The Global Automotive Engineering Services Market was worth US$ 163.12 billion in 2022 and is anticipated to reach a valuation of US$ 241.89 billion by 2028 and is predicted to register a CAGR of 8.20% during 2023-2028.

The planning and construction of automobiles using a combination of mechanical, electrical, electronic, software, and safety engineering is known as automotive engineering. Designing and testing brake systems, engines, safety features, fuel technologies, and transmissions are just a few of the automotive technology services offered.

The global automotive engineering services market is being driven by factors such as the development of autonomous vehicles, the rollout of the 5G network within the automotive sector, OEM and government specialization in electric vehicles, the use of cutting-edge technology, worries about auto and passenger safety, and vehicle light-weighting.

Market Drivers and Restraints:

The demand for connectivity services in the automotive industry is expected to drive the growth of the global market for automotive engineering services. Governments and manufacturers are also anticipated to focus more on creating lightweight, safe vehicle designs, which is expected to spice up market developments. Growing consumer preference for electric vehicles and their product focus is also anticipated to drive business growth.

Concerns about intellectual property (IP) rights for the products and their ownership are factors limiting market growth. Additionally, manufacturers' changes to their business models by designing the products in-house with their design team are expected to restrain the growth of the global automotive engineering services market.

To know more, read:

https://www.marketdataforecast.com/market-reports/automotive-engineering-services-market

The report is segmented as follows:

The Automotive Heat Shield Market is segmented by Service Type; the Market is segmented by Application Type; the Market is segmented by Location Type; the Market is segmented by Vehicle Type:

By Service Type (Concept/Research, Designing, Prototyping, System Integration, Testing)

By Application Type (ADAS and Safety, Electrical, Electronics and Body Controls, Chassis, Connectivity Services, Interior, Exterior, and Body Engineering, Powertrain and Exhaust, and Simulation)

By Location Type (On-shore and Off-shore)

By Vehicle Type (Passenger Vehicle and Commercial Vehicle)

Market Regional Segmentation:

OEMs in Europe have been forced to redesign the powertrain and exhaust systems due to the growing demand from consumers for low-emission automobiles. The ambitions to reduce CO2 emissions by 80% by 2050 have also increased demand for EVs in the European region. In the upcoming years, OEMs plan to introduce electric versions of the popular gasoline models. As a result, there will likely be an increase in the demand for engineering services across Europe. The most significant market for automotive engineering services in this region is anticipated to be Germany. Numerous automotive manufacturers and tier-1 firms, like Volkswagen, Daimler, Bosch, Continental, and others, are based in the country. Additionally, the premium market in the country is about to see a huge increase in demand for connected cars. Nearly one-third of all R&D investments in the area were made by the automotive industry. The need for automotive engineering services is anticipated to be driven by German manufacturers' desire to use electronic technologies and software solutions.

According to regional research, one of the biggest marketplaces is in the Asia Pacific. The sector is seeing a disproportionately high number of partnerships and joint ventures between Asia Pacific suppliers and vendors and significant global OEMs. This frequently enables OEMs to reduce expenses associated with the production and installation of crucial auxiliary components while concentrating their capital on research and development.

Click the link to get a Sample Copy of the Report:

https://www.marketdataforecast.com/market-reports/automotive-engineering-services-market/request-sample

Impact of the COVID-19 pandemic on the market:

The COVID-19 epidemic has had a negative impact on a number of economies worldwide. The automotive industry, among many others, has been heavily impacted by COVID-19 countermeasures including shutdowns and quarantines. Most automakers continued to make cars with meager power and safety features.

ABOUT US:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast

Website: https://www.marketdataforecast.com

Phone: +1-888-702-9626

Email: [email protected]