Automotive engineering services help original equipment manufacturers (OEMs) and their suppliers in digitizing the product value chain, lessening advancement prices and escalating the time to market. In the automotive engineering services market, vehicle engineering, vehicle electronics, manufacturing IT, and product lifecycle management are examples of automotive engineering services. Mapping out and examining brake systems, engines, security instruments, fuel techniques, and transference are all instances of automotive engineering services.
Breakdown of automotive engineering services
Government restrictions throughout emissions, security, and data seclusion are becoming stricter, propelling the requirement for progressive engineering services. This includes fields such as compliance and emission testing. Customers growingly demand more productive, secure, and interconnected vehicles. This pushes the requirement for engineering services in lightweight substances, fuel efficacy, and infotainment systems. The speedy rate of technological progressions in fields such as software, sensors, and communication frameworks is boosting the demand for more progressive engineering services, which is pushing the market growth for automotive engineering services.
Global automotive engineering services market size/share was valued at USD 20.55 billion in 2022 and is expected to reach USD 35.21 billion By 2032, growing at a CAGR of 5.5% during the forecast period.
Electrical, electronics and body control dominated the market
Modern architecture for the vehicle's electrical system is needed because of the speedily escalating demand for driving convenience and security. The electrical, electronic, and body control systems guarantee that crucial electrical loads such as immobilizers, lights, locking systems, air conditioners, and windshield wipers are examined, restricted, and safe. In the automotive engineering services market, as vehicles become more progressive and intricate, the requirement for technical engineering prowess is increasing, pushing the market growth.
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Asia Pacific: This region held the highest market share due to the growing acquisition of EVs in this region. This region is the abode of several biggest automotive markets in the world, including China, India, and Japan. As auto manufacturers seek to enhance productivity and conserve costs, engineering services pertaining to contemporary manufacturing techniques such as robotics, automation, and 3D printing are in high demand propelling the market in this region.
Some of the major players operating in the global automotive engineering services market include Capgemini, IAV Automotive Engineering, Bertrandt, L&T Technology Services, ALTRAN, Ricardo, Continental, EDAG Engineering, Semcon, Tech Mahindra, AKKA Technologies & HCL Technologies.
In February 2023, General Motors & GlobalFoundries signed a long-term partnership to have a dedicated corridor specifically for GM's chip supply. This will produce distinctive chips to power complicated & technologically advanced automobiles.
Growing consciousness and demand for technology solutions, including connectedness and accident prevention sensors, are pushing the market growth. In the automotive engineering services market, the growing need for light vehicles as the government and makers concentrate on designing and advancing light vehicles to manufacture vehicles that are more fuel efficient and the ever-increasing need for safety-connected systems because of government restrictions are the factors that will sustain the market in demand.
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