LONDON--(BUSINESS WIRE)--The global automotive engineering service providers (ESP) market size is expected to post a CAGR of over 6% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing vehicle digitization and electrification is one of the key factors anticipated to trigger the market’s growth during the forecast period. Manufacturers are incorporating advanced features in cars for product differentiation and sustaining the competitive market. In addition, the growing focus of OEMs on ADAS, such as lane assist system, blind-spot detection, electronic stability control, speed assist system, and adaptive cruise control has increased the number of electronic components in vehicles. Furthermore, OEMs are forming partnerships or entering into agreements with electronics, energy, and telecommunication companies to offer digitization and electrification of mechanical components. These developments are further likely to aid the automotive ESPs to develop and optimize the products as well as the manufacturing process.
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As per Technavio, the development of autonomous vehicles will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive ESP Market: Development of Autonomous Vehicles
There has been an increasing focus on the development of autonomous vehicles in recent years. Companies and OEMs are pooling their R&D resources for designing and developing successful prototypes of autonomous vehicles. In addition, automakers are partnering with technology companies for integrating vehicles with artificial intelligence to create technologically advanced vehicles. Furthermore, the growth in the development of autonomous vehicles can be attributed to the shifting perception of consumers toward car ownerships. This has further encouraged the OEMs to develop more driverless and autonomous vehicles for adapting to the consumers’ behavioral changes.
“Other factors such as deployment of advanced designing techniques such as 3D printing, evolution of Industry 4.0, increasing vehicle digitization and electrification, and rising demand for vehicle connectivity solutions are expected to boost the automotive engineering service providers (ESP) market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive ESP Market: Segmentation Analysis
This market research report segments the automotive engineering service providers (ESP) market by service (powertrain, complete vehicle, electrical/electronics, and others) and geography (APAC, Europe, North America, MEA, and South America).
Europe led the market in 2019, followed by North America, APAC, South America, and MEA respectively due to the presence of some of the leading global automakers in the advanced and emerging economies of the region. Furthermore, the development of autonomous vehicles and rising focus on manufacturing connected cars in this region are expected to spur the development of automotive engineering solutions by the engineering service providers during the forecast period. However, APAC is anticipated to witness highest incremental growth in automotive engineering ESP market due to the factors such as technological advancements in the automotive industry, supporting government initiatives, and heavy investments in automotive manufacturing from leading OEMs.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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