Demand for Advanced Engineering in Automotive, Report Finds

The "Automotive Engineering Services—Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for automotive engineering services is estimated at US$202.5 billion in 2023 and projected to reach US$349.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2030. This report offers analysis of market trends, drivers, and forecasts.

Growth in the automotive engineering services market is driven by several factors, according to ResearchandMarkets.com. First, accelerating development and adoption of electric vehicles and autonomous vehicles are major drivers, requiring advanced engineering expertise, the report notes. Second, innovation in advanced driver assistance system and vehicle safety technologies is accelerating demand for specialized engineering services. Third, regulatory pressure to lower emissions and enhance vehicle safety are pushing automakers to seek outside engineering support.

Also, the rise of connected vehicles and integration of internet of things technologies are creating opportunities for engineering services, the report notes. Increasing complexity of automotive systems and the need for rapid prototyping and testing are driving demand for engineering solutions. Last, the trend towards digitalization and use of simulation and virtual testing tools are enhancing capabilities of automotive engineering services.

Key Insights

• Market Growth: Understand the growth trajectory of the In-House Services segment, which is expected to reach US$230.4 Billion by 2030 with a CAGR of a 8.4%. The Outsourced Services segment is also set to grow at 7.5% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $27.3 Billion in 2023, and China, forecasted to grow at an impressive 10.6% CAGR to reach $67.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features

• Market Data: Independent analysis of annual sales and market forecasts in US$ million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as AKKA Technologies, ALTEN Group, AVL List GmbH, and more.
• Complimentary Updates: Receive free report updates for 1 year.

Sources: Press materials received from the company and additional information gleaned from the company’s website.