The automotive engineering services market size has grown rapidly in recent years. It will grow from $266.62 billion in 2024 to $294.7 billion in 2025 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to the globalization of the automotive industry, increased complexity of vehicle systems, emphasis on fuel efficiency and emissions reduction, growth in automotive electronics and software, and demand for innovative vehicle designs and features.
Moreover, the automotive engineering services market size is expected to see rapid growth in the next few years, reaching $439.65 billion by 2029 at a compound annual growth rate (CAGR) of 10.5%. This impending growth is driven by the rise of electric and autonomous vehicles, accelerated adoption of connected car technologies, increasing focus on sustainability and green engineering, integration of advanced driver-assistance systems (ADAS), and demand for personalized and user-centric automotive experiences. Notable trends include the use of advanced technology, embrace of digital twin technology for simulation and testing, research and development collaboration in autonomous driving, growing importance of cybersecurity in automotive engineering, and use of artificial intelligence in design optimization and manufacturing.
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What Factors Are Propelling The Automotive Engineering Services Market?
The rising demand for emission-less transportation, especially electric vehicles, is propelling the growth of the automotive engineering services market. Fossil fuels like diesel and gasoline release greenhouse gases into the atmosphere, contributing to climate change. This has led to a greater push for emission-less transport options like electric vehicles. For instance, a UK-based government department, Department for Transport, reported that 80% of new cars and 70% of new vans sold in Great Britain will be zero emission by 2030, rising to 100% by 2035. Coupled with increasing awareness, the demand for emission-less transportation is projected to drive the automotive engineering services market further.
What Are The Key Segments Within The Global Automotive Engineering Services Market?
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Service Type: Concept Or Research, Designing, Prototyping, System Integration, Testing
3) By Location Type: On-Shore, Off-Shore
4) By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation
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Who Are The Major Players In The Automotive Engineering Services Market?
Major companies operating in the automotive engineering services market include Capgemini SE, IAV GmbH, Tech Mahindra Limited, AKKA Technologies Group, Bertrandt AG, Harman International Industries Inc., ALTEN Cresttek Engineering Solutions Pvt Ltd., L&T Technology Services Ltd., Fev Europe GmbH, AVL List GmbH, Ricardo plc, EDAG Engineering GmbH, Valmet Automotive Oyj, Onward Technologies Ltd., T-Net Japan Co. Ltd., Kistler Holding AG, Continental AG, semcon engineering uk limited, Robert Bosch GmbH, Altran India Pvt. Ltd., Tata Technologies Ltd., Altair Engineering Inc., HORIBA Ltd, MBtech Group GmbH, P3 Automotive GmbH, ASAP Holding GmbH, Link Engineering Company, Ansys Inc., EPAM Systems Inc., GlobalLogic, Hunter Engineering Company.
What Emerging Trends Are Influencing The Automotive Engineering Services Market?
Companies in the automotive engineering services market are developing technologically advanced solutions to enhance efficiency and improve user experience. For instance, in March 2024, Applied Intuition, a US-based software company, launched an automated parking development solution for advanced driver-assistance systems (ADAS) and automated driving (AD). This solution accelerates the development, testing, and deployment of advanced parking systems.
Which Region Holds The Largest Market Share In The Automotive Engineering Services Market?
Asia-Pacific was the largest region in the automotive engineering services market in 2024, with regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa following suit.
What Does The Automotive Engineering Services Market Report 2025 Offer?
Automotive engineering services refer to design services that optimize the manufacturing process to improve the overall operational efficiency of the vehicle. They offer advanced and innovative features in comfort, infotainment, and safety through the integration of advanced electronics into vehicles. The Automotive Engineering Services Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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