Automotive Engineering Services Market Value With Status And Global Analysis | Future Plans And CAGR Forecast By 2033 from Vishal's blog

The global Automotive Engineering Services Market in 2022 was US$ 1.46 Billion and is estimated to be US$ 1.6 Billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around US$ 3.2 Billion by 2033.

An increase in awareness and demand for technological solutions including connectivity, and collision avoidance sensors among others in automotive is driving the growth of the market. Rise in requirements for lightweight vehicles as governments and manufacturers are mainly focusing on the designs and development of lightweight vehicles for making more fuel-efficient vehicles.

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The increase in the requirements for safety-related systems because of government regulations is the major factor driving the automotive engineering services market. The growth in adoption of electric and hybrid vehicles is raising the production of these vehicles which is henceforth anticipated to propel the growth of the market over the forecast period.

Market Competition

Companies aim to develop cutting-edge solutions during the entire life cycle of a product, from the design and inception phase to the end of its service life. They also strategically locate their main factories in emerging markets to make it ideal to service the developing markets.

Key companies profiled in the Automotive Engineering Services Market

1. FEV Group GmbH
2. IAV
3. Ricardo
4. AVL
5. ALTEN Group
6. Bertrandt
7. ALTRAN
8. L&T Technology
9. Capgemini Service SAS
10. T-NET JAPAN Co., Ltd.
11. DesignTech Systems.
12. Tech Mahindra Limited
13. EDAG Engineering GmbH
14. Horiba, Ltd.

Some of the new developments in the automotive engineering services market are:    

• In May 2023, Tech Mahindra inaugurated Technology Development Center in Oman.
• In August 2023, Temasek is planning to invest 12 billion rupees ($145 million) in Mahindra & Mahindra Ltd.'s electric vehicle unit, valuing it at US$ 9.8 billion.