Automotive Engineering Services Market Forecasted to Reach USD 3.2 Billion with 7.17% CAGR by 2033
Automotive Engineering Services Market Forecasted to Reach USD 3.2 Billion with 7.17% CAGR by 2033
Blog Article
The global Automotive Engineering Services Market in 2022 was USD 1.46 billion and is estimated to be USD 1.6 billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around USD 3.2 billion by 2033.
An increase in awareness and demand for technological solutions including connectivity, and collision avoidance sensors among others in automotive is driving the growth of the market. Rise in requirements for lightweight vehicles as governments and manufacturers are mainly focusing on the designs and development of lightweight vehicles for making more fuel-efficient vehicles.
The increase in the requirements for safety-related systems because of government regulations is the major factor driving the automotive engineering services market. The growth in adoption of electric and hybrid vehicles is raising the production of these vehicles which is henceforth anticipated to propel the growth of the market over the forecast period.
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Key Takeaways from the Market Study
The global automotive engineering services market expanded at a CAGR of 6.42% between 2018 and 2022.
India is forecasted to develop a 6.8% CAGR from 2023 to 2033.
China is anticipated to expand at a CAGR of 7.2% from 2023 to 2033.
North America has captured a market share of 43.2% in 2022.
European market bolstered at a market share of 48.2% in 2022.
Under the service segment, prototypes were registered at a market share of 56.2% in 2022.
“Demand for advanced and autonomous connectivity features is influencing innovation intensely and is one of the major key drivers of the automotive engineering services market”, commented a Future Market Insights analyst.
Market Competition
Companies aim to develop cutting-edge solutions during the entire life cycle of a product, from the design and inception phase to the end of its service life. They also strategically locate their main factories in emerging markets to make it ideal to service the developing markets.
Some of the new developments in the automotive engineering services market are:
In May 2023, Tech Mahindra inaugurated Technology Development Center in Oman.
In August 2023, Temasek is planning to invest 12 billion rupees (D145 million) in Mahindra & Mahindra Ltd.'s electric vehicle unit, valuing it at USD 9.8 billion.
Key Segments Profiled in Automotive Engineering Services Market
By Service Type:
- Testing & Diagnostic
- System Integration
- Designing
- Prototyping
- Research
By Applications:
- ADAS & Safety
- Body & Chassis
- Powertrain & Exhaust
- Interior, Exterior & Body Engineering
- Electrical, Electronics & Body Controls
- Connectivity Services
- Simulation
By Location:
- Outsourced Services
- In-house Services
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa