Automotive Engineering Service Provider Market to Reach US$301.44 Billion by 2030, Driven by Demand for Electric Vehicles and Stringent Regulations, Says Maximize Market Research

The global automotive engineering service provider market is poised for significant growth, reaching US$301.44 billion by 2030, according to a new report by Maximize Market Research. This represents a compound annual growth rate (CAGR) of 8.1% over the forecast period (2024-2030).

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Market Overview

The automotive engineering service provider market plays a critical role in the development of new vehicles and components. These service providers offer a wide range of services, including design and development, testing and validation, manufacturing support, and consulting. The increasing demand for electric vehicles (EVs) and the need to comply with stringent regulations are key drivers of market growth.

Market Scope

The report provides a comprehensive analysis of the global automotive engineering service provider market, encompassing market size estimations, growth forecasts, and key trends. It delves into market dynamics across different regions and explores the impact of various segments on the overall market landscape.

Segmentation

The market is segmented based on services offered and end-user:

• By Services Offered:

  • Testing and Validation Services: This segment is expected to hold the largest market share due to the growing emphasis on ensuring vehicle safety, reliability, and performance.
  • Design and Development Services: With the increasing complexity of vehicles, the demand for design and development services is also anticipated to rise.
  • Manufacturing Support Services: These services play a vital role in optimizing production processes and improving efficiency.
  • Consulting and Advisory Services: This segment caters to the growing need for expert advice on various aspects of automotive engineering.

• By End-User:

  • Aftermarket and Remanufacturing Companies: This segment is projected to dominate the market due to the rising demand for repair and maintenance services for existing vehicles.
  • Original Equipment Manufacturers (OEMs): OEMs rely on automotive engineering service providers for a wide range of services throughout the vehicle development lifecycle.
  • Tier-1 Suppliers: Tier-1 suppliers also utilize the services of these providers to design, develop, and manufacture components.

Market Players

The report identifies prominent players in the global automotive engineering service provider market, including:

• Asia Pacific: Aisin Seiki Co., Ltd., Denso Corporation, Toyota Motor Corporation, Hyundai Motor Company, Mahindra & Mahindra Limited, BYD Company Limited
• Europe: Robert Bosch GmbH, Continental AG, Volkswagen AG, BMW Group, Daimler AG (Mercedes-Benz), Fiat Chrysler Automobiles (FCA)
• North America: General Motors Company, Ford Motor Company, Tesla, Inc., Magna International Inc.

MMR Research Methodology Used

Maximize Market Research employs a robust research methodology that combines top-down and bottom-up approaches to estimate the market size. The report leverages secondary research to identify key market participants and integrates primary and secondary research to determine their market shares.

Objective of the Report

The report equips readers with a clear understanding of the global automotive engineering service provider market landscape. It offers valuable insights into market growth drivers, challenges, and opportunities. Additionally, it provides a competitive analysis of key players and their strategies.

COVID-19 Impact

The COVID-19 pandemic initially disrupted the automotive industry, impacting production and supply chains. However, the market is expected to recover and witness strong growth post-pandemic as demand for new vehicles rebounds.

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