Automotive Engineering Service Provider Market Size Industry News
In February 2021,
Schaeffler Group announced its 2024 project. It has planned to design and
manufacture hybrid EVs drive units which are integrated with two electric
motors and transmission with power electronics. It is a system with 120 kW that
will offer high performance and low fuel consumption.
Automotive Engineering Service
Provider Market Size Overview
Automotive
Engineering Service Provider Market Size is expected to be valued at USD 319.4 Billion with a CAGR of 8%
Forecast by 2032
The automotive
engineering service offers effective solutions for the automotive sector. These
solutions are offered for major elements such as electrical, electronics,
mechanical, software, and others. Automotive engineering solutions also have
several applications in the automotive sector. It helps the OEMs and their
supplier’s product value chain digitization.
It provides various
advantages such as time-saving and cost-effective solutions. The services
include manufacturing IT, vehicle engineering, vehicle electronics and product
lifecycle management (PLM).
The key drivers are the
automotive OEMs and Tier 1 partners who invest in huge resources to develop
next-generation connected vehicles. The premium sedans and SUVs commonly use
IoT devices, ultrasonic sensors, and high-definition cameras. These elements
can connect with the outer world and exchange data for enhancement for a better
car experience. The processed data is on an onboard computer for providing
features such as smoother navigation and personalized infotainment systems.
Further, the data analyzes the vehicle condition and schedules maintenance to
prevent uncertain engine failures.
Get Free Sample Report of Automotive
Engineering Service Provider Market
The higher production
and advancement in the automobile sector are accelerating the growth of the Automotive
Engineering Service Provider Market Size. The major focus on
minimization of power loss consumers and OEMs for the production of lightweight
vehicles is fueling up the market’s growth rate. The increased power density
and power savings maximization is acting as a market driver.
The other growth factors
of the Automotive Engineering Service
Provider Market Size Size are the competition between service provider
component providers. Also, the rise in support from the local government for
the production of environment-friendly vehicles is a major growth factor. The
development of design and other upgrades are supported by these factors.
The Automotive Engineering Service Provider Market Size Size is
predicted to reach a significant CAGR and a strong valuation during the
forecast period by 2030.
Automotive Engineering Service
Provider Market Size Key Players
·
Continental AG (Germany)
·
AVL LIST GmbH (Germany)
·
Robert Bosch GmbH (Germany)
·
Bertrandt (Germany)
·
HARMAN International (USA)
·
EDAG Engineering GmbH (Germany)
·
IAV Automotive Engineering Inc. (Germany)
·
Magna International Inc (Canada)
·
Imaginative Automotive Engineering Services (India)
·
Contechs (UK)
Automotive Engineering Service
Provider Market Size Segmentation
The Automotive Engineering Service Provider Market Size Size is
segmented based on services, applications, and vehicle types. These are further
sub-segmented into major types.
The service segment of
the market is categorized into engine, transmission, chassis, car and BIW,
HVAC, interior and exterior trims, seating systems, cooling and others.
The application segment
is segregated into electrical and electronics, mechanical, software and safety.
The vehicle type segment
is classified into passenger cars, commercial vehicles, and two-wheelers.
Automotive Engineering Service
Provider Market Size Regional Analysis
According to the
geographical analysis, the Automotive
Engineering Service Provider Market Size Size is distributed into major
continents worldwide. The top regions are Europe, Asia-Pacific, North America,
and the Rest of the World.
The Asia-Pacific region
is capturing the highest market share in the forecast period. The region is emerging
due to the development of automotive infrastructure and the higher sales of
electric vehicles. The other region is advancing due to the upgrading
technologies like artificial intelligence, the internet of things, and others
in vehicles, boosting the requirement of automotive engineering services. Other
areas are also expected to show a significant growth rate in the forecast
period.
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