Automotive Engineering Services Market Forecasted to Expand at 7.17% CAGR, Surpassing US$ 3.2 Billion by 2033

By Future Market Insights Feb 28, 2024

The global Automotive Engineering Services Market in 2022 was US$ 1.46 Billion and is estimated to be US$ 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 US$ 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.

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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.

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.

Key companies profiled in the Automotive Engineering Services Market

  1. FEV Group GmbH
  2. IAV
  3. Ricardo
  4. AVL
  5. ALTEN Group
  6. Bertrandt
  7. ALTRAN
  8. L&T Technology
  9. Capgemini Service SAS
  10. T-NET JAPAN Co., Ltd.
  11. DesignTech Systems.
  12. Tech Mahindra Limited
  13. EDAG Engineering GmbH
  14. Horiba, Ltd.

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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 ($145 million) in Mahindra & Mahindra Ltd.’s electric vehicle unit, valuing it at US$ 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

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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