DUBLIN, July 4, 2023 /PRNewswire/ — The “Automotive Engineering Services Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type, By Location, By Application, By Service, By Propulsion, By Nature Type, By Region, Segment Forecast, 2023- 2032” report has been added to ResearchAndMarkets.com’s offering.
The global automotive engineering services market size is expected to reach USD 35.21 billion by 2032.
The increasing adoption of EVs drives demand for engineering services related to battery design and development, electric motor and drivetrain design, and charging infrastructure. The result of better and more efficient battery technology is critical to the growth of the EV market. Engineers are focused on improving the energy density of batteries, reducing their cost, and increasing their lifespan.
For instance, in January 2023, it awarded L&T Technology Services a USD 45 million contract as its strategic partner for its EV product portfolio. L&T Technology Services Limited announced that this contract was signed. LTTS will collaborate with the customer to offer solutions utilizing its expertise in e-mobility technology following the conditions of the 5-year warranty.
Governments worldwide are increasingly introducing regulations and mandates to improve road safety and reduce emissions. With growing concerns about climate change and environmental impact, the automotive industry is emphasizing sustainability more. This drives the need for engineering services to help companies develop more sustainable products and processes.
The rising trend for autonomous vehicles is driving the need for more advanced electrical and electronic systems and sophisticated body control systems. As the technology for autonomous vehicles continues to improve, there is a growing need for engineering services that focus on developing and testing autonomous driving systems, including sensors, algorithms, and control systems.
For instance, in February 2023, to develop self-driving cars fit for Indian roads, TCS Hyderabad is closely working on three prototypes of its autonomous vehicles with Original Equipment Manufacturers (OEMs) in Japan and the USA as well as Tata-owned Jaguar. These automobiles have unique characteristics that TCS has added that are perfect for Indian roads. AI is also included in self-driving cars to replicate decision-making processes and manage operations in driver control systems, such as steering and braking.
Automotive Engineering Services Market Report Highlights
Electrical, Electronics and Body Control segment accounted for the largest market share in 2022 owing to the advancements in automotive technologies and increasing Focus on Safety and Comfort
Electrical Vehicle segment is anticipated to grow at a high CAGR during the forecast period. This can be attributed to stringent government regulations around emissions.
Asia Pacific region held the highest market share in 2022 as this region is home to some of the largest automotive markets in the world.
Prominent players include Altran Technologies, IAV GmBH, L&T Technology Services Limited and AKKA Technologies.
Report Scope:
Automotive Engineering Services, Vehicle Type Outlook (Revenue – USD Billion, 2019 – 2032)
Passenger Cars
Commercial cars
Automotive Engineering Services, Location Outlook (Revenue – USD Billion, 2019 – 2032)
In-House
Outsourcing
Automotive Engineering Services, Application Outlook (Revenue – USD Billion, 2019 – 2032)
ADAS and safety
Electrical, electronics, and body controls
Chassis
Connectivity services
Interior, exterior, and body engineering
Powertrain and exhaust
Simulation
Battery development and management
Charger testing
Motor controls
Others
Automotive Engineering Services, Service Outlook (Revenue – USD Billion, 2019 – 2032)
Concept/Research
Designing
Prototyping
System Integration
Testing
Automotive Engineering Services, Propulsion Outlook (Revenue – USD Billion, 2019 – 2032)
ICE
Electric
Automotive Engineering Services, Nature Type Outlook (Revenue – USD Billion, 2019 – 2032)
Body Leasing
Turnkey
Automotive Engineering Services, Regional Outlook (Revenue – USD Billion, 2019 – 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Building Thermal Insulation Market Dynamics
Drivers and Opportunities
Increasing for electrical systems design services
Consumers increasingly demand more efficient, safe, and connected vehicles
Restraints and Challenges
Risk of heavy investment
Companies Mentioned
Capgemini
IAV Automotive Engineering
Bertrandt AG
L&T Technology Services
ALTRAN
Ricardo
Continental AG
EDAG Engineering GmbH
Semcon
Tech Mahindra
AKKA Technologies
HCL Technologies
For more information about this report visit https://www.researchandmarkets.com/r/5cdzx2
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