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The global automotive engineering services market is led by Europe due to the growing consumer demand for refined and low-emission vehicles, which has forced OEMs in Europe to reshape the powertrain and exhaust systems. The goal of reducing CO2 emissions by 80% by 2050 in Europe has also boosted the overall demand for EVs in the region. OEMs are planning to launch electric variants of existing gasoline models in the years ahead. Thus, the overall demand for engineering services is likely to increase in Europe. Germany is expected to be one of the most significant engineering services market in Europe in the coming years. The country is home to major automakers like Volkswagen, Daimler, Bosch, Continental, and others. Also, the demand for connected cars is set to rise substantially in the country's premium segment. It is expected that the increased focus of German automakers to embrace electronic technologies and software solutions will drive the overall automotive engineering services market.
Some of the key players in the global market include Capgemini SE (OTCMKTS: CGEMY) and FEV Europe Gmbh. In 2017, FEV acquired the shares of etamax space GmbH, further enhancing its smart vehicles engineering unit. The acquisition has enabled FEV to add to its function safety assessment for driving assistance systems. Such developments by the major players in the industry are also expected to influence the market positively in the coming years.
Market Analysis by Service Type, Application, Location, Vehicle Type, and Region:
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Harman International Industries, Capgemini SE, Bertrandt Ag, L&T Technology Services, FEV Europe Gmbh, Akka Technologies, HCL Technologies, IAV Automotive Engineering, Altran Technologies, and Tech Mahindra Limited, among others, are the key players in the global automotive engineering services market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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