Global Automotive Engineering Services Market expected to grow to USD 364.02 Billion by 2033

From GlobeNewswire: 2024-05-27 02:00:00

The Global Automotive Engineering Services Market is expected to grow from USD 167.81 Billion in 2023 to USD 364.02 Billion by 2033, with a CAGR of 8.05%. Services include developing, designing, and prototyping automotive components, system integration, and virtual testing. OEMs and Tier 1 partners are investing in connected vehicles with IoT devices for improved in-car experience and data sharing.

The mechanical segment is expected to dominate the global automotive engineering services market. OEMs choose to keep technical services in-house for a variety of techniques and specializations. The body engineering segment is growing due to EV technology and the focus on lightweight body materials. Asia Pacific holds the largest share, driven by vehicle manufacturing, luxury vehicle demand, and technological advancements.

Europe is expected to grow at the fastest CAGR in the automotive engineering services market, especially in electric vehicle production. L&T Technology Services recently announced a strategic alliance with BlackBerry to create Software Defined Vehicles. Major vendors include Harman International, FEV Group, Robert Bosch GmbH, AVL, and more. The market is segmented by type, location, and application across different regions globally.



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