DUBLIN--(BUSINESS WIRE)--The "Automotive Engineering Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The global automotive engineering services market is experiencing significant growth, projected to escalate from $242.52 billion in 2023 to an estimated $267.99 billion in 2024, marking a robust compound annual growth rate (CAGR) of 10.5%.

This upward trend is primarily fueled by the globalization of the automotive industry, the increased complexity of vehicle systems, and the growing demand for eco-friendly and advanced technological features. Moreover, the market is expected to continue its rapid growth, reaching $396.45 billion by 2028 with a steady CAGR of 10.3%.

Driving Forces Behind the Market Expansion

Several key factors are propelling the expansion of the automotive engineering services market. Notably, there is an increasing demand for electric and autonomous vehicles, adoption of connected car technologies, and a stronger emphasis on sustainability. The rise of artificial intelligence (AI) applications and the need for cybersecurity measures in automotive engineering are also carving out essential trends within the industry, influencing market growth extensively.

Environmental Concerns and Electric Vehicle Demand

The surge in electric vehicle (EV) adoption is a notable catalyst for market expansion. As consumer awareness regarding greenhouse gas emissions from traditional fuels grows, a significant shift towards emission-less transportation options like electric vehicles is observed. The doubling of electric car sales from 2020 to 2021 underscores this shift, sparking increased demand for engineering services tailored to the unique needs of EV infrastructure and design.

Passenger Vehicle Demand Fueling Market Growth

The automotive engineering services market has seen a spurt in growth due to the heightened demand for passenger vehicles, which require advanced safety and infotainment features. The escalation in production and sales in major economies underscores the symbiotic relation between the demand for passenger vehicles and the expansion of automotive engineering services.

Artificial Intelligence Pioneers Industry Innovation

Artificial intelligence has emerged as a pivotal element in automotive engineering, enhancing energy conservation in electric vehicles, and contributing to the development of autonomous driving technologies. Collaborations between automotive manufacturers and technology giants are indicative of AI's growing prominence and its integration into vehicular design, manufacturing, and customer service experiences.

Strategic Partnerships Streamlining the Market Landscape

Prominent companies in the automotive engineering services market are strategically partnering to leverage each other’s expertise in developing sustainable mobility solutions and the next generation of electric vehicles and mobility services. These partnerships are crucial for driving innovation and value within the global mobility industry.

Geographical Insights

The Asia-Pacific region was the most significant contributor to the automotive engineering services market in 2023. The comprehensive market report includes detailed analyses of key regions, which consist of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, along with insights into prominent countries contributing to market dynamics.

The information mentioned informs stakeholders, industry leaders, and participants of the notable growth, trends, and opportunities within the automotive engineering services landscape. This market analysis serves to outline the present state and future outlook of a rapidly evolving sector positioned at the intersection of technology and transportation.

A selection of companies mentioned in this report includes, but is not limited to:

  • Capgemini SE
  • IAV GmbH
  • Tech Mahindra Limited
  • AKKA Technologies Group
  • Bertrandt AG
  • Harman International Industries Inc.
  • ALTEN Cresttek Engineering Solutions Pvt Ltd.
  • L&T Technology Services Ltd.
  • Fev Europe GmbH
  • AVL List GmbH
  • Ricardo plc
  • EDAG Engineering GmbH
  • Valmet Automotive Oyj
  • Onward Technologies Ltd.
  • T-Net Japan Co. Ltd.
  • Kistler Holding AG
  • Continental AG
  • semcon engineering uk limited
  • Robert Bosch GmbH
  • Altran India Pvt. Ltd.
  • Tata Technologies Ltd.
  • Altair Engineering Inc.
  • HORIBA Ltd
  • MBtech Group GmbH
  • P3 Automotive GmbH
  • ASAP Holding GmbH
  • Link Engineering Company
  • Ansys Inc.
  • EPAM Systems Inc.
  • GlobalLogic
  • Hunter Engineering Company

For more information about this report visit https://www.researchandmarkets.com/r/yac63b

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