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Automotive Engineering Service Providers (ESP) Market 2023-2027 Along with 5-Year Historic (2017-2021) Industry Size & Comparison of 20 Vendors and 14 Countries

NEW YORK, Nov. 3, 2022 /PRNewswire/ — The Automotive Engineering Service Providers (ESP) Market share is expected to increase by USD 8381.88 million from 2022 to 2027, with an accelerated CAGR of 8.2% – according to the recent market study by Technavio. This report also offers a 5-year historic (2017-2021) data projection of market size, segment, and region. The Y-O-Y growth rate of the Automotive Engineering Service Providers (ESP) Market is estimated at 7.38% as of 2023. Moreover, the market is fragmented. Our analysts have conducted an internal and external analysis of vendors to help companies understand the wider business environment as well as the strength and weaknesses of key market players. Our report also forecasts the Bargaining Power of Buyers & Suppliers and the Threat of New Entrants & Rivalry ranging between LOW-MODERATE during the forecast period.

Technavio has announced its latest market research report titled Global Automotive Engineering Service Providers (ESP) Market 2023-2027

Find Analysis of Price Sensitivity, Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria Prepared Exclusively by Technavio Research Analysts

  • One of the core components of customer landscape is Price Sensitivity – an analysis of which will help companies refine marketing strategies to gain a competitive advantage.   

  • Moreover, this report also provides impact of price sensitivity drivers (purchases are undifferentiated, purchase is a key cost to the buyer, and quality is not important), which are expected to range between LOW-HIGH from 2023-2027.

  • Our report provides extensive information on the customer landscape of the Automotive Engineering Service Providers (ESP) Market, involving qualitative and quantitative intelligence.

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The Automotive Engineering Service Providers (ESP) Market Report Also Offers Information on the Criticality of Inputs, R&D, Capex, Technology, Labor, and Brand of 20 Vendors Listed Below –

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Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparison and Y-O-Y Growth of Automotive Engineering Service Providers (ESP) Industry Segment

  • The market is segmented by Service (Powertrain, Complete Vehicle, Electrical/Electronics, and Others) and Location (In-house and Outsource).

  • By Service – The powertrain segment shows a gradual increase in demands during 2023-2027.

  • OEMs are working on developing lightweight engines that can reduce the overall weight of a vehicle. This will have a positive impact on engine efficiency and, in turn, result in improved performance and reduced fuel consumption.

  • Fuel consumption is a key parameter for OEMs and consumers. Therefore, the strengthening of fuel economy standards across the world is driving the segment.

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Increasing Vehicle Digitization and Electrification is Notably Driving the Automotive Engineering Service Providers (ESP) Market Growth

Electronic systems have replaced mechanical components in many automobiles owing to the need for information, reduction in fuel consumption, low emissions, increase in safety, driver assistance, and an enhanced driving experience. Manufacturers are incorporating advanced features to differentiate their products. In addition, the growing focus on ADAS, such as lane assist systems, adaptive cruise control, blind spot detection, speed assist system, electronic stability control, and park assist system, will increase the volume of electronic components in vehicles.

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Chart & Data Table on Historic Market Size (2017-2021), Comparison and Y-O-Y Growth of 14 Countries of Automotive Engineering Service Providers (ESP) Industry

  • The market is segmented by Geography into North America (The US and Canada), Europe (The UK, Germany, France, and Rest of Europe), APAC (China and India), South America (Brazil, Argentina, and Colombia), and Middle East & Africa (Saudi Arabia, South Africa, and Rest of the Middle East & Africa).

  • Europe is projected to contribute 30% of market growth by 2027. The growth of the market in Europe is attributed to factors such as the presence of leading global automakers, such as Volkswagen AG (Volkswagen), Mercedes-Benz AG (Mercedes-Benz), BMW AG (BMW), and AB Volvo (Volvo). Countries such as Germany, France, Spain, and the UK will be the major contributors to market growth in the region. The development of autonomous vehicles and the rising focus on connected cars in Europe are encouraging ESP vendors to design and develop engineering solutions. Hence, the business prospects for ESP vendors will increase in the region during the forecast period.

  • The growth of the automotive engineering service providers (ESP) market declined in 2020 and 2021 due to the outbreak of COVID-19, as governments of various countries imposed lockdowns. However, in 2021, government initiatives, such as large-scale vaccination drives, led to a relaxation of lockdown restrictions and the resumption of business operations. In addition, governments started focusing on reviving industrial growth to improve the sales and production of vehicles in Europe 2022 onward. These factors will increase the demand for automotive ESPs, which, in turn, will fuel the growth of the market in the region during the forecast period.

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Automotive Engineering Service Providers (ESP) Market Scope

Report Coverage

Details

Page number

120

Base year

2022

Historical year

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.2%

Market growth 2023-2027

$8381.88 million

Market structure

Fragmented

YoY growth (%)

7.38

Regional analysis

Europe, APAC, North America, South America, and the Middle East and Africa

Performing market contribution

Europe at 30%

Key consumer countries

US, China, Germany, France, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Key companies profiled

AKKA Technologies SE, Altair Engineering Inc., AVL List GmbH, Bertrandt AG, Capgemini Service SAS, EDAG Group, EPAM Systems Inc., FEV Group GmbH, HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, KPIT Technologies Ltd., L&T Technology Services Ltd., Mahindra & Mahindra Ltd., Onward Technologies Ltd., Ricardo Plc, ASM Technologies Ltd., Belcan LLC, Contechs Holdings Ltd., and Magna International Inc.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse Consumer Discretionary Market Reports

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Service

7 Market Segmentation by Location

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
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 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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SOURCE Technavio