The Business Research Company covers the automotive engineering services market drivers and restraints, major players, and the impact of COVID-19 on the market.
LONDON, GREATER LONDON, UK, May 5, 2022 /EINPresswire.com/ -- According to ‘Automotive Engineering Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026’ published by The Business Research Company, the automotive engineering services market size is expected to grow from $199.0 billion in 2021 to $220.9 billion in 2022 at a compound annual growth rate (CAGR) of 10.96%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global automotive engineering service market size is expected to reach $336.0 billion in 2026 at a CAGR of 11.06%. The rising demand for emission-less transportation is expected to propel the automotive engineering services market growth.
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The automotive engineering services global market consists of sales of automotive engineering services by entities (organizations, sole traders, and partnerships) that include mechanical, electrical, software, safety, and electronics engineering for the designing of automotives. Automotive engineering services optimize the manufacturing process to improve the overall operational efficiency of the vehicle. Automotive engineering services offer advanced and innovative features in comfort, infotainment, and safety through the integration of advanced electronics into vehicles.
Global Automotive Engineering Services Market Trends
The use of artificial intelligence (AI) in automotive engineering is a key trend gaining popularity. Helpful AI algorithms and controllers assist in providing a realistic driving-range estimation and optimizing energy conservation in electric vehicles, ultimately assisting in the addition of additional driving range. Artificial intelligence is also at the core of self-driving cars, which are becoming increasingly popular in the automotive industry.
Global Automotive Engineering Services Market Segments
The Global Automotive Engineering Services Market Is Segmented:
By Vehicle Type: Passenger Cars, Commercial Vehicles
By Service Type: Concept/Research, Designing, Prototyping, System Integration, Testing
By Location Type: On-Shore, Off-Shore
By Application: Electrical, Electronics and Body Controls, ADAS and Safety, Chassis, Connectivity Services, Powertrain and Exhaust, Interior, Exterior, and Body Engineering, Simulation
By Geography: The automotive engineering services global market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific accounts for the largest share.
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Automotive Engineering Services Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides automotive engineering services market overviews, automotive engineering services market analysis and automotive engineering services market forecast market size and growth, automotive engineering services global market share, automotive engineering services segments and geographies, automotive engineering services market players, automotive engineering services market leading competitor revenues, profiles and market shares. The automotive engineering services industry report identifies top countries and segments for opportunities and strategies based on market trends and key competitors’ approaches.
TBRC’s Automotive Engineering Services Global Market Report 2022 includes information on the following:
Data Segmentations: Market Size, Global, By Region and Country, Historic and Forecast, and Growth Rates for 60 Geographies
Key Market Players: Capgemini Se, IAV GmbH, Tech Mahindra Limited, AKKA Technologies, Bertrandt AG, Harman International Industries, Inc, Alten Cresttek, L & T Technology Services, Fev Europe Gmbh, Akka Technologies, AVL, FEV, Ricardo, EDAG Engineering GmbH, Valmet Automotive, Onward Technologies Ltd, T-NET Japan Co., Ltd, Kistler Group, Continental AG, Semcon, and Robert Bosch GmbH.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
And so much more.
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