Automotive Engineering Services Market worth USD 303.23 Bn by 2029: Competitive Landscape, New Market Opportunities, Growth Hubs, Return on Investments
Pune, 5, Dec 2022: The Automotive Engineering Services Market is expected to be worth USD 303.23 billion by 2029, with an 8.9% CAGR, according to Maximize Market Research. The market is growing thanks to R&D investment made by the automobile industry.
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Automotive Engineering Services Market Scope and Research Methodology
The Automotive Engineering Services Market report investigates current market trends and highlights to help clients explore opportunities and develop market strategies. The goods and services of key market participants and new entrants, as well as their revenue, financial status, portfolio, growth strategies, and regional presence, are all investigated. Recent acquisitions and mergers, as well as company strategic stances and joint alliance data, paint a clear picture of the competitive landscape in the Automotive Engineering Services Market. A segment-by-segment analysis of the Automotive Engineering Services Market’s Form, Additive, Process, Active Ingredient, and Crop Type is performed, complete with market-influencing factors and current technological changes and innovations. The report also discusses the Automotive Engineering Services Market’s drivers, challenges, restraints, and challenges in great detail. Regional market analysis can be used by market participants and new entrants to develop pricing and marketing strategies at the local, regional, and global levels.
For market estimation and global market trend analysis, bottom-up approaches were used. Data was collected from a large sample using both primary and secondary research methods to obtain accurate inferences. Among the primary methods used were surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were correct. In addition to white papers and annual reports, there are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites. PESTLE analysis was used to comprehend various market factors, whereas SWOT analysis was used to comprehend major corporations’ strengths and weaknesses. As a result, the report goes into great detail about the Automotive Engineering Services market.
Automotive Engineering Services Market Overview
Automotive engineering services assist OEMs and their suppliers in digitizing the product value chain, lowering development costs, and increasing time to market. Automotive engineering services include vehicle engineering, vehicle electronics, manufacturing IT, and product lifecycle management.
Automotive engineering services include the design and testing of brake systems, engines, safety mechanisms, fuel technologies, and transmissions. The major factors driving the global automotive engineering services market are increased competition in the car sector among auto OEMs and increased focus on improving key capabilities among auto OEMs.
Automotive Engineering Services Market Dynamics
The key factors driving market growth are the consistently rising consumer trust in engineering services and the automobile industry’s significant R&D investments. Some of the world’s leading manufacturers use automotive engineering services, including Renault, Volkswagen, BMW AG, Daimler AG, and Ford Motor Company. Because of the increased emphasis on autonomous driving systems, OEMs will need to include more cruise control features and advanced safety systems for semi-autonomous vehicles. Furthermore, other automakers are seriously considering using automotive engineering services to improve quality, increase safety, reduce development costs, and adhere to government-mandated standards. These are the primary driving forces in the automotive engineering services market. Furthermore, other automakers are seriously considering using automotive engineering services to improve quality, increase safety, reduce development costs, and adhere to government-mandated standards. These are the primary driving forces in the automotive engineering services market.
Automotive Engineering Services Market Regional Insights
The Asia Pacific region dominated the automotive engineering service market in 2021, with a revenue share of approximately 42.0%, and this trend is expected to continue over the next eight years. The rapid adoption of electric vehicles for personal transportation in China explains this. Government regulations aiming to minimize or reduce emissions and use green technologies are expected to drive market growth throughout the forecast period. Factors such as increased vehicle production, rising luxury vehicle demand, rising sales of electric automobiles, and technological advancement are driving the Asia Pacific automotive engineering services market. The Asia-Pacific region includes both developed economies like Japan and South Korea, as well as emerging economies like China and India. These countries are recognized as the largest markets for automobile production, and the region has recently become a center for the industry.
Automotive Engineering Services Market Segmentation
By Service Type
- Connectivity
- Designing
- Prototyping
- System Integration
- Testing
By location
- In-house
- Out-source
By Application
- ADAS and Safety
- Electrical, Electronics, and Body Controls
- Chassis
- Connectivity Services
- Interior, Exterior, and Body Engineering
- Powertrain and Exhaust
- Simulation
- Battery Development & Management
- Charger Testing
- Motor Control
- Others
Automotive Engineering Services Market Key Competitors:
- AKKA
- Altair Engineering Inc.
- Alten Group
- Altran (Capgemini Engineering)
- ARRK Product Development Group Ltd.
- ASAP Holding Gmbh
- AVL List GmbH
- Bertrandt AG
- EDAG Group
- ESG Elektroniksystem- und Logistik-GmbH
- FEV Group GmbH
- Horiba, LTD.
- IAV
- ITK Engineering GmbH Kistler Group
- P3 group GmbH
- RLE INTERNATIONAL Group
Key questions answered in the Automotive Engineering Services Market are:
- What is an Automotive Engineering Services?
- What is the growth rate of the Automotive Engineering Services Market for the forecast period?
- What is the nature of competition in the Automotive Engineering Services industry in developed economies and developing economies?
- Who are the key players in the Automotive Engineering Services Market?
- Who are the market leaders in Automotive Engineering Services in Europe?
- Who are the market leaders in Automotive Engineering Services in USA and Canada?
- Who are the market leaders in Automotive Engineering Services in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Automotive Engineering Services Market?
- Who held the largest market share in the Automotive Engineering Services Market?
- What are the factors for the growth of the Asia-Pacific region in the Automotive Engineering Services Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Additive, Process, Active Ingredient, Crop Type and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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