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Automotive Engineering Services Market Size, Share, Revenue, Trends And Drivers For 2023-2032 As Per The Business Research Company’s Automotive Engineering Services Global Market Report 2023
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LONDON, April 26, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s automotive engineering services market research, the market for automotive engineering services has shown significant growth over the years. The global market size increased from $219.9 billion in 2022 to $243.3 billion in 2023, which represents a compound annual growth rate (CAGR) of more than 10%. Looking ahead, it is projected that the market will continue to expand, and forecasted to reach a size of $359 billion in 2027 at a CAGR of more than 10%. In 2022, Asia-Pacific experienced the most growth in the automotive engineering industry in comparison to other regions.
The increasing demand for emission-free transportation is expected to be a major driver for the growth of the automotive engineering services market share. This trend is evident in the rising sales of electric cars, which increased from 3 million in 2020 to 6.6 million in 2021. The demand for emission-free transportation not only reduces fossil fuel consumption but also helps in mitigating greenhouse gas emissions. As a result, the growing awareness and demand for eco-friendly vehicles are expected to drive the growth of the automotive engineering services market, as per the automotive engineering services market report.
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Major automotive engineering services companies include Capgemini Se, IAV GmbH, Tech Mahindra Limited, AKKA Technologies, Bertrandt AG and Harman International Industries, Inc.
Companies in automotive engineering services are increasingly using artificial intelligence (AI) in various applications. The report highlights how AI algorithms and controllers are proving useful in estimating driving ranges more accurately and optimizing energy conservation in electric vehicles, thereby extending the driving range. In addition, the report discusses the collaboration between US-based automaker Ford and Google in the year 2021, which aimed to use AI to improve customer experiences, modernize product development, enhance manufacturing and supply chain management, and accelerate the implementation of data-driven business models.
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The global automotive engineering services market is segmented as:
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
3) By Location Type: On-Shore, Off-Shore
4) By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation
The global automotive engineering services industry has been on an upward trajectory, with a significant increase in market size and promising growth prospects for the future. The increasing demand for eco-friendly transportation and the use of advanced technologies such as AI are expected to drive the growth of this market. As the industry continues to evolve, the report provides further in-depth information on the market, helping companies provide better, cutting-edge engineering solutions to gain competitive advantages.
Automotive Engineering Services Global Market Report 2023 by The Business Research Company provides insights on the automotive engineering services market size, automotive engineering services market segments, automotive engineering services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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