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Automotive Engineering Services Market
Technological progressions in electric vehicles and autonomous driving are a prominent factor driving the automotive engineering services market
market encloses everything from notion outline and prototyping to systems combination and software advancement for conventional internal combustion engines and surfacing electric & autonomous vehicles” - Polaris Market ResearchNEW YORK CITY, NY, UNITED STATES, November 13, 2024 /EINPresswire / -- The automotive engineering services market forecast for 2032 is a specialized study of the industry with a specific concentration on the global market trend analysis.
The global automotive engineering services market is expected to reach USD 35,408.52 million by 2032, growing at a 5.6% CAGR from 2024 to 2032. It was valued at USD 21,650.00 million in 2023. The market is experiencing significant growth and is expected to continue expanding in the coming years.
What is Automotive Engineering Service?
The automotive industry is observing a swarm of troublesome modifications that are amending its very nucleus. The speedy acquisition of e-mobility with automotive architecture operating swiftly towards software-defined vehicles dispenses both a disarrangement and a possibility.
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This transformation will cause vehicles to become more flexible in the context of realization, refurbishing contemporary attributes and operationality through OTA, settling problems distantly through the digital response loops, and consistently enhancing holistic security and safety. The surfacing of EVs, autonomous driving, and secured vehicle innovations have forced automakers to look for specific skills in software advancement, AI, and battery systems, impacting the automotive engineering services market growth favorably.
Who Makes Automotive Engineering Services?
.Bertrandt
.Capgemini
.Continental AG
.EDAG Group
.FEV Group GmbH
.HCL Technologies Ltd. (HCLTech)
.IAV
.L&T Technology Services Limited
.Ricardo
.RLE International Group
.Semcon
.Tech Mahindra Limited
.Wipro Limited
are some of the leading players in the automotive engineering services market.
Spearheading market contenders are funding massively in research and development to augment their product lines which would push the market growth during the forecast period.
Some of the latest developments in the market are:
.In June 2024, Wipro partnered with Siemens to improve automotive software enhancement. This association will combine Siemens' PAVE360 software and digital twin technologies with Wipro's prowess in automotive engineering and digital alteration.
.In April 2024, Ricardo and Caepro agreed to convey exclusive and economical engineering services in India, integrating proficiency in powertrains and electrification.
What's Driving Market Forward?
Strict Government Directives: Government directives are affirmatively impacting the market growth. Automakers are encountering constraints in inventing and confirming stringent standards for decreasing carbon discharge, enhancing economics, and improving vehicle safety.
Growing Complexity of Contemporary Vehicles: The growing intricacy and urbanity of contemporary vehicles ignite the demand for electrical systems outline services. In contemporary vehicles, progressive electrical systems are important for reinforcing attributes such as ADAS and electric powertrains. This, in turn, is having a favorable impact on automotive engineering services market sales.
Advanced Security Attributes: Consumers select vehicles that convey better fuel efficiency, progressive security attributes, and smooth connectivity. This demand has evoked automotive manufacturers to invent and improve commodity offerings consistently.
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Which Region Leads Market Growth?
Asia Pacific: Asia Pacific accounted for the largest automotive engineering services market share. The region's robust growth is primarily due to the growing automotive industry and growing vehicle production.
Europe: Europe is anticipated to witness significant growth from 2024 to 2032. This can be attributed to a strong concentration on invention and liveability.
How Is Market Segmentation Done?
By Vehicle Type Outlook
.Passenger Cars
.Commercial Cars
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 Location Outlook
.In-house
.Outsourcing
By Service Outlook
.Concept/Research
.Designing
.Prototyping
.System Integration
.Testing
By Propulsion Outlook
.ICE
.Electric
By Nature Type Outlook
.Body Leasing
.Turnkey
By Regional Outlook
.North America
oUS
oCanada
.Europe
oGermany
oFrance
oItaly
oUK
oSpain
oNetherlands
oRussia
oRest of Europe
.Asia Pacific
oChina
oIndia
oJapan
oIndonesia
oSouth Korea
oMalaysia
oRest of Asia Pacific
.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of the Middle East & Africa
.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America
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FAQs:
How much is the automotive engineering services market?
The market size was valued at USD 21,650 million in 2023 and is projected to grow to USD 35,408.52 million by 2032.
What is the growth rate of the automotive engineering services market?
The global market is expected to register a CAGR of 5.6% during the forecast period.
Which region held the largest market share?
Asia Pacific held the largest share of the global market in 2023.
Which segment by vehicle type led the market in 2023?
The commercial cars segment dominated the market in 2023.
Browse PMR's Automotive Engineering Services Market Report Coverage from Different Publications:
Automotive Engineering Services Market Size Analysis: $35,408.52 million by 2032 with 5.6% CAGR
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Likhil G
Polaris Market Research and Consulting
+ +1 929-297-9727
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