Press Release

Automotive Engineering Services Market is likely to cross US$ 348 Bn by the end of 2032

Automotive Engineering Services Market

Automotive engineering services include maintenance and diagnosis of a vehicle’s software, electronics, mechanical, and electrical systems. From the concept stage through the use stage, automotive engineering services providers create, design, construct, & test car parts or the entire vehicle. The makers might either outsource it or carry it out in-house using automotive engineering services.

The global market for automotive engineering services is predicted to expand at a moderate CAGR of 8.6% during the projected period. Sales in the international market are anticipated to reach US$ 166.16 billion in 2022 and US$ 348 billion by the end of 2032.

The demand for sophisticated and self-driving networking capabilities is having a significant impact on innovation for the automotive engineering services, which is ultimately transforming the face of the automotive sector. Vehicle manufacturers are developing and acquiring new skills in vehicle software and electronic services in order to keep up with the rising need for connection. As a result, they are entering the automotive engineering services market.

Due to the rise of vehicle testing, linked automobiles, and the integration of AI (Artificial Intelligence), which has raised the demand for automotive engineering services, telematics is regarded as the dominant emerging trend in the global market for automotive engineering services. More than just limited control of a car is possible thanks to smart infotainment, parking assistance services, and vehicle diagnostic services. Consequently, it is anticipated that the connectivity services will grow during the forecasted time.

Key Players:

  • FEV Group GmbH
  • IAV
  • Ricardo
  • AVL
  • ALTEN Group
  • Bertrandt
  • L&T Technology Services Limited

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