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(Transportation-News.com, July 10, 2024 ) As per Maximize Market research, the Automotive Engineering Services Market size was valued at US$ 181.80 Bn. in 2023 and the total revenue is expected to grow at 8.9 % of CAGR through 2024 to 2030, reaching nearly US$ 330.20 Bn.
Asia-Pacific dominated the market with 42% market share in 2023. Rapid adoption of electric vehicles in China, governmental regulations promoting green technologies and reducing emissions, along with increased vehicle production, rising luxury vehicle demand, and technological advancements are some of the growth of the market. Countries like Japan and South Korea, and fast-developing economies like China and India are key markets. North America is expected to experience rapid expansion throughout the forecast period.
IP restrictions & weak global economy are some of the challenges faced by market.
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Automotive Engineering Services Market Segmentation
by Service Type
Connectivity
Designing
Prototyping
System Integration
Testing
Others
by Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
by location
In-house
Out-source
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by Application
ADAS and Safety
Electrical, Electronics, and Body Controls
Chassis
Connectivity Services
Interior, Exterior, and Body Engineering
Powertrain and Exhaust
Simulation
Battery Development & Management
Charger Testing
Motor Control
Others
by Propulsion
ICE
Electric
by Nature Type
Body Leasing
Turnkey
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Automotive Engineering Services Key Players:
Altair Engineering Inc.
Pilot Systems International
HARMAN International
EPAM Systems
GlobalLogic
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
Automotive Retail Market size was valued at USD 3.66 trillion in 2023 and the total Global Automotive Retail revenue is expected to grow at a CAGR of 7.15 % from 2024 to 2030, reaching nearly USD 6.22 trillion.
Automotive Manufacturing Equipment Market size is valued at USD 7.5 Billion in 2023 and is forecast to grow at a CAGR of 11.3% from 2024 to 2030, reaching nearly USD 15.87 Billion
About Maximize Market Research
Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities and technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics and communications, Internet of Things, Food and Beverages, Aerospace and defense, and other manufacturing sectors.
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Source: EmailWire.Com 
Source: EmailWire.com
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