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Global Automotive Engineering Services Market to Grow at a CAGR of 12% in the Forecast Period of 2021-2026.

According to a new EMR report titled ‘Global Automotive Engineering Services Market Report and Forecast 2021-2026’, the global automotive engineering services market attained a value of USD 153.4 billion in 2020. The market is expected to grow at a CAGR of 12% between 2021 and 2026.

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:

  • Based on service types, the market is divided into designing, prototyping, system integration, and testing.
  • The market is segmented based on its application into ADAS and safety, electrical, electronics, and body controls, chassis, connectivity services, interior, exterior, and body engineering, powertrain and exhaust, simulation, and others.
  • Based on location, the market is categorised into in-house and outsource segments.
  • Passenger car and commercial vehicles are the major vehicle types in the industry.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing concern about degrading environmental conditions worldwide leading to the growth of the electric vehicles industry is driving the automotive engineering services market.
  • The growth in the demand for emission less transportation, advanced safety measures, and comfort have positively affected the automotive engineering services market.
  • The increased innovations and investment by companies in autonomous driving, connectivity, and electrification are expected to fuel the automotive engineering services market.

Key Offerings of the Report:

  • The EMR report presents an overview of the global automotive engineering services market for the periods 2016-2020 and 2021-2026.
  • The report also offers the historical (2016-2020) and forecast (2021-2026) market information for the service types, applications, locations, vehicle types, and the major regions of automotive engineering services. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter's Five Forces models.

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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