LONDON--(BUSINESS WIRE)--The global automotive engineering service providers market size is poised to grow by USD 5.31 billion during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Disruptive technology-driven trends in the automotive industry have been propelling automotive OEMs to incorporate advanced driver-assistance systems (ADAS) primarily for product differentiation and gain competitive advantage. The significant demand from the consumer end for increased safety, lower emissions, fuel efficiency, and improved driving experience is also increasing the installation of ADAS, such as speed assist system, park assist system, and other sensors. Increased technological innovations in vehicles have prompted OEMs to partner with consumer electronics, energy, and telecommunications companies. These factors are creating business opportunities for EDP to offer various engineering solutions to optimize products and processes of OEMs and their suppliers. As a result, the automotive engineering service providers market will register steady growth over the forecast period.
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- The major automotive engineering service providers market growth came from the powertrain segment. OEMs are working toward the development of lightweight and fuel-efficient engines, which has been creating significant business opportunities for ESPs. Furthermore, the increasing need for rigorous testing and validation methodologies of engines and their components for compliance with stringent emission standards will drive the global automotive ESP market growth in the powertrain segment.
- The increasing disposable income and launch of new car models are primarily driving the automotive engineering service providers market growth in APAC. Moreover, the region has the highest number of potential first-time passenger vehicle buyers. With the improving purchase power in the region, customers are shifting their focus from just price to other factors such as vehicle safety and driver ease and comfort. This will drive the sales of vendors in the region. China, India, Japan, and South Korea are the key markets for automotive engineering services in APAC. Market growth rate in this region will be faster than other geographies.
- The global automotive engineering service providers market is fragmented. AKKA Technologies SE, AVL List GmbH, Bertrandt AG, Capgemini Service SAS, EDAG Engineering Group AG, HCL Technologies Ltd., IAV GmbH Ingenieurgesellschaft Auto und Verkehr, Larsen & Toubro Ltd., Ricardo Plc, and Tech Mahindra Ltd. are some of the major market participants. To help clients improve their market position, this automotive engineering service providers market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the automotive engineering service providers market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/automotive-engineering-service-providers-market-industry-analysis
Development of Autonomous Vehicles will be a Key Market Trend
The development of autonomous vehicles is one of the significant automotive engineering service providers market trends. Although the autonomous vehicle concept is still in its nascent stage, it has significant business opportunities for market vendors. ESPs such as EDAG Engineering, Bertrandt, IAV, and AVL List are working toward the development of autonomous vehicles. The involvement of players from different industries in the autonomous car domain will create a significant need for automotive engineering solutions. Such factors will drive automotive engineering service providers market growth.
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Automotive engineering service providers market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist automotive engineering service providers market growth during the next five years
- Estimation of the automotive engineering service providers 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 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 market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY SERVICE
- Market segmentation by service
- Comparison by service
- Powertrain - Market size and forecast 2019-2024
- Complete vehicle - Market size and forecast 2019-2024
- Electrical/electronics - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by service
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 10: MARKET TRENDS
- Development of autonomous vehicles
- Fully integrated engineering data process chain for additive manufacturing
- Industry 4.0: Trends impacting automotive ESP
PART 11: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 12: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- AKKA Technologies SE
- AVL List GmbH
- Bertrandt AG
- Capgemini Service SAS
- EDAG Engineering Group AG
- HCL Technologies Ltd.
- IAV GmbH Ingenieurgesellschaft Auto und Verkehr
- Larsen & Toubro Ltd.
- Ricardo Plc
- Tech Mahindra Ltd.
PART 13: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 14: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.