Newark, Del, Aug. 20, 2023 (GLOBE NEWSWIRE) — The global Automotive Engineering Services Market in 2022 was US$ 1.46 Billion and is estimated to be US$ 1.6 Billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around US$ 3.2 Billion by 2033.
An increase in awareness and demand for technological solutions including connectivity, and collision avoidance sensors among others in automotive is driving the growth of the market. Rise in requirements for lightweight vehicles as governments and manufacturers are mainly focusing on the designs and development of lightweight vehicles for making more fuel-efficient vehicles.
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The increase in the requirements for safety-related systems because of government regulations is the major factor driving the automotive engineering services market. The growth in adoption of electric and hybrid vehicles is raising the production of these vehicles which is henceforth anticipated to propel the growth of the market over the forecast period.
|Automotive Engineering Services Market Projected Forecast Value (2022)||US$ 1.46 billion|
|Automotive Engineering Services Market Projected Forecast Value (2023)||US$ 1.6 billion|
|Automotive Engineering Services Market Projected Forecast Value (2033)||US$ 3.2 billion|
|Automotive Engineering Services Market Growth Rate||7.17% CAGR|
|Automotive Engineering Services Market Forecast period||2023 to 2033|
Key Takeaways from the Market Study
- The global automotive engineering services market expanded at a CAGR of 6.42% between 2018 and 2022.
- India is forecasted to develop a 6.8% CAGR from 2023 to 2033.
- China is anticipated to expand…