Automotive Engineering Service Provider Market Growth Analysis with Investment Opportunities For 2024-2033
Automotive Engineering Service Provider Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, September 5, 2024 /EINPresswire.com/ -- The automotive engineering service provider market has experienced robust growth in recent years, expanding from $149.96 billion in 2023 to $162.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the expansion of automotive markets, globalization of industries, changing consumer preferences towards sustainability, growth of urban areas, and growing emphasis on vehicle safety features.
What Is The Estimated Market Size Of The Global Automotive Engineering Service Provider Market And Its Annual Growth Rate?
The automotive engineering service provider market is projected to continue its strong growth, reaching $222.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to stricter emission norms and safety regulations, focus on efficiency and lean manufacturing practices, adoption of industry 4.0 principles, increasing awareness of environmental impact, and rise of electric vehicles.
Explore Comprehensive Insights Into The Global Automotive Engineering Service Provider Market With A Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample_request?id=17077&type=smp
Growth Driver Of The Automotive Engineering Service Provider Market
The increasing demand for advanced driver assistance systems (ADAS) is expected to propel the growth of the automotive engineering service provider market going forward. Advanced driver-assistance systems (ADAS) are technologies that assist drivers with the safe operation of a vehicle, using automated technology such as sensors and cameras to detect nearby obstacles or driver errors and respond accordingly. The demand for ADAS is rising due to increasing regulatory mandates for safety features, consumer interest in accident-reducing technologies, and the potential for ADAS to enable autonomous vehicle capabilities. Automotive engineering service providers contribute to developing advanced driver assistance systems (ADAS) by offering specialized expertise and technology solutions to enhance vehicle safety and automation.
Order Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/automotive-engineering-service-provider-global-market-report
Which Market Players Are Steering The Automotive Engineering Service Provider Market Growth?
Key players in the automotive engineering service provider market include Robert Bosch GmbH, Magna International Inc., Capgemini Technology Services Limited, HCL Technologies Limited, Harman International Industries Inc., Tech Mahindra Limited, Alten Group, Intertek Group plc, AVL LIST GmbH, FEV GmbH.
What Are The Key Trends That Influence Automotive Engineering Service Provider Market Size?
Major companies operating in the automotive engineering service provider market are focusing on developing connected service technology to better serve customers. Connected services technology refers to the ability of vehicles to connect to the internet and cloud-based services, enabling remote monitoring, control, and access to vehicle data and functionalities through mobile apps and digital platforms.
How Is The Global Automotive Engineering Service Provider Market Segmented?
1) By Service: Engine, Chassis, Transmission, Car And Body In White (BIW), Seating Systems, Cooling And Heating, Ventilation, And Air Conditioning (HVAC), Interior And Exterior Trims, Other Services
2) By Module Type: Intelligent Power Module (IPM), Power Integrated Module (PIM)
3) By Vehicle Type: Passenger Car, Commercial Vehicle, Two-Wheeler
4) By Application: Mechanical, Electrical And Electronics, Software, Safety
5) By End User: Original Equipment Manufacturers (OEMs), Automotive Component Suppliers, Other End Users
Geographical Insights: North America Leading The Automotive Engineering Service Provider Market
North America was the largest region in the automotive engineering service provider market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive engineering service provider market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Engineering Service Provider Market Definition
Automotive engineering service providers are companies that offer comprehensive services spanning powertrain development, vehicle safety, emissions testing, and more to assist original equipment manufacturers (OEM) and component manufacturers in conceiving, designing, and producing advanced vehicles. These service providers are important in catalyzing innovation, driving cost optimization, and ensuring regulatory compliance for the automotive industry.
Automotive Engineering Service Provider Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive engineering service provider market report covering trends, opportunities, strategies, and more
The Automotive Engineering Service Provider Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive engineering service provider market size, automotive engineering service provider market drivers and trends, automotive engineering service provider market major players, automotive engineering service provider competitors' revenues, automotive engineering service provider market positioning, and automotive engineering service provider market growth across geographies. The automotive engineering service provider market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
Browse Through More Similar Reports By The Business Research Company:
Automotive Interior Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automotive-interior-global-market-report
Automotive HUD Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automotive-hud-global-market-report
Automotive Seats Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automotive-seats-global-market-report
What Does The Business Research Company?
The Business Research Company publishes over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. We provide continuous and custom research services, offering a range of specialized packages tailored to your needs, including Market Entry Research Package, Competitor Tracking Package, Supplier & Distributor Package, and much more.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
info@tbrc.info
Visit us on social media:
Facebook
X
LinkedIn
Distribution channels: Business & Economy, Companies, IT Industry, Technology, World & Regional
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release