CHICAGO, Jan. 30, 2023 /PRNewswire/ — Automotive Engineering Services Market is projected to grow from 153.2 billion in 2022 to 243.9 billion by 2028, registering a CAGR of 8.1%, during the forecast period, according to a new report by MarketsandMarkets™.
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The growing demand of zero-emission vehicles, advancements in technologies such as ADAS, battery management, connectivity, among others, and rising commercial transport are expected to increase the demand for automotive engineering services around the world. For instance, the demand for automotive engineering services for electric vehicles such as battery development & management, charger testing, motor control, among others, is increasing due to the increased demand for electric passenger cars and commercial vehicles due to their lower operating noise and lower emissions as compared to their ICE counterparts. At present, major global automotive OEMs outsource processes such as designing, prototyping, system integration, and testing to an external source. The demand for outsourcing automotive engineering services has been increased from last few years. The outsourcing of automotive engineering services can help automotive OEMs by integrating product development with related operations such as engineering and warranty management.
Prototyping segment to be the largest market by value during forecast period.
Prototyping is estimated to be the largest service type segment of the Automotive Engineering Services Market during the forecast period. Prototyping enables industry professionals to create functional models of a new part design in a short time. In addition, the adoption of 3D printing technology has significantly reduced the time it takes to manufacture the functional model. In the automotive industry, 3D printing has created opportunities for the creation of new designs (making products safer, cleaner, and lighter) and other