Automotive Engineering Service Provider Market to Reach US$ 278.87 Million by 2029
Market Overview:
The global Automotive Engineering Service Provider market is expected to reach US$ 278.87 million by 2029, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period. These service providers offer engineering solutions throughout the automotive industry value chain, from design and development to testing of vehicles and components. Services include mechanical, electrical, electronic, safety, and software engineering support.
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Report Scope:
This report offers a comprehensive analysis of the global Automotive Engineering Service Provider market, covering historical data from 2018 to 2022 and forecasts for 2023 to 2029. It segments the market by vehicle type (passenger, light commercial, heavy commercial), service type (concept/research, design, prototyping, system integration, testing), application type (interior, exterior, infotainment, etc.), and region (North America, Europe, Asia Pacific, etc.). The report also identifies key players and analyzes their competitive landscape.
Research Methodology:
The report utilizes a combination of primary and secondary research methodologies. Primary research involves interviews with industry experts and market participants. Secondary research includes analyzing data from various sources like government reports, industry publications, and company filings.
Segmentation:
- Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
- Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
- Application Type: Interior, Exterior & Body Engineering, Infotainment & Connectivity, Entertainment Display, Electrical, Electronics & Body Controls, Safety Systems
- Region: North America, Europe, Asia Pacific, South America, Middle East & Africa
Regional Insights:
- Asia Pacific: Holds the largest market share due to rising vehicle production, increasing demand for luxury vehicles, and growing electric vehicle sales.
- North America: Major market driven by the presence of major automotive manufacturers and high investments in research and development.
- Europe: Strong presence of established service providers and significant focus on safety regulations.
Automotive Engineering Service Provider Market Key Players
1.Altran Technologies
2.Akka Technologies
3.Bertrandt AG
4.EDAG Engineering GmbH
5.IAV GmbH
6.HCL Technologies Limited
7.Alten Cresttek
8.L&T Technology Services Limited
9.FEV Group GmbH
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According to Market Research Future (MRFR)’s analysis, the global automotive engineering service provider market is set to exhibit a steady CAGR over the forecast period 2018 to 2023.
The accelerated profit generation witnessed in the automotive industry is likely to aid the proliferation of the market in the forthcoming years.Engineering service providers offer services for developing, designing and testing engines.
The innovations in automotive technology are forecasted to dictate the growth pattern of the automotive engineering service provider market over the next couple of years.
In addition, the availability of automotive engineering services outsourcing is further anticipated to reflect on the growth curve of the market in the foreseeable future.The rising standards of living coupled with increasing purchasing power and strengthening economy is prognosticated to drive the growth of the global automotive engineering service provider market in the years to come.
Also, a drastic rise witnessed in the ales of automobiles is predicted to keep favoring market expansion across the review period.Efforts directed towards the innovation of technology that facilitates increasing power density, minimum power losses, and maximizing power savings are anticipated to augment the global automotive engineering service provider market over the assessment period.
Furthermore, autonomous and semiautonomous vehicles are gaining quick mileage in the market.
