Automotive Engineering Services Market Outlook
According to the report by Expert Market Research (EMR), the global automotive engineering services market size grew substantially in 2023. Aided by the technological advancements in the automobile sector and an escalating demand for electric vehicles, the market is projected to further grow at a CAGR of 12.1% between 2024 and 2032.
Automotive engineering services encapsulate a broad range of solutions related to the design, testing, research, and development of vehicular systems. These services span across components like powertrain, electrical systems, chassis, and body engineering. As the automotive industry continually shifts towards automation, electrification, and connectivity, these engineering services have gained paramount importance in ensuring vehicles are more efficient, safe, and sustainable.
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The relentless push for fuel efficiency and the stringent emission norms globally have been propelling the automotive engineering services market growth. With environmental concerns taking centre stage, the automotive sector is focusing on reducing the carbon footprint, leading to a surge in demand for engineering solutions that aid in the design and development of green vehicles, especially electric and hybrid ones.
Another notable driver of this market is the rapid integration of cutting-edge technologies into vehicles. As autonomous driving, IoT-enabled vehicle connectivity, and AI-driven safety features become more mainstream, there is a burgeoning need for specialised automotive engineering services to facilitate and validate these innovations. The rise in collaborative projects between tech giants and automobile manufacturers also augments the demand for these services, ensuring seamless integration and functionality of advanced tech in modern vehicles.
According to the automotive engineering services market analysis, the heightened safety regulations and standards established by governments worldwide have mandated automobile manufacturers to incorporate advanced safety systems and undergo rigorous testing procedures. This scenario has led to a growing reliance on engineering services that offer solutions like simulation and testing, crash and safety analytics, and calibration.
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The consumer’s evolving expectation of vehicle performance and luxury also feeds into this market’s growth. As consumers demand more personalised, efficient, and luxurious driving experiences, automakers are pressed to integrate state-of-the-art technologies and features, pushing the need for specialised automotive engineering services even higher.
In addition, as the concept of shared mobility and vehicle-as-a-service (VaaS) gains traction, vehicles are being engineered to endure more extended periods of usage with minimal maintenance. This paradigm shift in vehicle usage and ownership necessitates superior engineering to ensure longevity, which in turn, stimulates the automotive engineering services market demand.
Automotive Engineering Services Market Segmentation
The market can be divided based on service type, application, location, vehicle type, and region.
Market Breakup by Service Type
- Designing
- Prototyping
- System Integration
- Testing
Market Breakup by Application
- Adas & Safety
- Electrical, Electronics, And Body Controls
- Chassis
- Connectivity Services
- Interior, Exterior, And Body Engineering
- Powertrain and Exhaust
- Simulation
- Others
Market Breakup by Location
- In-House
- Outsource
Market Breakup by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive engineering services market. Some of the major players explored in the report by Expert Market Research are as follows:
- Harman International Industries, Inc.
- Capgemini Services SAS
- Bertrandt Ag
- L&T Technology Services Limited
- Fev Group Gmbh
- Akka Technologies SE
- HCL Technologies Limited
- Ingenieurgesellschaft Auto und Verkehr GmbH (IAV GmbH)
- Tech Mahindra Limited
- CRESTTEK LLC
- Others
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