Automotive Engineering Services Market

Automotive Engineering Services Market worth $384.6 billion by 2027

The report "Automotive Engineering Services Market by application (ADAS & Safety, electrical, electronics & body control, chassis, connectivity, interior/exterior & body, powertrain & exhaust, simulation), Service, location, vehicle, & Region - Global Forecast to 2027", is projected to grow from USD 153.1 billion in 2019 to USD 384.6 billion by 2027, at a CAGR of 12.2%. The growth of the automotive engineering services market is driven by the rising sales of electric vehicles, increasing R&D investments in the automotive industry, advent of autonomous vehicles, and high implementation of connectivity services.

Browse 51 market data Tables and 43 Figures spread through 136 Pages and in-depth TOC on "Automotive Engineering Services Market by application (ADAS & Safety, electrical, electronics & body control, chassis, connectivity, interior/exterior & body, powertrain & exhaust, simulation), Service, location, vehicle, & Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/automotive-engineering-service-market-151284922.html

Passenger car is expected to be the largest market

The passenger car segment is expected to be the largest market during the forecast period. The adoption of sensors and utilization of vehicle data for autonomous driving and predictive maintenance have created wider scope for automotive engineering services providers in passenger car. In addition, increasing customer demand for safer and comfortable passenger vehicles has compelled OEMs to invest more in vehicle safety, advanced connectivity features, and smart infotainment systems. The growing demand for digital connectivity features is supported by a wide network coverage of 5G connectivity and implementation of IoT devices in premium sedans and SUVs. In the present scenario, customers want ecofriendly mobility combined with communication. This provides an opportunity for OEMs to offer connectivity features in their upcoming vehicles. Hence the, demand for various automotive engineering services is expected to increase.

Electrical, Electronics and body control is expected to lead the automotive engineering services market  

Automotive electrical, electronics, and body control has a high value-added proportion in vehicle development.  Electronics and electrical systems play a crucial role in handling all functions dedicated to passenger comfort and convenience. Services in automotive electrical and electronics include power management module, climate control, power window, body control module, and smart mirror and wipers. The trend is expected to grow due to the adoption of electric vehicles and complex electronic components for safer and functional driving experience. Service providers such as L&T Technology Services and FEV have invested huge resources to develop electrical, electronics, and body control solutions in automotive engineering services.

Asia Pacific is expected to be the fastest growing market during the forecast period

The Asia Pacific region is the fastest growing market for automotive engineering services because of the growth in India, China, Japan, and South Korea. Rising vehicle production, increasing demand for luxury vehicles, growing sales of electric cars, and technological development are driving the automotive engineering services market in the Asia Pacific region.

The key market players in the region include car manufacturers such as Honda, Toyota, Geely, BYD, Kia, Suzuki, and Hyundai and engineering service providers such as Wipro, Tech Mahindra, L&T, and AES. Additionally, Japan is the highest contributor in the global automotive engineering services market. The Japanese automotive industry has embraced the shift toward electric mobility. The high growth in the adoption of EVs in Japan is driven by government initiatives to increase the number of charging stations and extensive R&D to improve EV charging infrastructure. The rising adoption of EVs would increase the demand for advanced engineering services in the country. In September 2018, the South Korean government announced a plan to invest more than USD 860 billion in the development of electric vehicles.

The global automotive engineering services market is dominated by major players such as FEV (Germany), IAV Automotive Engineering (Germany), Ricardo (UK), AVL (Austria), Alten (France), Bertrandt AG (Germany), Altran (France), L&T Technology Services (India), and many others.

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Report Code
AT 7228
PR Published ON
7/16/2019
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