Market growth is driven by demand, with electric vehicle production in full swing as countries race to become carbon negative

Global automotive engineering services market

Dublin, Oct. 3, 2024 (GLOBE NEWSWIRE) — The “Automotive Engineering Services – Global Strategic Business Report” report has been updated ResearchAndMarkets.com Offer.

The global automotive engineering services market is valued at $202.5 billion in 2023 and is expected to reach $349.3 billion by 2030, growing at a CAGR of 8.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts to help you make informed business decisions.

The growth of the automotive engineering services market is driven by several factors. First, the accelerated development and adoption of electric vehicles (EVs) and autonomous vehicles (AVs) are key drivers that require advanced technical expertise. Second, continued innovation in ADAS and vehicle safety technologies is driving demand for specialized engineering services. Third, regulatory pressure to reduce emissions and increase vehicle safety is driving automakers to seek external technical support.

Additionally, the rise of connected vehicles and the integration of IoT technologies are creating new opportunities for engineering services. Additionally, the increasing complexity of automotive systems and the need for rapid prototyping and testing are driving the demand for comprehensive engineering solutions. Finally, the trend towards digitalization and the use of simulation and virtual testing tools are increasing the performance and efficiency of automotive development services.

Key Takeaways:

• Market Growth: Understand the significant growth trajectory of the in-house services segment, which is expected to reach $230.4 billion by 2030, at a compound annual growth rate of 8.4%. The outsourced services segment is also expected to grow at a CAGR of 7.5% during the analysis period.

• Regional Analysis: Get insights into the US market, estimated at $27.3 billion in 2023, and China, which will see impressive 10.6% annual growth to $67.9 billion by 2030. Dollar is forecast. Discover growth trends in other key regions including Japan, Canada, Germany, and Asia Pacific.

Why you should buy this report:

• Detailed Market Analysis: Access a comprehensive analysis of the global Automotive Engineering Services market, covering all major geographical regions and market segments.

• Competitive Insights: Get an overview of the competitive landscape, including the market presence of key players in different regions.

• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the global Automotive Engineering Services market.

• Actionable insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

The story continues

Reporting features:

• Comprehensive market data: Independent analysis of annual sales and market forecasts in millions of US dollars from 2023 to 2030.

• Detailed Regional Analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, Latin America, the Middle East and Africa.

• Company Profiles: Coverage of key players such as AKKA Technologies, ALTEN Group, AVL List GmbH and more.

• Free Updates: Receive one year of free report updates to keep you up to date on the latest market developments.

Key questions answered:

• How is the global automotive engineering services market expected to develop by 2030?

• What are the key drivers and restraints affecting the market?

• Which market segments will grow the most during the forecast period?

• How will the market shares of different regions and segments change by 2030?

• Who are the leading players in the market and what are their prospects?

Key attributes:

Main topics covered:

MARKET OVERVIEW

• Automotive Engineering Services Market: A Prelude

• Competition

• Automotive Engineering Services – Percentage Market Share of Key Global Competitors in 2024 (E)

• Competitive market presence – strong/active/niche/trivial for players worldwide in 2024 (E)

• Current market activity

Market trends and drivers

• Demand for engineering services is growing as electric vehicle production ramps up as countries race to become carbon negative

• Global annual sales of electric vehicles (EVs) in 1,000 units for the years 2020 to 2027

• More and more people are aware of the benefits that electric vehicles bring: % Consumers worldwide prefer to buy electric vehicles (fully electric/plug-in/hybrid) in 2020, 2021 and 2022

• Breakdown of transport sector emissions by type from 2023

• Autonomous Cars: A Landmine of Growth Opportunities for Automotive Development Services

• Global autonomous vehicle market analysis of annual sales in 1,000 units for the years 2020 to 2027

• Automation levels

• Global sales distribution of autonomous vehicles by level type for the years 2020, 2025 and 2030

• The increasing demand for advanced connectivity solutions increases the need for engineering services

• Global connected car market (US$ billion) for 2021, 2023 and 2025% of new vehicles with integrated connectivity for 2023 and 2030

• Automotive engineering services leveraging connectivity

• The increasing integration of driver assistance systems by OEMs into the latest models is a positive sign for the technical services market

• Global Advanced Driver Assistance Systems (ADAS) Market Size in Billion US Dollars for 2021, 2023, 2025 and 2027

• Choose ADAS technologies

• Increasing electronization of vehicles is driving demand

• As advanced technologies have a major impact on the automotive sector, automotive engineering services are becoming increasingly important

• The industry's increasing focus on light vehicle development is driving demand for advanced technical capabilities

• Automotive Material Mix Breakdown: 2023

• Industry witnesses observe that OEMs continue to prefer outsourcing services for cost reasons

• Engineering services are gaining as automakers increase their R&D spending

• Automotive R&D spending in billion US dollars for 2020, 2025 and 2030

• Breakdown of automotive research and development spending by segment: 2025

• The research and development focus is shifting from hardware to software development

• Potential of vehicle testing for automotive engineering services

• Powertrain engineering services are becoming increasingly important

• What type of car is on the radar of consumers who want to own one: Consumer powertrain preference (%) from 2023

• Emissions and vehicle safety regulations stimulate the market for automotive technology services

• Security regulations increase the pressure on software

Focus on selected players(Total 106 featured)

• AKKA Technologies

• ALTEN group

• AVL List GmbH

• Bertrandt AG

• Continental AG

• EDAG Engineering Group AG

• ESI group

• FEV Europe GmbH

• HARMAN International

• HCL Technologies Limited

• IAV Automotive Engineering Inc.

• Kistler Group

• L&T Technology Services Limited

• Onward Technologies Ltd.

• Ricardo PLC

• Semcon

• SOLIZE Corporation

• Tech Mahindra Limited

• T-NET JAPAN Co., Ltd.

• Valmet Automotive

For more information about this report, visit https://www.researchandmarkets.com/r/gdp5ez

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