June 10, 2021
According to the research report titled ‘Global Automotive Engineering Services Market Size study, by Application (ADAS & Safety, Body Electrical & Electronics, Chassis, Connectivity, Interior/Exterior, Powertrain & Exhaust, Battery, Motor, Charger Test, Simulation), Location (In-House, Outsource), Service (Concept/Research, Designing, Prototyping, System Integration, Testing), Vehicle (Passenger Car, Commercial Vehicle) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global automotive engineering services market size was worth USD 140.9 billion in 2020 and is expected to multiply at a CAGR of 8.8% over 2020-2027, subsequently amassing a valuation of USD 254.3 billion by the end of the forecast timespan.
Surging demand for advanced connectivity solutions is propelling global automotive engineering services market growth, cites the study.
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For the unaware, automotive engineering services involve engineering solutions for various parts of cars, such as safety, mechanical, software, electrical, and electronics engineering services, as well as solutions for designing vehicles for land, air, and sea applications. Besides, these services are aimed at enhancing the production process and preserving vehicle efficiency.
Tier 1 suppliers and Automotive OEMs have been increasingly investing into developing next-gen vehicles, Internet of Things (IoT) devices, ultrasonic sensors, and high-definition cameras. These components form an eco-system that allows the car to connect to the outside world and share data in order to improve the driving experience. Furthermore, growing usage of electric and hybrid vehicles is expected to boost market progression throughout the forecast period.
On the downside, concerns relating to the intellectual property and patent rights for the owners and developers are hampering the industry remuneration scope.
Based on the regional landscape, Europe currently holds considerable portion of global automotive engineering services market share, attributable to development of novel solutions relating to thermal and exhaust systems, and powertrain, along with surging demand for low emission vehicles.
Meanwhile, Asia Pacific industry is slated to record substantial growth over the study period, owing to mounting sales of passenger cars, stringent safety norms, and growing adoption of electric vehicles.
Major contenders in global automotive engineering services market sphere are ESI Group, HCL Technologies Limited, FEV Europe GmbH, Valmet Automotive, Harman International Industries Inc., Bertrandt AG, Akka Technologies, Tech Mahindra Ltd., IAV Automotive Engineering Inc., and Capgemini SE.