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ITM Power has signed two contracts, each for the sale of 100MW of PEM electrolysers to Linde Engineering. Both plants will be installed at a site operated by RWE in Lingen, Germany, and be powered.
Europe is expected to be the largest Automotive Engineering Services Market in the forecast
Europe is estimated to account for a share of 43.0% of the global Automotive Engineering Services Market in 2021, and the market in this region is projected to register a CAGR of 8.9% during the forecast period.
For the market analysis, Europe includes Germany, France, Spain, the UK, Italy, Russia, and the Rest of Europe. The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers growth opportunities for the Automotive Engineering Services Market in the region. European automotive enterprises dominate the global landscape, accounting for almost 50% of the R&D spending led by firms such as BMW, Continental, and Daimler. The increasingly stringent regulations related to environmental issues are encouraging market players to test and develop advanced vehicles, further boosting the market for automotive engineering services. For example, in March 2017, L&T Technology S
Automotive Engineering Services Market worth $253.9 billion by 2027 - Exclusive Report by MarketsandMarkets Automotive Engineering Services Market by Application (ADAS & Safety, Body Electrical & Electronics, Chassis, Connectivity, Interior/Exterior, Powertrain & Exhaust, Battery, Motor, Charger Test, Simulation), Service, Location & Vehicle - Forecast to 2027 , published by MarketsandMarkets, the market is projected to grow at a CAGR of 8.8% from USD 153.3 billion in 2021 to USD 253.9 billion by 2027.
The growth of the Automotive Engineering Services Market is driven by the rising sales of electric vehicles, increasing R&D investments in the automotive industry, the advent of autonomous vehicles, and the high implementation of connectivity services.
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