Automotive Engineering Services Market Size Set to Expand at CAGR of 8.2%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automotive engineering services market size at USD 182.43 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global automotive engineering services market size to grow at a significant CAGR of 8.2% reaching a value of USD 317.73 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automotive engineering services market size at USD 182.43 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global automotive engineering services market size to grow at a significant CAGR of 8.2% reaching a value of USD 317.73 billion by 2029. Major growth drivers for the global automotive engineering services market include increasing consumer awareness about and demand for technical solutions in the vehicle sector, such as connection and collision avoidance sensors. Requirements for safety-related systems due to government regulations and rising requirements for lightweight vehicles due to manufacturers and the government focusing on designing and developing lightweight vehicles to make vehicles more fuel efficient are the factors driving the global automotive engineering services market. Also, the production of electric and hybrid vehicles is increasing as a result of increasing customer demand, which is expected to boost the market's rise in the coming years. However, the limited availability of skilled automotive engineers could restrain the growth of the global automotive engineering services market.
Global Automotive Engineering Services Market – Overview
Vehicle industry technology solutions, including connection and collision avoidance sensors, are becoming more and more popular among consumers. The factors driving the global automotive engineering services market are the increasing requirements for lightweight vehicles due to manufacturers and the government focusing on designing and developing lightweight vehicles to make vehicles more fuel efficient, as well as the increasing requirements for safety-related systems due to government regulations. Also, due to the growing consumer demand, manufacturers are producing more electric and hybrid vehicles, which is expected to accelerate the market's growth during the forecast period.
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Impact of COVID-19 on Global Automotive Engineering Services Market
The COVID-19 pandemic affected the global automotive industry, including the automotive engineering services market. There was a significant decline in the demand for automotive engineering services due to the disruption in the global supply chain and the closure of manufacturing facilities. However, with the increasing adoption of electric and autonomous vehicles, the market is expected to recover in the long term. In the short term, companies in the automotive engineering services market are focusing on cost-reduction measures and exploring new revenue streams, such as providing engineering services for medical equipment and devices. Overall, the market is expected to rebound as the global economy recovers from the pandemic.
Global Automotive Engineering Services Market - By Application
On the basis of application, the global automotive engineering services market is divided into ADAS & Safety, Electrical, Electronics & Body Controls, Chassis, Connectivity Services, Interior, Exterior & Body Engineering, Powertrain & Exhaust, and Simulation segments. The powertrain & exhaust segment is the highest contributor to the global automotive engineering services market, due to the electrification of powertrains as a replacement for Internal Combustion Engines (ICE) fueled by petroleum and petrol, which can reduce the environmental impact of carbon emissions. OEM investments in powertrain technologies are expected to have a beneficial impact on the growth of the powertrain and exhaust industry.
Competitive Landscape
Global automotive engineering services market is fiercely competitive. Major companies in the market include Bertrandt AG, AVL List GmbH, Alten GmbH, IAV GmbH, Ricardo plc, EDAG Engineering GmbH, AKKA Technologies SE, Tata Technologies Ltd, Assystem Technologies, FEV Group GmbH, L&T Technology Services Limited, Ricardo Strategic Consulting, HORIBA MIRA Ltd., Tata Consultancy Services Limited, and Wipro Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global automotive engineering services market.
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