Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Automotive Engineering Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Engineering Services Market to Reach $339.8 Billion by 2030
The global market for Automotive Engineering Services estimated at US$182.5 Billion in the year 2022, is projected to reach a revised size of US$339.8 Billion by 2030, growing at a CAGR of 8.1% over the analysis period 2022-2030.
In-House, one of the segments analyzed in the report, is projected to record 8.4% CAGR and reach US$223.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Outsource segment is readjusted to a revised 7.4% CAGR for the next 8-year period.
The U.S. Market is Estimated at $25.4 Billion, While China is Forecast to Grow at 10.5% CAGR
The Automotive Engineering Services market in the U.S. is estimated at US$25.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$67.9 Billion by the year 2030 trailing a CAGR of 10.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 7.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 7.1% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 549 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $182.5 Billion |
| Forecasted Market Value (USD) by 2030 | $339.8 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Automotive Engineering Services Market: A Prelude
- COVID-19 Pandemic Severely Disrupts the Automotive Industry
- Automotive Engineering Services See Pockets of Opportunity after COVID-19 Ambush
- Global Economic Update
- World Shifts to an Endemic COVID-19 Strategy With Focus on Multilateral Approach to Managing Future Pandemics
- War, Inflation & High Cost of Living Crisis Supersede COVID-19 as Major Downside Risks for the Global Economy in 2022 & Beyond
- Inflationary Pressures Impact Global Economy
- Competition
- Automotive Engineering Services - Global Key Competitors Percentage Market Share in 2022 (E)
- Automotive Engineering Services Competitor Market Share Scenario Worldwide (in %): 2020E
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Recent Market Activity
- WORLD BRANDS
MARKET TRENDS & DRIVERS
- Engineering Services Grow in Demand with EV Production on a Fast Track as Countries Vie to Become Carbon Negative
- World Electric Vehicles (EVs) Annual Sales in '000 Units for Years 2020 through 2027
- More Number of People Are Aware About the Benefits EVs Bring to the Table: % Global Consumers Preferring to Buy EVs (Fully Electric/Plug-in/Hybrid) for the Years 2020, 2021 and 2022
- Transportation Sector Emissions Breakdown by Type as of the Year 2022
- Autonomous Cars: A Landmine of Growth Opportunity for Automotive Engineering Services
- World Autonomous Vehicles Market Analysis of Annual Sales in '000 Units for Years 2020 through 2027
- Levels of Automation
- Global Autonomous Vehicle Sales Distribution by Level Type for Years 2020, 2025 & 2030
- Increasing Demand for Advanced Connectivity Solutions Pushes the Need for Engineering Services
- Global Connected Cars Market (In US$ Billion) for the Years 2021, 2023 and 2025
- % of New Vehicles with In-Built Connectivity for 2021 and 2030
- Automotive Engineering Services for Tapping Connectivity
- Rise in Integration of ADAS by OEMs into Latest Models Augers Well for Engineering Services Market
- Global Advanced Driver Assistance System (ADAS) Market Size in US$ Billion for the Years 2021, 2023, 2025 & 2027
- Select ADAS Technologies
- Rise in Vehicle Electronification Drives Demand
- With Advanced Technologies Making a Big Impact on Automotive Sector, Automotive Engineering Services Grow in Importance
- Rising Industry Focus on Engineering of Light Weight Vehicles Pushes Demand for Advanced Engineering Capabilities
- Breakdown of Automotive Material Mix: 2021
- Industry Witnesses Continued Preference of OEMs toward Outsourcing Services for Cost Savings
- Engineering Services Gain as Automaker Strengthen R&D Spending
- Automotive R&D Spending in US$ Billion for 2020, 2025, and 2030
- Automotive R&D Spending Breakdown by Segment : 2025
- R&D Focus Shifts from Hardware to Software Engineering
- Upside Potential of Vehicle Testing for Automotive Engineering Services
- Powertrain Engineering Services Gain Significance
- What Kind of an Automobile is on the Radar of Consumers Wanting to Own One: Powertrain Preference of Consumers (In %) as of the Year 2022
- Emissions & Vehicle Safety Regulations Rev Up Automotive Engineering Services Market
- Safety Regulations Step-Up the Pressure on Software
FOCUS ON SELECT PLAYERS (Total 106 Featured)
- Akka Technologies
- Alten Cresttek
- Altran
- AVL
- Bertrandt AG
- Capgemini
- FEV
- Harman
- HCL Technologies
- IAV Automotive Engineering
For more information about this report visit https://www.researchandmarkets.com/r/uj6t5k
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