Automotive Engineering Services Market: The market is driven by a rise in electrification and hybridization during the forecasting period of 2023 to 2030

PRESS RELEASE

Published January 30, 2023

Market Research Future Insights

According to MRFR analysis, the global Automotive Engineering Services Market is expected to register a CAGR of ~11.5% from 2022 to 2030 and hold a value of over USD 22.41 Billion by 2030.

The market for automotive engineering services is growing as a result of factors such as increased electric car sales, rising R&D spending in the automotive industry, and strict government legislation and regulations for ICE vehicles. Additionally, the advancement of autonomous cars and the continued environmental degradation are expanding the potential opportunities for companies that serve the sector.

But the market for automotive acoustic engineering services isn't growing because of IP restrictions and a shifting business strategy. Additionally, it is projected that COVID-19 would have a major negative impact on market growth, notably on the manufacture and consumption of automobiles.

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Regional Analysis

The Asia-Pacific region is the region with the fastest-growing market for automotive engineering services. The markets in South Korea, India, and Japan are expanding as a result of regulations and directives issued by their governments to reduce emissions and advance green technology. The Asia-Pacific region's highest market share belongs to Japan.

The North American economy is heavily dependent on the production of vehicles, and the continent is home to several of the world's major car manufacturing hubs. The demand for electric vehicles has surged as a result of government incentives and initiatives to expand the supply of fuel-efficient cars. The introduction of autonomous cars also creates new opportunities for industrial growth.

Market Segmentation

The Global Automotive Engineering Services market has been segmented into Module Type and Vehicle Type.

Based on the Module Type, the market has been segmented into Intelligent Power Module (IPM) and Power Integrated Module (PIM).

Based on the Vehicle Type, the market has been segmented into Passenger Cars, LCVs, and HCV.

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Key Players

Some of the key market players are Schaeffler, 3M, IAV, AVL, Bertrandt, Continental, Siemens PLM, EDAG Engineering, FEV, IAV, and HEAD acoustics GmbH.