Polaris Market Research has published a detailed report on the global Automotive Engineering Services Market, offering valuable insights for stakeholders. The report covers key aspects, including global market value, competitor market share, and regional distributions. It highlights current market trends and identifies future growth opportunities, providing essential data to help businesses navigate the evolving market landscape. This comprehensive analysis equips stakeholders with actionable information to make informed decisions and stay competitive. By addressing market dynamics, challenges, and emerging opportunities, the report serves as a critical resource for understanding the complexities of the Automotive Engineering Services market and planning strategic actions effectively.
Global Automotive Engineering Services Market size and share is currently valued at USD 22,838.61 Million in 2024 and is anticipated to generate an estimated revenue of USD 35,408.52 Million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Increased focus on electric and autonomous vehicle development.
- Rising demand for lightweight materials to improve fuel efficiency.
- Growing adoption of connected and smart vehicles.
- Need for compliance with stringent emission and safety regulations.
- Technological advancements in simulation and prototyping tools.
Download Free Sample PDF Copy of the Report:
Key Companies in Automotive Engineering Services Market:
- Bertrandt
- Capgemini
- Continental AG
- EDAG Group
- FEV Group GmbH
- HCL Technologies Ltd. (HCLTech)
- IAV
- L&T Technology Services Limited
- Ricardo
- RLE International Group
- Semcon
- Tech Mahindra Limited
- Wipro Limited
Automotive Engineering Services Market Research Scope
The market research scope for automotive engineering services includes an in-depth analysis of design, testing, and prototyping solutions for traditional and electric vehicles. The study explores the growing emphasis on lightweight materials, connected vehicles, and autonomous technologies. It examines regional trends, including the outsourcing of engineering services to cost-effective markets, and identifies key industry drivers such as regulatory compliance, technological advancements, and the increasing complexity of vehicle design and systems.
Automotive Engineering Services Market Segmentation:
Segmentation of the automotive engineering services market is based on service type, application, vehicle type, and region. Service types include prototyping, testing, and design. Applications cover powertrain, body engineering, and ADAS development. Vehicle types include internal combustion engine (ICE) and electric vehicles (EVs). Regional segmentation identifies growth opportunities in Asia-Pacific and Europe due to increasing vehicle innovation and production.
Automotive Engineering Services Market, Vehicle Type Outlook (Revenue, USD Million, 2019-2032)
- Passenger Cars
- Commercial cars
Automotive Engineering Services Market, Application Outlook (Revenue, USD Million, 2019-2032)
- ADAS and safety
- Electrical, electronics, and body controls
- Chassis
- Connectivity services
- Interior, exterior, and body engineering
- Powertrain and exhaust
- Simulation
- Battery development and management
- Charger testing
- Motor controls
- Others
Automotive Engineering Services Market, Location Outlook (Revenue, USD Million, 2019-2032)
- In-House
- Outsourcing
Automotive Engineering Services Market, Service Outlook (Revenue, USD Million, 2019-2032)
- Concept/Research
- Designing
- Prototyping
- System Integration
- Testing
Automotive Engineering Services Market, Propulsion Outlook (Revenue, USD Million, 2019-2032)
- ICE
- Electric
Automotive Engineering Services Market, Nature Type Outlook (Revenue, USD Million, 2019-2032)
- Body Leasing
- Turnkey
Automotive Engineering Services Industry Developments:
- June 2024: Wipro announced a collaboration with Siemens to advance automotive software development. The partnership combines Siemens’ PAVE360 software and digital twin technologies with Wipro’s expertise in automotive engineering and digital transformation. This alliance aims to accelerate innovation and streamline development processes for automotive manufacturers.
- April 2024: Ricardo and Caepro joined forces to offer high-end, cost-effective engineering services in India. The partnership leverages expertise in powertrains, electrification, and simulation to support the automotive and commercial vehicle sectors, focusing on delivering efficient and innovative solutions.
- January 2024: Continental Engineering Services partnered with Sibros to transform connected mobility. Together, they introduced advanced vehicle-to-cloud connectivity and data management solutions, driving progress in the connected vehicle ecosystem.
The Automotive Engineering Services market report offers an in-depth analysis of market dynamics, including trends, sizes, patterns, and growth factors. It highlights critical developments and emerging trends to help stakeholders refine their strategies and strengthen market positioning. The report concludes with a detailed summary of key findings and the research methodologies employed. This comprehensive analysis serves as a valuable resource for businesses, investors, and stakeholders, enabling them to make informed decisions and drive sustainable growth.
More Trending Latest Reports By Polaris Market Research: