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Automotive Engineering Services Market Trends

Report ID: GMI5860
Published Date: May 2023
Report Format: PDF

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Automotive Engineering Services Market Trends

Advancements in electric vehicles and hybrid vehicles are driving the automotive engineering services market demand. Automotive engineering service providers support automakers in the designing & manufacturing of electrical systems including generators, inverters, and electric motors. They optimize the performance, efficiency, and reliability of these systems to meet the requirements of electric & hybrid vehicles. Furthermore, the rise of electric vehicles will directly propel the development of electric charging. Automotive engineering companies contribute to the construction and operation of charging stations for private & public uses. They considered factors such as charging speed, compatibility, and network connectivity. All these factors are expected to drive industry growth by 2032.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive engineering services exceeded USD 150 billion in 2022 and is anticipated to grow at 5% CAGR from 2023 to 2032, on account of introduction of technologies such as electric power, autonomous driving, connectivity, and Advanced Driver Assistance System (ADAS) which require specialized services to design, develop, integrate & test effectively.

The powertrain optimization segment will contribute substantially to industry share over 2023 to 2032, owing to focus on improving the performance, efficiency, and reliability of a vehicle's drivetrain system by reducing the overall weight and increasing fuel efficiency.

Europe held the highest share in automotive engineering services industry of over 30% in 2022, region being a hub for automotive manufacturing and engineering excellence. Strict vehicle safety compliance and focus on delivering compliant & advanced vehicles are boosting the regional business growth.

AKKA Technologies, Alten Group, Assystem Group, Capgemini, Continental AG, EDAG Engineering GmbH, FEV Group, Harman International Industries, IAV GmbH, L&T Technology Services, Mahindra Engineering Services, and Ricardo plc among others.