- Automotive engineering service providers offer various engineering solutions and services to original equipment manufacturers and industries. The services offered for various automotive applications include chassis, vehicle interior and exterior, and safety systems.
Key Drivers of Automotive Engineering Service Providers Market
- Rise in demand for vehicle testing, introduction to artificial intelligence, and 5G connectivity are likely to increase the demand for automotive connected services across the globe. Major original equipment manufacturers across the globe prefer in-house vehicle testing for better results. In-house testing requires components including sensors and IoT devices, which is likely to boost the automotive engineering service providers market across the globe. Rise in demand for connected vehicles across the globe, which consist of simulation and testing of software, is also a key factor driving the automotive engineering service provider market across the globe.
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- Rise in competition between automotive service providers and component provider across the globe is likely to propel the automotive engineering service provider market across the globe. Major governments across the globe are supporting service providers to develop efficient vehicles, which is also anticipated to boost the automotive engineering service provider market across the globe. Rise in incorporation of electrification, connected services, and autonomous driving is likely to drive research & development services. This is likely to boost the automotive engineering service providers market across the globe.
Europe & Asia Pacific to hold significant share of global automotive engineering service providers market
- Europe is projected to account for a significant share of the global automotive engineering service providers market owing to an increase in investments by service providers and vehicle manufacturers across Europe. Europe has major presence of vehicle manufacturers, including Volkswagen AG and Daimler AG, which is likely to boost the automotive engineering service providers market across Europe.
- Followed by Europe, Asia Pacific is projected to hold a major share of the global automotive engineering service providers market due to an increase in vehicle sales across the region. Presence of major automotive manufacturing industries across China, India, and Japan, who are investing in engineering services, is anticipated to boost the automotive engineering service providers market in Asia Pacific.
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Key Players Operating in Automotive Engineering Service Providers Market
The global automotive engineering service providers market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global automotive engineering service providers market are:
- AKKA Technologies SE
- AVL List GmbH
- Bertrandt AG
- Capgemini Service SAS
- EDAG Engineering Group AG
- HCL Technologies Ltd
- Larsen & Toubro Ltd
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