Automotive Engineering Service Provider Market Research Report – Global Forecast till 2023
The engineering solutions are required in various industries, including automotive industries. The services offered in the automotive industry are called automotive engineering services. A new report on the global automotive engineering service provider market, published by Market Research Future (MRFR), accounts rise for this market at 12% CAGR between 2018 and 2023.
Major factors driving the global automotive engineering service provider market growth include increasing penetration of digitization & electrification in the vehicle, the global increase in the production, as well as, sales of vehicles, and increase in the expenditure on research & development (R&D) by manufacturers.
The global automotive engineering service provider market segmentation covers application, services, and vehicle type. MRFR’s attempt to read the market is founded on this segmentation to obtain a closer look at various dynamics.
The application-based segmentation of this market covers electrical & electronics, mechanical, safety, and software.
Based on services, the market is to be segmented into engine, car & BIW, chassis, cooling & HVAC, interior & exterior trims, seating systems, transmission, and others.
By vehicle type, the market has been segmented into commercial vehicle, passenger car, and two-wheeler.
The regional segmentation of the global automotive engineering service provider market covers Asia Pacific, North America, Europe, and Rest of the World (RoW).
During the forecast period, the Asia Pacific region has been estimated to hold the largest market share due to growing automotive infrastructure and increasing sales of electric vehicles across this region. Increased uses of advanced technologies are aiding market growth. Such technologies include internet of things (IoT), artificial intelligence (AI), and others. The noteworthy country-specific markets in this region are China, India, Japan, and South Korea.
In North America, the market is significant due to the established automotive sector, the presence of key market players in the USA, and high disposable income. Canada and Mexico are two other important country-specific markets.
In Europe, most of the reasons for market growth are same as in North America. The utmost country-specific markets in this region are France, Germany, Italy, and the UK. Other countries in Europe also generate sizable revenue.
The RoW segment covers South America and the Middle East & Africa (MEA). Comparing to the MEA region, South America is a bigger regional market. In South America, the market is limited as this region is yet to achieve technological advancement equal to North America. In the MEA region, the market is limited due to limited availability of technology, low disposable income, and lack of skilled professionals.
Major players in the global market include AVL LIST GmbH (Germany), Bertrandt (Germany), Contechs (UK), Continental AG (Germany), EDAG Engineering GmbH (Germany), Harman International (USA), IAV Automotive Engineering Inc. (Germany), Imaginative Automotive Engineering Services (India), Magna International Inc (Canada), and Robert Bosch GmbH (Germany).
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