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Automotive Engineering Service Provider Market size was valued at USD 156.20 billion in 2022 and is poised to grow from USD 168.07 billion in 2023 to USD 301.99 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2024-2031).

The automotive engineering service provider market will continue to grow as a result of significant R&D investments by companies to extend their product ranges. To increase their worldwide presence, automotive engineering service provider market players are also opting for different strategies and focusing on maximizing their revenue generation potential. Notable changes in the industry include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. To grow and thrive in an increasingly competitive and rising market environment, the automotive engineering service provider sector needs to provide affordable products. 'IAV Automotive Engineering, Inc.', 'Robert Bosch GmbH', 'Magna International Inc', 'Imaginative Automotive Engineering Services', 'Contechs', 'AVL LIST GmbH', 'Continental AG', 'HARMAN International', 'Bertrandt', 'EDAG Engineering GmbH', 'Cap Gemini Engineering', 'ASAP HOLDING GMBH', 'Altair Engineering Inc.', 'Akkodis', 'Alten Group'

The automobile sector is transforming due to the strong impact of innovation in automotive engineering services, driven by the need for sophisticated and self-governing connectivity features. Car manufacturers are branching out into the automotive engineering services industry to learn new skills and provide vehicle software and electronic services to meet the growing need for connection.

High Demand for Connected Services in Automotive Industry: Automotive companies are continually focusing on providing advanced connected services and this is projected to create lucrative new opportunities for automotive engineering service providers in the future. Remote monitoring and operation is a popular trend that almost all automotive companies are focusing on providing in their latest vehicles. For instance, Audi provides a smartphone app called My Audi and a connected service called Audi Connect. The development of connected services in compliance with OEM criteria should be an area of success for most automotive engineering service providers in the long run. Electrification of the automotive industry and growing focus on vehicle safety are also slated to create new growth scope for automotive engineering service provider market players going forward.

The market for automotive engineering services providers in North America will be dominated by this region's growing emphasis on safety and emissions regulations, which is a result of both the region's growing demand for electric and hybrid vehicles and its increasing emphasis on these regulations.

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Global Automotive Engineering Service Provider Market

Product ID: SQMIG25C2123