Automotive Engineering Services Market Outlook 2028 -
Automotive engineering services provide engineering solutions to different parts of vehicles such as mechanical & passenger safety, software upgradation, electrical & electronic engineering services, vehicle design for land, aviation, and marine applications. These engineering solutions help in optimizing vehicle manufacturing process by improving operational cycle without compromising quality of a vehicle. In addition, rise in awareness and demand for better connectivity and collision avoidance technology drives the market growth. Vehicle manufacturers are also focusing on development of lightweight vehicles to make them more fuel efficient. Rise in concern for safety and government regulations to make vehicles safer are the factors that drive the automotive engineering service market. In addition, growth in concern toward pollution free environment has increased demand of zero-emission vehicles. Therefore, the production of these vehicles is expected to drive growth of the market.
COVID-19 Impact Analysis:
Lockdown imposed due to COVID-19 pandemic has disrupted manufacturing of automobiles across the globe and halted their production thus, disrupting supply of the automotive engineering services market. Unavailability of labor has also affected the automotive engineering services market since, owing to the COVID-19 as people have to maintain social distancing and avoid travelling due to restrictions. Moreover, COVID-19 had a positive impact on the electric vehicles market as sales of electric vehicles has increased than previous year. Therefore, rise in sales of electric vehicles is expected to propel the market growth during the pandemic. Moreover, impact of the COVID-19 pandemic on the market was very less compared to the automobile market.
Top Impacting Factors
- Implementation of stringent government rules & regulations regarding vehicle emissions, technological advancements for development of autonomous vehicles, and vehicle electrification drive growth of the market.
- Unavailability of proper electric vehicle infrastructure and intellectual property & patent rights are expected to hamper growth of the market.
- Rise in investments for developing electric vehicles, increase in awareness of consumers regarding safety & cleaner environment, and use of internet of things (IoT) and artificial intelligence in vehicle systems act as opportunities for the market growth.
Market Trends
Development of autonomous vehicles
Autonomous vehicles are driver less vehicles that can operate by itself without any human intervention by sensing its surroundings. Autonomous vehicles use advance automotive engineering services to respond to external conditions and drive accordingly. These vehicles help in increasing road safety and reducing vehicle crashes caused due to human error. Automated vehicles have potential to decrease number of casualties as software used is expected to make few errors compared to humans. Moreover, decrease in number of accidents also reduce traffic congestion and removal of human behavior leads to blockages on roads. For instance, people with disabilities and older age who are not able to drive are benefited from autonomous vehicles as they provide more convenient transport system. For instance, Ford is one of the top companies in the world working toward developing autonomous vehicles. It aims to launch fully autonomous vehicles by the end of 2021. Therefore, a significant growth in demand for autonomous vehicles is expected to boost automotive engineering services market.
Key Benefits of the Report:
- This study presents the analytical depiction of the automotive engineering services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive engineering services market.
- The current market is quantitatively analyzed from 2020 to 2028 to highlight the market growth scenario.
- The report provides a detailed automotive engineering services market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive engineering services market research report:
- Which are the leading market players active in the automotive engineering services market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the automotive engineering services market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Engineering Services Market Report Highlights
| Aspects | Details |
 By Application |
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 By Service Type |
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 By Location |
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 By Vehicle Type |
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 By Region |
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 Key Market Players | L&T Technology Services, IAV Automotive Engineering, Ricardo, EDAG Engineering GmbH, AKKA Technologies, Bertrandt AG, Semcon, Continental AG, Capgemini, ALTRAN |
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