Automotive Engineering Services Market Size, Share, Trends, Growth 2032

Automotive Engineering Services Market Insights

Zion Market Research has published a report on the global Automotive Engineering Services Market, estimating its value at USD 22.87 Billion in 2023, with projections indicating that it will reach USD 43.67 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 6.7% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Automotive Engineering Services Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Automotive Engineering Services Market: Outlook

Automotive engineering services include spectrum of service offerings like software, safety engineering, mechanical, and electrical & electronics services. They focus on improving production processes along with enhancing operational efficiency of automotive firms. Many of the service providers offer effective telematics & connectivity, powertrain, infotainment, ADAS, body engineering, and body & chassis electronics services to its end-users.

Automotive Engineering Services Market: Growth Prospects

With launching of autonomous vehicles and introduction of 5G technology in automotive sector, automotive engineering services market is set to witness a steep growth over the coming years. Escalating requirement for vehicular & passenger safety along with demand for lightweight vehicles will steer the market trends. Large-scale demand for ADAS & automotive connected equipment and embedding of new features such as sunroofs & parking assist systems in cars has created new growth avenues for automotive engineering services industry over forecast period.

Additionally, humungous need for connectivity and prevention of road accidents will steer the expansion of automotive engineering services industry over the forecast timeline.

Furthermore, rise in the popularity of electric as well as hybrid cars has resulted in massive production of these cars, thereby driving market trends. Need for driver & pedestrian safety has resulted in huge focus on automotive engineering services. Apart from this, need for vehicle positioning and launching of AI & IoT has brought a drastic transformation in the automotive domain, thereby driving the growth of automotive engineering services market.

Automotive Engineering Services Market: Report Scope

European Market To Retain Dominance Over 2024-2032

The expansion of automotive engineering services industry in Europe over forecast timeline can be credited to large-scale production of light weight & low fuel emitting vehicles in the countries such as the UK, Italy, Germany, and Switzerland. Additionally, presence of reputed car manufacturers in the region will further contribute towards the regional market size. Apart from this, a large number of automotive firms are focusing on launching of new hybrid and electric cars as well as autonomous cares and this is projected to translate into massive need for automotive engineering services in the region. Presence of original equipment manufacturers like AB Volvo and VDL Groep in Europe will prop up the market landscape in the foreseeable future.

Automotive Engineering Services Market: Competitive Landscape

Key players profiled in the study are

• Akka Technologies
• Harman
• IAV Automotive Engineering
• Capgemini
• AVL
• Altran
• Bertrandt
• Alten Cresttek
• L&T Technology Services
• FEV
• HCL Technologies
• Ricardo

The global Automotive Engineering Services Market is segmented as follows:

By Application

• Retail
• Electronics
• BFSI
• Food & Beverages
• Logistics
• Fashion

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa