Global Automotive Engineering Services Business Analysis Report 2023: Engineering Services Grow in Demand with EV Production on a Fast Track as Countr
Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com is now providing the "Global Strategic Business Report on Automotive Engineering Services" as part of its offerings.
The worldwide market for automotive engineering services is projected to achieve a value of $339.8 billion by the year 2030.
The worldwide market for Automotive Engineering Services, valued at approximately $182.5 billion in 2022, is expected to expand and reach a revised market size of about $339.8 billion by 2030. This growth is anticipated at a compound annual growth rate (CAGR) of 8.1% throughout the analysis period from 2022 to 2030.
The report examines the In-House sector, which is expected to achieve a Compound Annual Growth Rate (CAGR) of 8.4% and reach a value of US$223.9 Billion by the conclusion of the analysis period. Considering the ongoing recovery from the pandemic, the growth of the Outsource sector has been revised to a adjusted CAGR of 7.4% for the following eight years.
The United States market is valued at approximately $25.4 billion, while it is expected that China will experience a compound annual growth rate (CAGR) of 10.5%.
The car engineering services industry in the United States is valued at approximately $25.4 billion in 2022. China, which is the second largest economy globally, is anticipated to achieve a market size of around $67.9 billion by 2030 with a compounded annual growth rate of 10.5% between 2022 and 2030.
Japan and Canada are also significant markets worth mentioning. It is predicted that Japan's growth rate will reach 5.4% and Canada's growth rate will be 7.8% between 2022 and 2030. In Europe, Germany is expected to experience a compound annual growth rate (CAGR) of about 7.1%.
Anticipating the Future of 2023
The worldwide economy is at a crucial intersection with multiple interconnected obstacles and disasters occurring simultaneously. The continuous increase in prices of food and fuel will pose a recurring issue for the economy. The escalation in retail prices will have a negative effect on consumers' belief in the economy and their expenditure. When governments try to control inflation by increasing interest rates, the creation of new employment opportunities will decrease, thereby affecting economic activities and growth.
Companies are becoming more cautious with their investments, fearing high inflation and reduced demand. This could result in decreased capital expenditure. Developed markets are likely to face a recession due to slower growth and elevated inflation. Additionally, concerns about new COVID outbreaks and China's uncertain recovery from the pandemic could lead to more severe problems in global supply chains and manufacturing.
Unstable financial markets, increasing trade conflicts, stricter rules and regulations, and the push to integrate climate change considerations into economic choices will further add to the difficulty of the problems ahead. The year 2023 is anticipated to be a challenging time for various markets, investors, and consumers. However, there is always a chance for businesses and their leaders to find success by navigating through obstacles with flexibility and the ability to adjust to new circumstances.
What's the latest for the year 2023?
Emerging Patterns and Influencing Factors in the Market
Concentrate on specific individuals (A grand total of 106 highlighted)
To find further details regarding this report, please visit the following link: https://www.researchandmarkets.com/r/uj6t5k
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The Worldwide Industry for Automotive Engineering Services
