Automotive Engineering Services Market is Booming: Explore Opportunities!

"Automotive Engineering Services Market by application (ADAS & Safety, electrical, electronics & body control, chassis, connectivity, interior/exterior & body, powertrain & exhaust, simulation), Service, location, vehicle, & Region - Global Forecast to 2027", is projected to grow from USD 153.1 billion in 2019 to USD 384.6 billion by 2027, at a CAGR of 12.2%.

The growth of the Automotive Engineering Services Market is driven by the rising sales of electric vehicles, increasing R&D investments in the automotive industry, the advent of autonomous vehicles, and high implementation of connectivity services.

The Automotive Engineering Services Market is dominated by major players such as FEV (Germany), IAV Automotive Engineering (Germany), Ricardo (UK), AVL (Austria), Alten (France), Bertrandt AG (Germany), Altran (France), L&T Technology Services (India), and many others.

Electrical, Electronics and body control is expected to lead the Automotive Engineering Services Market

Automotive electrical, electronics, and body control have a high value-added proportion in vehicle development. Electronics and electrical systems play a crucial role in handling all functions dedicated to passenger comfort and convenience. Services in automotive electrical and electronics include power management module, climate control, power window, body control module, and smart mirror and wipers. The trend is expected to grow due to the adoption of electric vehicles and complex electronic components for the safer and functional driving experience. Service providers such as L&T Technology Services and FEV have invested huge resources to develop electrical, electronics, and body control solutions in automotive engineering services.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=151284922

Passenger car is expected to be the largest market

The passenger car segment is expected to be the largest market during the forecast period. The adoption of sensors and utilization of vehicle data for autonomous driving and predictive maintenance have created wider scope for automotive engineering services providers in a passenger car. In addition, increasing customer demand for safer and comfortable passenger vehicles has compelled OEMs to invest more in vehicle safety, advanced connectivity features, and smart infotainment systems. The growing demand for digital connectivity features is supported by a wide network coverage of 5G connectivity and implementation of IoT devices in premium sedans and SUVs. In the present scenario, customers want eco-friendly mobility combined with communication. This provides an opportunity for OEMs to offer connectivity features in their upcoming vehicles. Hence the demand for various automotive engineering services is expected to increase.

The Asia Pacific is expected to be the fastest-growing market during the forecast period

The Asia Pacific region is the fastest-growing market for automotive engineering services because of the growth in India, China, Japan, and South Korea. Rising vehicle production, increasing demand for luxury vehicles, growing sales of electric cars, and technological development are driving the automotive engineering services market in the Asia Pacific region.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-engineering-service-market.asp

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.