The product engineering services market is expected to grow at a CAGR of 9.83% from US$1,264.457 billion in 2022 to US$2,437.175 billion in 2029.
Product engineering services encompass the design, development, and testing of a product from conception to commercialization. These services include product design, prototyping, testing, manufacturing, and maintenance. The global product engineering services market has experienced steady growth in recent years and is anticipated to have continued growth in the years to come. Product engineering services are a crucial aspect of product development that helps businesses leverage new technologies and build outstanding products without investing high amounts of time and money in homegrown talent and resources. These services cover the whole spectrum from software, mechanical, hardware, and VLSI design to industrial design, product benchmarking, and more.
Introduction:
Product engineering services companies work with different types of industries such as aerospace, healthcare, automotive and consumer electronics, to design, develop, and test products.. This includes a range of services such as product design, prototyping, testing, manufacturing, and maintenance services. The market for product engineering services is driven by various aspects such as the growing demand for innovative and high-quality products, the need for faster time-to-market, and the increasing adoption of advanced technologies such as AI and IoT. Product engineering services companies collaborate with a diverse set of businesses, including automotive, and consumer electronics. This highly competitive market is characterized by a diverse set of services tailored to meet the specific needs of each client.
Drivers:
Products offered by key companies:
Prominent growth in the IT and Telecom segment within the product engineering services market:
The IT and Telecom segment is a prominent growth area within the product engineering services market. The IT and Telecom sectors are driven by factors such as the increasing demand for software and hardware solutions, the need for faster time-to-market, and the growing adoption of advanced technologies such as AI and IoT. Companies in these sectors are looking for ways to differentiate themselves by offering innovative and high-quality products that meet all emerging needs of consumers. Product engineering services help companies to accelerate the product development process and reduce time-to-market. Additionally, the rise in the need for technological solutions and advancements in technological devices has increased the growth of the product engineering services industry. The IT and Telecom segment is expected to continue to grow at a significant rate in the coming years.
The Asia Pacific region is expected to hold a significant share of the product engineering services market:
The Asia Pacific region is expected to hold a significant share of the product engineering services market due to several factors. The region is characterized by a large and relatively young population compared to many developed nations, a growing middle class, and a strong demand for innovative and high-quality products. The region has been experiencing rapid urbanization and digital transformation, which has led to an increase in demand for advanced technologies such as AI and IoT. The Asia Pacific region is also home to many major players in the product engineering services market, such as Alten, AVL, and HCL, who offer a diverse range of solutions to meet the diverse needs of their clients. The region is expected to continue to grow at a significant rate in the coming years, driven by factors such as increasing investment in technology, rising disposable incomes, and growing demand for customized products.
Key developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$1,264.457 billion |
| Market Size Value in 2029 | US$2,437.175 billion |
| Growth Rate | CAGR of 9.83% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segments