Automotive Engineering Services Market worth $253.9 billion by 2027

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MarketsandMarkets Presents

Automotive Engineering Services Market worth
253.9 billion by 2027
https//www.marketsandmarkets.com/Market-Reports/a
utomotive-engineering-service-market-151284922.htm
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The report "Automotive Engineering Services
Market by Application (ADAS Safety, Body
Electrical Electronics, Chassis, Connectivity,
Interior/Exterior, Powertrain Exhaust, Battery,
Motor, Charger Test, Simulation), Service,
Location Vehicle", Automotive Engineering
Services Market is projected to grow at a CAGR of
8.8 from USD 153.3 billion in 2021 to USD
253.9 billion by 2027. The growth of the
automotive engineering services market is driven
by the rising sales of electric vehicles,
increasing RD investments in the automotive
industry, the advent of autonomous vehicles, and
the high implementation of connectivity
services. Browse 140 market data Tables and 70
Figures spread through 271 Pages and in-depth TOC
on "Automotive Engineering Services Market The
automotive engineering services market is
dominated by global players such as Capgemini
(France), IAV Automotive Engineering (Germany),
Tech Mahindra (India), AKKA Technologies
(Belgium), and Bertrandt AG (Germany).
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Download PDF Brochure _at_ https//www.marketsandmar
kets.com/pdfdownloadNew.asp?id151284922 Europe
is expected to be the largest automotive
engineering services market in the
forecast Europe is estimated to account for a
share of 43.0 of the global automotive
engineering services market in 2021, and the
market in this region is projected to register a
CAGR of 8.9 during the forecast period. For the
market analysis, Europe includes Germany, France,
Spain, the UK, Italy, Russia, and the Rest of
Europe. The presence of OEMs such as VDL Groep
(Netherlands) and AB Volvo (Sweden) offers growth
opportunities for the automotive engineering
services market in the region. European
automotive enterprises dominate the global
landscape, accounting for almost 50 of the RD
spending led by firms such as BMW, Continental,
and Daimler. The increasingly stringent
regulations related to environmental issues are
encouraging market players to test and develop
advanced vehicles, further boosting the market
for automotive engineering services. For example,
in March 2017, LT Technology Services unveiled a
new delivery center for a German OEM in Munich.
The center would cater to engineering and RD
services for the companys suite of infotainment
consoles and its family of hybrid electric
vehicles.
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Electrical, electronics, and body controls is
expected to lead the automotive engineering
services market Automotive electrical,
electronics, and body controls 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 a safer and functional
driving experience. Service providers such as LT
Technology Services and FEV have invested huge
resources to develop electrical, electronics, and
body control solutions in automotive engineering
services. Request FREE Sample Report _at_
https//www.marketsandmarkets.com/requestsampleNew
.asp?id151284922 Designing segment is expected
to be the fastest service type in the
forecast The design process is used in the final
sketching of the product. The 2D rendering
process is crucial to visualize whether the
design is feasible or not. Once the design seems
practical and feasible, computer-aided design
(CAD) is used to make a 3D model. Clay modeling
then helps achieve a physical model of the
design.
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The designing of the car can either be done by
the internal team of automotive manufacturers or
the manufacturer can outsource it. Connectivity
services segment is expected to be the
fastest-growing market during the forecast
period The connectivity services segment is
expected to be the fastest-growing market during
the forecast period. The expansion of autonomous
vehicle testing, advancements in artificial
intelligence, and the introduction of 5G
connectivity have increased the demand for
connected services in automotive engineering
services. Connectivity services help in
controlling vehicle activities such as smart
infotainment, vehicle diagnostics, parking
assistance features, diagnostics, and others.
OEMs are offering connectivity services in their
vehicles. For instance, in July 2018, Audi
entered into a partnership with Huawei, the
largest telecommunications equipment and
smartphone maker in China, for introducing
connectivity features in upcoming vehicles. The
Renault-Nissan-Mitsubishi Alliance plans to
launch new vehicles with Alliance Connected Cloud
in China by 2022. All these enhancements would
accentuate the need for new sensors and use cases
of IoT devices in the coming years. Thus, the
automotive industry would witness increasing
demand for engineering service providers,
specialized in connectivity services. To speak
to our analyst for a discussion on the above
findings, click Speak to Analyst
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