Selbyville, Delaware, June 07, 2023 (GLOBE NEWSWIRE) —
The automotive engineering services market valuation is estimated to accrue USD 300 billion by 2032, according to latest research report by Global Market Insights Inc.
Numerous advancements in automotive technology such as electric vehicles, autonomous driving systems, and connected car solutions are shaping the industry scenario. The emergence of EVs and complex vehicles with a plethora of electronic systems, software, and sensors have pushed the demand for automotive engineering services (AES). These services assist in designing, developing, and integrating intricate systems, ensuring they work seamlessly together. Moreover, the growing emphasis on vehicle safety, coupled with regulatory compliances are driving the demand for specialized engineering services.
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The automotive engineering services market from designing segment accounted for significant revenues in 2022. There is growing focus on environmental sustainability and fuel efficiency of automobiles which is encouraging automotive manufacturers to emphasis on lightweight design and the use of alternative materials. The shifting trend of outsourcing automotive design services to specialized engineering firms that offers cost & time advantages to automakers is driving the market growth.
The product design & development segment will exhibit a remarkable CAGR between 2023 and 2032, driven by a growing demand for vehicles with advanced features, such as electric and autonomous vehicles. The automotive manufacturers are constantly focusing on launching new products and technologies to stay competitive in the industry. Additionally, stringent regulatory requirements and emission standards imposed by governments necessitates continuous product innovation and engineering enhancements, increasing the demand for AES for product design & development.
North America automotive engineering services market will amass substantial gains by 2032, due to the increasing demand for zero-emission vehicles and strong government support for emission reduction policies. With the increase in electrification of vehicles, the need for new battery technologies, advanced transmission systems and other solutions will rise in the coming years. The wider acceptance of shared mobility services, with ridesharing requiring advanced connectivity and safety features, will highlight the importance of AES providers for development of novel solutions, thus adding to industry value.
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Some of the top players profiled in the automotive engineering services market include Alten Group, AKKA Technologies, Assystem Group, Continental AG, Capgemini, EDAG Engineering GmbH, Harman International Industries, FEV Group, IAV GmbH, Mahindra Engineering Services, L&T Technology Services, Ricardo plc, Robert Bosch GmbH, RLE International Group, and Tata Technologies Limited.
Automotive Engineering Services Market News
- In January 2022, VVDN Technologies, an ODM technology company, announced to expand its presence in automotive industry with its automotive engineering and manufacturing services portfolio. It offered Mirrorless Camera System, Battery Management System (BMS), ADAS, Infotainment Systems, Surround View System (SVS), Digital Instrument Clusters, and Telematics Control Unit (TCU).
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Automotive engineering services Market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends
2.6 Location trends
2.7 Vehicle type trends
2.8 Propulsion type trends
Chapter 3 Automotive Engineering Services Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
188.8.131.52 Demand for lightweight and fuel-efficient vehicles
184.108.40.206 Growing demand for customization and personalization
220.127.116.11 Advancements in electric and hybrid vehicles
18.104.22.168 Cost optimization and efficiency improvement
3.10.2 Industry pitfalls & challenges
22.214.171.124 Cost constraints
126.96.36.199 Lack of skilled workforce
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.