The increasing vehicle digitization and electrification to drive the market growth
(PRUnderground) November 20th, 2023
The Automotive Engineering Service Providers (ESP) market size is set to increase by USD 8.38 billion between 2022 and 2027, and register a CAGR of over 8.2%, according to Technavio’s latest market research report estimates. Factors such as increasing vehicle digitization and electrification, Rising demand for vehicle connectivity solutions, and the development of alternative power trains will offer immense growth opportunities. The Automotive Engineering Service Providers (ESP) Market is fragmented, and the degree of fragmentation will accelerate during the forecast period. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Buy full report
Automotive Engineering Service Providers (ESP) Market 2023-2027: Segmentation
- Service
- Powertrain
- Complete vehicle
- Electrical/electronics
- Others
- Geography
- Europe
- APAC
- North America
- South America
- Middle East And Africa
There will be notable market share growth in the powertrain segment during the forecast period. Original Equipment Manufacturers (OEMs) are focused on creating lightweight engines to decrease overall vehicle weight. This effort aims to enhance engine efficiency, leading to improved performance and lower fuel consumption. Fuel consumption stands as a crucial factor for both OEMs and consumers. Consequently, the reinforcement of global fuel economy standards is a key driving force behind this market segment.
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Automotive Engineering Service Providers (ESP) Market 2023-2027: Company Analysis and Scope
Some of the major companies in the automotive engineering service providers (esp) market include AKKA Technologies SE, Altair Engineering Inc., ASM Technologies Ltd., AVL List GmbH, Belcan LLC, Bertrandt AG, Capgemini Service SAS, Contechs Holdings Ltd., EDAG Group, EPAM Systems Inc., FEV Group GmbH, HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, KPIT Technologies Ltd., L and T Technology Services Ltd., Magna International Inc., Mahindra and Mahindra Ltd., Onward Technologies Ltd., and Ricardo Plc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 vendors operating in the market.
The report also covers the following areas:
- Automotive Engineering Service Providers (ESP) Market size
- Automotive Engineering Service Providers (ESP) Market trends
- Automotive Engineering Service Providers (ESP) Market industry analysis
The Automotive Engineering Service Providers (ESP) Market is fragmented, and the degree of fragmentation will accelerate. The increasing vehicle digitization and electrification will offer immense growth opportunities. However, the Increasing cost pressure on OEMs will hamper market growth.
Automotive Engineering Service Providers (ESP) Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist Automotive Engineering Service Providers (ESP) Market growth during the next five years
- Estimation of the Automotive Engineering Service Providers (ESP) Market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the Automotive Engineering Service Providers (ESP) Market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Automotive Engineering Service Providers (ESP) Market vendors
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Related Reports:
Engineering Services Market: The engineering services market size is estimated to grow at a CAGR of 4.2% between 2022 and 2027. The market size is forecast to increase by USD 365.9 billion.
Engineering Services Outsourcing Market: The engineering services outsourcing market size is estimated to grow at a CAGR of 18.75% between 2022 and 2027. The market size is forecast to increase by USD 203.04 million.
ToC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Service
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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