Automotive Engineering Services Market worth $384.6 billion by 2027

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MarketsandMarkets Presents

Automotive Engineering Services Market worth
384.6 billion by 2027
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utomotive-engineering-service-market-151284922.htm
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The report "Automotive Engineering Services
Market by application (ADAS Safety, electrical,
electronics body control, chassis,
connectivity, interior/exterior body,
powertrain exhaust, simulation), Service,
location, vehicle, Region - Global Forecast to
2027", is projected to grow from USD 153.1
billion in 2019 to USD 384.6 billion by 2027, at
a CAGR of 12.2. The growth of the automotive
engineering services market is driven by the
rising sales of electric vehicles, increasing RD
investments in the automotive industry, advent of
autonomous vehicles, and high implementation of
connectivity services. Browse 51 market data
Tables and 43 Figures spread through 135 Pages
and in-depth TOC on "Automotive Engineering
Services Market  Get The PDF Brochure For This
Report _at_ https//www.marketsandmarkets.com/pdfdown
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Passenger car is expected to be the largest
market The passenger car segment is expected to
be the largest market during the forecast period.
The adoption of sensors and utilization of
vehicle data for autonomous driving and
predictive maintenance have created wider scope
for automotive engineering services providers in
passenger car. In addition, increasing customer
demand for safer and comfortable passenger
vehicles has compelled OEMs to invest more in
vehicle safety, advanced connectivity features,
and smart infotainment systems. The growing
demand for digital connectivity features is
supported by a wide network coverage of 5G
connectivity and implementation of IoT devices in
premium sedans and SUVs. In the present scenario,
customers want ecofriendly mobility combined with
communication. This provides an opportunity for
OEMs to offer connectivity features in their
upcoming vehicles. Hence the, demand for various
automotive engineering services is expected to
increase. To speak to our analyst for a
discussion on the above findings, click Speak to
Analyst The global automotive engineering
services market is dominated by major players
such as FEV (Germany), IAV Automotive Engineering
(Germany), Ricardo (UK), AVL (Austria), Alten
(France), Bertrandt AG (Germany), Altran
(France), LT Technology Services (India), and
many others.
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Electrical, Electronics and body control is
expected to lead the automotive engineering
services market   Automotive electrical,
electronics, and body control has 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 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. Asia Pacific is expected to be the
fastest growing market during the forecast
period The Asia Pacific region is the fastest
growing market for automotive engineering
services because of the growth in India, China,
Japan, and South Korea. Rising vehicle
production, increasing demand for luxury
vehicles, growing sales of electric cars, and
technological development are driving the
automotive engineering services market in the
Asia Pacific region. Request for Sample Pages _at_
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.asp?id151284922
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The key market players in the region include car
manufacturers such as Honda, Toyota, Geely, BYD,
Kia, Suzuki, and Hyundai and engineering service
providers such as Wipro, Tech Mahindra, LT, and
AES. Additionally, Japan is the highest
contributor in the global automotive engineering
services market. The Japanese automotive industry
has embraced the shift toward electric mobility.
The high growth in the adoption of EVs in Japan
is driven by government initiatives to increase
the number of charging stations and extensive RD
to improve EV charging infrastructure. The rising
adoption of EVs would increase the demand for
advanced engineering services in the country. In
September 2018, the South Korean government
announced a plan to invest more than USD 860
billion in the development of electric
vehicles. Request for Customization _at_
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tionNew.asp?id151284922
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