Automotive Engineering Service Provider Market Overview
Automotive Engineering Service Provider Market is expected to be valued at USD 252 Billion with a CAGR of 8% Forecast by 2032
The automotive engineering service offers effective solutions for the automotive sector. These solutions are offered for major elements such as electrical, electronics, mechanical, software, and others. Automotive engineering solutions also have several applications in the automotive sector. It helps the OEMs and their supplier’s product value chain digitization.
It provides various advantages such as time-saving and cost-effective solutions. The services include manufacturing IT, vehicle engineering, vehicle electronics and product lifecycle management (PLM).
The key drivers are the automotive OEMs and Tier 1 partners who invest in huge resources to develop next-generation connected vehicles. The premium sedans and SUVs commonly use IoT devices, ultrasonic sensors, and high-definition cameras. These elements can connect with the outer world and exchange data for enhancement for a better car experience. The processed data is on an onboard computer for providing features such as smoother navigation and personalized infotainment systems. Further, the data analyzes the vehicle condition and schedules maintenance to prevent uncertain engine failures.
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The higher production and advancement in the automobile sector are accelerating the growth of the Automotive Engineering Service Provider Market Size. The major focus on minimization of power loss consumers and OEMs for the production of lightweight vehicles is fueling up the market’s growth rate. The increased power density and power savings maximization is acting as a market driver.
The other growth factors of the Automotive Engineering Service Provider Market Size are the competition between service provider component providers. Also, the rise in support from the local government for the production of environment-friendly vehicles is a major growth factor. The development of design and other upgrades are supported by these factors.
The Automotive Engineering Service Provider Market Size is predicted to reach a significant CAGR and a strong valuation during the forecast period by 2030.
Automotive Engineering Service Provider Market Key Players
· Continental AG (Germany)
· AVL LIST GmbH (Germany)
· Robert Bosch GmbH (Germany)
· Bertrandt (Germany)
· HARMAN International (USA)
· EDAG Engineering GmbH (Germany)
· IAV Automotive Engineering Inc. (Germany)
· Magna International Inc (Canada)
· Imaginative Automotive Engineering Services (India)
· Contechs (UK)
Automotive Engineering Service Provider Market Segmentation
The Automotive Engineering Service Provider Market Size is segmented based on services, applications, and vehicle types. These are further sub-segmented into major types.
The service segment of the market is categorized into engine, transmission, chassis, car and BIW, HVAC, interior and exterior trims, seating systems, cooling and others.
The application segment is segregated into electrical and electronics, mechanical, software and safety.
The vehicle type segment is classified into passenger cars, commercial vehicles, and two-wheelers.
Automotive Engineering Service Provider Market Regional Analysis
According to the geographical analysis, the Automotive Engineering Service Provider Market Size is distributed into major continents worldwide. The top regions are Europe, Asia-Pacific, North America, and the Rest of the World.
The Asia-Pacific region is capturing the highest market share in the forecast period. The region is emerging due to the development of automotive infrastructure and the higher sales of electric vehicles. The other region is advancing due to the upgrading technologies like artificial intelligence, the internet of things, and others in vehicles, boosting the requirement of automotive engineering services. Other areas are also expected to show a significant growth rate in the forecast period.
Automotive Engineering Service Provider Market Industry News
In February 2021, Schaeffler Group announced its 2024 project. It has planned to design and manufacture hybrid EVs drive units which are integrated with two electric motors and transmission with power electronics. It is a system with 120 kW that will offer high performance and low fuel consumption.
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