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Automotive Industry Consulting Services Market Size

Report ID: GMI9907
Published Date: Jun 2024
Report Format: PDF

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Automotive Industry Consulting Services Market Size

Automotive Industry Consulting Services Market size was valued at USD 31.9 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. The automotive sector is experiencing rapid technological advancements, including adopting Electric Vehicles (EVs), autonomous driving technology, and connected car solutions. These innovations necessitate consulting services to help companies integrate new technologies, manage data, and comply with regulations.

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In June 2023, Accenture and Stellantis announced a collaboration to accelerate Stellantis’ software development and transformation into a sustainable mobility tech company. This includes leveraging cloud technologies and AI to enhance connected car services and other digital innovations.

Automotive Industry Consulting Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Industry Consulting Services Market Size in 2023:	USD 31.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5%
2032 Value Projection:	USD 49.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	240
Tables, Charts & Figures:	310
Segments covered:	Service, Enterprise Size, End User
Growth Drivers:	Digital transformation and technological advancements to integrate with new technologies Sustainability and green initiatives to adapt to environmental changes Regulatory compliance and safety standards to implement necessary changes Globalization and market expansion to navigate various challenges
Pitfalls & Challenges:	Global supply chain disruptions Client resistance to change or adopt new practices

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Increasing regulatory pressures and consumer demand for sustainability are driving the shift toward greener automotive solutions. This includes the development of EVs, hydrogen fuel cells, and sustainable manufacturing practices, prompting automotive companies to seek expert guidance on navigating these changes. In March 2024, McKinsey & Company published a report highlighting the growing need for consulting services in developing sustainable supply chains and green technologies for automotive manufacturers. This included sustainable practices and expert guidance on navigating regulatory changes.

The automotive supply chain is highly globalized and sensitive to disruptions such as those caused by geopolitical tensions, pandemics, natural disasters, changing global trade policies, and economic conditions. It becomes difficult to manage supply chain disruptions and maintain continuity. The clients in the automotive industry may resist adopting new practices or technologies due to cost concerns, disruption fears, or organizational inertia. It is also challenging to align client expectations with realistic outcomes and timelines.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive industry consulting services reached USD 31.9 billion in 2023 and is set to witness over 5% CAGR between 2024 and 2032, owing to sustainability and the rise in green initiatives to adapt to environmental changes.

The large enterprises segment is expected to generate over USD 32 billion by 2032, backed by the focus on comprehensive digital transformation to streamline operations, enhance efficiency, and remain competitive.

Asia Pacific market held over 42% share in 2023, attributed to the regulatory scrutiny around emissions, safety, environmental, social, and governance criteria.

Accenture, BAIN & Company, BCG, Deloitte, EY, KPMG, L.E.K. Consulting, McKinsey & Co., and PwC