Global Automotive Engineering Services Market to Exceed USD 364.02 Billion by 2033 | CAGR Of 8.05%
Category: Automotive & TransportationGlobal Automotive Engineering Services Market to Exceed USD 364.02 Billion By 2033
According to a research report published by Spherical Insights & Consulting, 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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Browse key industry insights spread across 200 pages with 110 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”. Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/automotive-engineering-services-market
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.
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.
Asia Pacific is projected to hold the largest share of the global automotive engineering services market over the anticipation timeframe.
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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.
Major vendors in the global automotive engineering services market are 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 Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- On February 2024, L&T Technology Services Limited, a pioneering digital engineering and R&D services organisation, announced a strategic partnership with BlackBerry, a reputable security software and services provider. The collaboration will use BlackBerry® QNX® automotive software solutions to enable the development of innovative 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
- In-house
- Outsource
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
- US
- Canada
- Mexico
- 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
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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