LONDON--(BUSINESS WIRE)--Technavio projects the global automotive engineering service providers market to post a CAGR of more than 6% during the period 2018-2022, according to their latest market research report.
The increasing vehicle digitization and electrification is a significant driver that will impact the global automotive engineering service providers market growth during the forecast period. The global automotive industry is evolving with the emergence of new technologies and the development of new vehicles. Manufacturers have started equipping special features in cars to highlight product differentiation and to sustain in the competitive market. Such developments create opportunities for ESPs to offer various engineering solutions that aid in optimizing the product and processes of OEMs and their suppliers.
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In this report, Technavio highlights the development of autonomous vehicles as one of the key emerging trends to drive the global automotive engineering service providers (ESP) market:
Global automotive engineering service providers market: Development of autonomous vehicles
Autonomous cars are unmanned and can navigate without human intervention by sensing the environment through devices such as radar, GPS, and ADAS. The highly complex nature of autonomous cars has led technology companies and OEMs to pool their resources to design and develop successful prototypes that will evolve over time to enhance the performance of these vehicles.
According to a senior analyst at Technavio for automotive components research, “The autonomous vehicle is still at a nascent stage, and its commercialization will take many years. However, industry experts are expecting this concept to revolutionize the automotive industry. ESPs such as EDAG Engineering, Bertrandt, IAV, and AVL List, are working hard toward the development of autonomous vehicles.”
Global automotive engineering service providers market: Segmentation analysis through 2022
This market research report segments the global automotive ESP market by types of services (powertrain, complete vehicle, electrical/electronics, and others) and key regions (the Americas, APAC, and EMEA).
EMEA occupied the largest share in the global automotive ESP market in the year 2017, accounting for a market share of close to 46%, followed by the Americas and APAC respectively. However, the market share of EMEA is expected to decline significantly over the forecast period while APAC is expected to witness the maximum growth owing to the low-labor-cost advantages.
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