Automotive Engineering Services Market worth $384.6 Billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 16, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, the Automotive Engineering Services Market 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 R&D investments in the automotive industry, advent of autonomous vehicles, and high implementation of connectivity services.

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51 – Tables

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135 – Pages

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.

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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 L&T 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.

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The 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), L&T Technology Services (India), and many others.

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