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Automotive Engineering Services market will grow at
highest pace owing to increase in vehicle electrification
The automotive engineering services market involves
engineering design and development activities related to automobiles.
Automotive engineering services include product design and development, vehicle
and engine testing, prototype modeling, and automotive consulting. The
increasing adoption of electric and hybrid vehicles is driving the need for
automotive engineering services to support vehicle electrification. Major
automobile manufacturers rely on automotive engineering service providers to
design electric powertrains, battery packs, vehicle control software, charging
infrastructure, and other components.
Global
Automotive Engineering Services Market is estimated to be valued at USD 270.21
Bn in 2024 and is expected to reach USD 450.44 Bn by 2031, growing at a
compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
SE, IAV GmbH, Tech Mahindra Ltd, AKKA Technologies Group, Harman International
Industries Inc, ALTEN Cresttek Engineering Solutions Pvt Ltd, Fev Europe GmbH,
EDAG Engineering GmbH, Continental AG, Altair Engineering Inc, Tata
Technologies Ltd. The growing demand for electric and autonomous vehicles is
driving automotive OEMs to outsource engineering design and testing activities.
Emerging technologies such as 3D printing, virtual and augmented reality, and
artificial intelligence are enabling faster development and validation of
automotive components and systems.
driving automotive OEMs to integrate more technology features and connected car
solutions in vehicles. This is increasing the scope of engineering services
required for digital cockpits, advanced driver assistance systems, telematics,
and connectivity integration. Another major trend is the adoption of
simulation, modeling, and virtual/augmented reality tools by Automotive
Engineering Services Market Demand providers to accelerate product
development cycles and reduce costs.
for engineering services related to battery technologies, electric drivetrains,
charging infrastructure, and software/controls for EVs. Connected mobility is
another growth area requiring engineering solutions around V2X communication,
cybersecurity, updating, and OTA services.
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