(MENAFN- GlobeNewsWire - Nasdaq) The Global Automotive Engineering Services market Size was Valued at USD 167.81 Billion in 2023 and the Worldwide Automotive Engineering Services Market Size is Expected to Reach USD 364.02 Billion by 2033, according to a research report published by Spherical Insights & Consulting Companies covered: Harman International, FEV Group, L&T technology Services Ltd., Robert Bosch GmbH, Continental AG, Bertrandt AG, Capgemini Engineering, AVL, EDAG Engineering GmbH, IAV GmbH, and Others Key Vendors.
New York, United States , May 27, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Engineering Services Market Size Expected to Grow from USD 167.81 Billion in 2023 to USD 364.02 Billion by 2033, at a CAGR of 8.05% during the forecast period 2023-2033.
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Automobile engineering services are mostly used to develop, design, and prototype automotive components. These services also include system integration, virtual testing, and the manufacture of passenger and commercial cars. These services aim to improve manufacturing while lowering unnecessary costs. From concept to production, services include analysing, developing, designing, prototyping, system integration, and testing specific systems or vehicle parts. Automotive OEMs and Tier 1 partners have made major investments in the next generation of connected vehicles. High-end sedans and SUVs frequently use IoT devices, ultrasonic sensors, and high-definition cameras. These various components collaborate to form an ecosystem capable of connecting with the outside world and sharing data in order to improve the in-car experience. An onboard computer evaluates the data and performs a range of functions, including seamless navigation and personalised infotainment systems. The data can also be used to plan maintenance, evaluate the vehicle's status and health, and predict engine problems. However, the automotive industry is increasingly reliant on computer technologies to provide improved performance and a number of new features. As a result, growing car connectivity raises security concerns, which may have an influence on vehicle operation, limiting market expansion.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the " Global Automotive Engineering Services Market Size, Share, and COVID-19 Impact Analysis, By Type (Mechanical, Embedded, Software), By Location (In-house, Outsource), By Application (Body Engineering, Chassis Engineering, Powertrain Engineering, Safety Systems, Infotainment Systems, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The mechanical segment is expected to hold the largest share of the global automotive engineering services market during the anticipation timeframe.
Based on the type, the global automotive engineering services market is categorized into mechanical, embedded, and software. Among these, the mechanical segment is expected to hold the largest share of the global automotive engineering services market during the anticipation timeframe. Given the ongoing trend of end-user convenience, automakers are investing in expanding their manufacturing techniques to keep up, which is why mechanical cars are expected to dominate in the future.
The in-house segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the location, the global automotive engineering services market is categorized into in-house and outsource. Among these, the in-house segment is expected to grow at the fastest CAGR during the anticipation timeframe. Major Original Equipment Manufacturers (OEMs) choose to maintain complex automotive technical services such as powertrain design, and engine and gearbox systems in-house development. These designs and optimisations differ from one OEM to the next, necessitating a variety of techniques and specialisations that can be undertaken internally to improve performance.
The body engineering segment is expected to hold a significant share of the global automotive engineering services market during the anticipation timeframe.
Based on the application, the global automotive engineering services market is categorized into body engineering, chassis engineering, powertrain engineering, safety systems, infotainment systems, and others. Among these, the body engineering segment is expected to hold a significant share of the global automotive engineering services market during the anticipation timeframe. Due to the increased use of EV technology. Furthermore, the automotive industry has placed a larger emphasis on incorporating lightweight body materials into vehicles in order to reduce overall weight and improve aerodynamic ratios.
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Asia Pacific is projected to hold the largest share of the global automotive engineering services market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global automotive engineering services market over the anticipation timeframe. The Asia Pacific automotive engineering services market is being driven by growing vehicle manufacturing, rising luxury vehicle demand, expanding electric vehicle sales, and technological improvements. The Asia-Pacific region includes both industrialised nations like Japan and South Korea, as well as quickly expanding economies like China and India. These countries are recognised as the world's major automobile manufacturing markets, and the region has recently emerged as an industry hub.
Europe is expected to grow at the fastest CAGR growth of the global automotive engineering services market during the anticipation timeframe. Electric vehicle production in this region is on the rise. The ongoing collaboration between engineering service providers and vehicle manufacturers is likely to propel the country to the top.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Engineering Services Market include Harman International, FEV Group, L&T Technology Services Ltd., Robert Bosch GmbH, Continental AG, Bertrandt AG, Capgemini Engineering, AVL, EDAG Engineering GmbH, IAV GmbH, and Others Key Vendors.
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Recent Developments
On February 2024, L&T Technology Services Limited, a pioneering digital engineering and R&D services firm, announced a strategic alliance with BlackBerry, a trusted security software and services provider. The cooperation will employ BlackBerry® QNX® automotive software solutions to allow the creation of novel Software Defined Vehicles (SDVs) for global Original Equipment Manufacturers (OEMs).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive engineering services market based on the below-mentioned segments:
Global Automotive Engineering Services Market, By Type
Mechanical Embedded Software
Global Automotive Engineering Services Market, By Location
Global Automotive Engineering Services Market, By Application
Body Engineering Chassis Engineering Powertrain Engineering Safety Systems Infotainment Systems Others
Global Automotive Engineering Services Market, By Regional
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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