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Automotive Engineering Services Market size was valued at USD 19.19 billion in 2019 and is poised to grow from USD 19.55 billion in 2023 to USD 28.85 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

The key players in the automotive engineering services market are working on continuous innovation and product portfolios. Furthermore, the growing relevance of IoT, fueled by the expanding therapeutic applications of these services, is expected to drive the growth of Automotive Engineering Services during the forecast period. For instance, in July 2020, Audi announced a partnership with Huawei, the top producer of smartphones and telecommunications equipment in China, to integrate connection technology into upcoming cars. 'Capgemini', 'IAV Automotive Engineering', 'Bertrandt AG', 'AVL List GmbH', 'AKKA Technologies SE', 'Tata Technologies Ltd.', 'Alten SA', 'AVL Deutschland GmbH', 'Ricardo plc', 'FEV Group GmbH', 'EDAG Engineering GmbH', 'Assystem Technologies', 'Ricardo Software', 'Altran Technologies SA', 'Harman International Industries, Inc.', 'L&T Technology Services Limited', 'Magna International Inc.', 'Kistler Instrumente AG', 'Siemens AG', 'Ricardo Certification'

The development of the next generation of connected vehicles has attracted significant investment from automotive OEMs and Tier 1 partners. In high-end sedans and SUVs, IoT gadgets, ultrasonic sensors, and high-definition cameras are typical. These various components combine to form an ecosystem that can communicate with the outside world and share data to improve the in-car experience. An onboard computer processes the data to offer numerous functions including seamless navigation and individualized infotainment systems. To schedule maintenance and examine the status and health of the vehicle, the data can also be utilized to predict engine issues.

Driverless vehicles that can drive themselves by sensing their environment are known as autonomous vehicles. To react to external situations and adjust their driving, autonomous vehicles require cutting-edge automotive engineering services. These cars aid in enhancing traffic safety and decreasing vehicle collisions brought on by human mistakes.

Asia Pacific had the highest market share in 2021, due to a fast increase in the adoption of electric vehicles. The market is anticipated to expand as a result of the numerous government initiatives and strict restrictions to minimize carbon emissions in nations like Japan and South Korea. Throughout the projected period, the market in North America is anticipated to rise steadily. Some of the key reasons propelling the market's expansion include the rising sales of hybrid and plug-in hybrid electric vehicles and the rising demand for in-vehicle connectivity in passenger automobiles. Throughout the projection period, Europe is anticipated to have rapid market growth. Factors like the existence of large market competitors and growing concerns about carbon emissions in nations like Germany and France are anticipated to fuel market growth.

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Global Automotive Engineering Services Market

Product ID: SQSG45B2017