Automotive Engineering Services Market worth $384.6 billion by 2027
                     MarketsandMarkets 
Presents
Automotive Engineering Services 
Market worth $384.6 billion by 2027
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The report "Automotive Engineering Services Market by 
application (ADAS & Safety, electrical, electronics & body control, 
chassis, connectivity, interior/exterior & body, powertrain & 
exhaust, simulation), Service, location, vehicle, & Region - Global 
Forecast to 2027", is projected to grow from USD 153.1 billion in 2019 
to USD 384.6 billion by 2027, at a CAGR of 12.2%. 
The growth of the automotive engineering services market is driven by 
the rising sales of electric vehicles, increasing R&D investments in the 
automotive industry, advent of autonomous vehicles, and high 
implementation of connectivity services.
Browse 51 market data Tables and 43 Figures spread 
through 135 Pages and in-depth TOC on "Automotive Engineering 
Services Market ”
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Passenger car is expected to be the largest market
The passenger car segment is expected to be the largest market during 
the forecast period. The adoption of sensors and utilization of vehicle 
data for autonomous driving and predictive maintenance have created 
wider scope for automotive engineering services providers in passenger 
car. In addition, increasing customer demand for safer and comfortable 
passenger vehicles has compelled OEMs to invest more in vehicle safety, 
advanced connectivity features, and smart infotainment systems. The 
growing demand for digital connectivity features is supported by a wide 
network coverage of 5G connectivity and implementation of IoT devices 
in premium sedans and SUVs. In the present scenario, customers want 
ecofriendly mobility combined with communication. This provides an 
opportunity for OEMs to offer connectivity features in their upcoming 
vehicles. Hence the, demand for various automotive engineering 
services is expected to increase.
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The global automotive engineering services market is dominated by 
major players such as FEV (Germany), IAV Automotive Engineering 
(Germany), Ricardo (UK), AVL (Austria), Alten (France), Bertrandt AG 
(Germany), Altran (France), L&T Technology Services (India), and many 
others.
Electrical, Electronics and body control is expected to lead the 
automotive engineering services market  
Automotive electrical, electronics, and body control has a high value-
added proportion in vehicle development.  Electronics and electrical 
systems play a crucial role in handling all functions dedicated to 
passenger comfort and convenience. Services in automotive electrical 
and electronics include power management module, climate control, 
power window, body control module, and smart mirror and wipers. The 
trend is expected to grow due to the adoption of electric vehicles and 
complex electronic components for safer and functional driving 
experience. Service providers such as L&T Technology Services and FEV 
have invested huge resources to develop electrical, electronics, and 
body control solutions in automotive engineering services.
Asia Pacific is expected to be the fastest growing market during 
the forecast period
The Asia Pacific region is the fastest growing market for automotive 
engineering services because of the growth in India, China, Japan, and 
South Korea. Rising vehicle production, increasing demand for luxury 
vehicles, growing sales of electric cars, and technological development 
are driving the automotive engineering services market in the Asia 
Pacific region.
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The key market players in the region include car manufacturers such as 
Honda, Toyota, Geely, BYD, Kia, Suzuki, and Hyundai and engineering 
service providers such as Wipro, Tech Mahindra, L&T, and AES. 
Additionally, Japan is the highest contributor in the global automotive 
engineering services market. The Japanese automotive industry has 
embraced the shift toward electric mobility. The high growth in the 
adoption of EVs in Japan is driven by government initiatives to increase 
the number of charging stations and extensive R&D to improve EV 
charging infrastructure. The rising adoption of EVs would increase the 
demand for advanced engineering services in the country. In September 
2018, the South Korean government announced a plan to invest more 
than USD 860 billion in the development of electric vehicles.
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