Automotive Engineering Services Market
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The global automotive engineering services market is projected to grow at a CAGR 11.54% rate from 2019 to 2026. Factors such as advent of autonomous vehicles, introduction of 5G network in the automotive industry, OEM and government focus on electric vehicles, use of advanced technology, concerns of vehicle and passenger safety, and vehicle light weighting are driving the global market.
Connectivity services segment is expected to be the fastest growing market during the forecast period. The expansion of autonomous vehicle testing, advancements in artificial intelligence and introduction of 5G connectivity have increased the demand for connected services in automotive engineering services that`s why the market of connectivity services expected to grow fast. Connectivity services help in controlling vehicle activities such as smart infotainment, vehicle diagnostics, parking assistance features, diagnostics, and others. OEMs are offering connectivity services in their vehicles.
The in-house engineering services are expected to be the largest market. Major OEMs keep complicated automotive engineering services such as engine design, power train design, and transmission systems for in-house development. These designs and optimizations vary from one OEM to another and, thus, require different techniques and specialization that can be done in-house for better results.
Europe is expected to lead the market during the forecast period. Due to the increasing consumer demand for refined and low emission vehicles has compelled OEMs in Europe to redesign the power train and exhaust systems. Also, the goal of reducing 80% CO2 emission by 2050 has boosted the overall demand for EVs in the region. OEMs plan to launch electric variants of the existing gasoline models in the coming years.
Key Market Players include 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.
- How will connectivity services impact the growth of automotive engineering services?
- How will autonomous vehicles and EVs transform the outlook of the automotive industry?
- What is the impact of introduction of 5G on the market?
- What are the upcoming trends in automotive engineering services? What impact would they make post 2022?
- What are the key strategies adopted by the top players to increase their revenue?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Automotive Engineering Services Market, By Application
Vehicle Electronics, Electrification, and Body Controls
Vehicle Connectivity Services
Design & Integration of Powertrain and Exhaust Systems
ADAS and Safety Systems
Interior & Exterior Design and Body Engineering Services
6. Automotive Engineering Services Market, By Vehicle Type
7. Automotive Engineering Services Market, By Service Type
8. Automotive Engineering Services Market, By Location
9. Automotive Engineering Services Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
10. Company Profiles
L&T Technology Services
IAV Automotive Engineering
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