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Automotive Engineering Services Market | MarketsandMarkets
Automotive Engineering Services Market is projected to grow at a CAGR of 8.8% from $153.3 billion in 2021 to $253.9 billion by 2027.
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, the advent of autonomous vehicles, and the high implementation of connectivity services.
The automotive engineering services market is dominated by global players such as Capgemini (France), IAV Automotive Engineering (Germany), Tech Mahindra (India), AKKA Technologies (Belgium), and Bertrandt AG (Germany).
The in-house engineering services are expected to be the largest market. Major OEMs keep complicated automotive engineerings services such as engine design, powertrain design, and transmission systems for in-house development. These designs and optimizations vary from one OEM to another and, thus, require different techniques and specialization that can be done in-house for better results. Also, the growing focus on zero-emission vehicles has compelled OEMs to redesign their existing engines to comply with the latest emission standards. The designing of electric vehicles would enhance the demand for in-house investments by OEMs.
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Automotive electrical, electronics, and body controls have 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 a safer and more 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.
The Asia Pacific is the fastest-growing market for automotive engineering services due to the high adoption of electric passenger cars, especially in China. The markets in South Korea, India, and Japan are also growing due to the policies and mandates instituted by their respective governments to reduce emission levels and increase the use of green technology. Japan accounts for the largest share of the automotive engineering services market in the Asia Pacific region. Many governments in the region are planning to replace their existing public fleets with electric vehicles in the future. The rapid growth of the logistics segment is also fueling the demand for commercial electric vehicles, which consequently boosts the demand for automotive engineering services.
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Many engineering service providers are also planning their organic and inorganic investments in the Asia Pacific, thus creating growth opportunities for the market in the region. For instance, in May 2019, FEV opened a new mobility centre in Pune to expand its presence in India. The new mobility centre would pave the way for advanced technologies in the Indian market. In April 2019, Ricardo and Geely Auto Group (Geely), one of China's leading automakers, partnered to develop advanced hybrid transmission, which would be specifically designed for a range-extended plug-in hybrid.
The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers growth opportunities for the automotive engineering services market in the region. European automotive enterprises dominate the global landscape, accounting for almost 50% of the R&D spending led by firms such as BMW, Continental, and Daimler. The increasingly stringent regulations related to environmental issues are encouraging market players to test and develop advanced vehicles, further boosting the market for automotive engineering services.
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