According to the report titled ‘Global Automotive Engineering Services Market Size study, by Application (ADAS & Safety, Body Electrical & Electronics, Chassis, Connectivity, Interior/Exterior, Powertrain & Exhaust, Battery, Motor, Charger Test, Simulation), Location (In-House, Outsource), Service (Concept/Research, Designing, Prototyping, System Integration, Testing), Vehicle (Passenger Car, Commercial Vehicle) and Regional Forecasts 2020-2027’, available with Market Study Report, global automotive engineering services market, valued at USD 140.9 billion in 2020, is anticipated to reach USD 254.3 billion by 2027, while growing at 8.8% CAGR during 2021-2027.
 

Increasing demand for advanced connectivity solutions, coupled with emphasis on improved manufacturing process and higher vehicle efficiency are expected to propel the growth of global automotive engineering services market.
 

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Notably, automotive engineering services includes design solutions with respect to mechanical, safety, software, electrical, and electronics aspects for vehicles across aviation, marine, and land applications. Constant efforts of automotive manufacturers and associates towards improvisation in technology by developing next generation vehicles, IoT devices, high definition cameras, and ultrasonic sensors is augmenting the market outlook.
 

However, issues that relate to patent rights and intellectual property rights for the developers and owners create hinderance in global automotive engineering services market expansion.
 

In terms of application scope, the market is divided as body electrical & electronics, ADAS & safety, connectivity, chassis, simulation, charger test, battery, motor, and exhaust & powertrain. Based on location, the industry is bifurcated as in-house, and outsource.
 

Speaking of service terrain, worldwide automotive engineering services market is classified as designing, system integration, testing, prototyping, and concept/research. While, passenger cars and commercial vehicles are the segments based on vehicle.
 

Regionally, global automotive engineering services market trends are studied across Latin America, Asia Pacific, Europe, North America, and rest of the world. Of these, Europe holds considerable industry share currently, pertaining to increased demand for low emission vehicles, and advancements in technology. Parallelly, Asia Pacific market is touted to exhibit robust CAGR over 2020-2027, due to stringent safety norms, adoption of electric vehicles, and rising passenger car sales.
 

The companies defining the competitive landscape for global automotive engineering services market are Capgemini SE, IAV GmbH, Tech Mahindra Limited, AKKA Technologies, Bertrandt AG, Harman International Industries Incorporated, Valmet Automotive, FEV Group, HCL Technologies, and ESI Group.