehicles for personal transportation in China explains this. Government regulations aimed at minimizing or reducing emissions and using green technologies are expected to drive market growth during the forecast period. Factors such as increased vehicle production, increased demand for luxury vehicles, increased sales of electric cars, and technological advancement are driving the Asia Pacific automotive engineering services market. The Asia-Pacific region includes both developed economies such as Japan and South Korea, as well as emerging economies such as China and India. These countries are recognized as the largest markets for automobile production, and the region has recently become a hub for the industry.
Automotive Engineering Services Market Segmentation
By type of service
- system integration
- ADAS and Security
- Electrical, electronic and body controls
- connectivity services
- Interior, Exterior and Body Engineering
- powertrain and exhaust
- Battery management and development
- charger test
- Engine control
Automotive Engineering Services Market Key Competitors:
- Altair Engineering Inc.
- Alten Group
- Altran (Capgemini Engineering)
- ARRK Product Development Group Ltd.
- ASAP Holding Gmbh
- List AVL GmbH
- Bertrandt AG
- EDAG Group
- ESG Elektroniksystem- und Logistik-GmbH
- FEV Group GmbH
- Horiba, LTD.
- ITK Engineering GmbH Kistler Group
- Group P3 GmbH
- RLE INTERNATIONAL Group
The Key Questions Answered in the Automotive Engineering Services Market are:
- What is an Automotive Engineering Service?
- What is the growth rate of the Automotive Engineering Services market for the forecast period?
- What is the nature of competition in the Automotive Engineering Services industry in developed and developing economies?
- Who are the key players operating in the Automotive Engineering Services Market?
- Who are the market leaders in automotive engineering services in Europe?
- Who are the market leaders in automotive engineering services in the US and Canada?
- Who are the market leaders in automotive engineering services in India, China, Japan and South Korea?
- What are the factors affecting the growth in the Automotive Engineering Services market?
- Who held the highest market share in the Automotive Engineering Services Market?
- What are the factors driving the growth of the Asia-Pacific region in the Automotive Engineering Services market?
- Market Share, Size, and Forecast by Revenue | 2022−2029
- Market Dynamics: Growth Drivers, Constraints, Investment Opportunities, and Key Trends
- Market segmentation: a detailed analysis by additive, process, active ingredient, crop type and region
- Competitive Landscape: Top Key Suppliers and Other Notable Suppliers
Maximize Market Research is a leading research firm, it has also published the following reports:
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