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

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

NEW YORK, November 3, 2022 /PRNewswire/ — The Automotive Engineering Service Provider (ESP) Market participation is expected increased by $8,381.88 million from 2022 to 2027, with an accelerating CAGR of 8.2% – according to the recent Technavio market study. This report also offers a 5-year (2017-2021) historical data projection of market size, segment and region. the year-over-year growth rate of the automotive engineering service provider (ESP) market is estimated at 7.38% from 2023. Furthermore, the market is fragmented. Our analysts have made a internal and external supplier analysis to help companies understand the broader business environment, as well as the strengths and weaknesses of key market players. Our report also forecasts the Bargaining power of buyers and suppliers and the Threat of new entrants and rivalry oscillating 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

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

Find an analysis of price sensitivity, lifecycle, customer basket, adoption rates, and buying criteria compiled exclusively by Technavio research analysts

  • One of the central components of customer landscape it is Price sensitivity – whose analysis will help companies refine marketing strategies to gain a competitive advantage.

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

  • Our report provides extensive information on the Automotive Engineering Service Provider (ESP) Market Customer Landscapeinvolving qualitative and quantitative intelligence.

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The Automotive Engineering Service Providers (ESP) Market Report also offers insights on Input Criticality, R&D, Capex, Technology, Manpower, and Brand of the 20 vendors listed below:

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5-Year Historical Market Size Data Chart & Table (2017-2021), Comparison & YoY Growth of Automotive Engineering Service Providers (ESP) Industry Segment

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

  • By Service – the drivetrain segment shows a gradual increase in demand 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 will result in better performance and lower fuel consumption.

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

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Increasing vehicle digitization and electrification is notably driving the growth of the automotive engineering service provider (ESP) market

Electronic systems have replaced mechanical components in many automobiles due to to the need for information, reduced fuel consumption, lower emissions, increased safety, driver assistance and a better driving experience. Manufacturers are incorporating advanced features to differentiate their products. furthermore, the increasing focus on ADASsuch as lane assist systems, adaptive cruise control, blind spot detection, speed assist system, electronic stability control, and parking assist system will increase the volume of electronic components in vehicles.

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Historical Market Size Data Chart & Table (2017-2021), Comparison & YoY Growth of 14 Countries of Automotive Engineering Service Provider (ESP) Industry

  • The market is segmented by geography in North America (United States and Canada), Europe (The United Kingdom, Germany, Franceand rest of Europe), APAC (Porcelain Y India), South America (Brazil, ArgentinaY Colombia), Y middle East & Africa (Saudi Arabia, South Africaand rest of the middle East & Africa).

  • Europe it is planned to contribute 30% of market growth by 2027. The growth of the market in Europe attributed to factors such as presence of the main automobile manufacturers worldwide, such as Volkswagen AG (Volkswagen), Mercedes-Benz AG (Mercedes-Benz), BMW AG (BMW), and AB Volvo (Volvo). Countries like Germany, France, Spain, and the UK will be the main contributors to market growth in the region. the development of autonomous vehicles and the growing interest in connected cars in Europe are encouraging ESP providers to design and develop engineered solutions. Therefore, the business prospects for ESP providers will increase in the region during the forecast period.

  • the Automotive engineering service provider (ESP) market growth slowed in 2020 and 2021 due to the COVID-19 outbreak, as the governments of various countries imposed lockdowns. However, in 2021, government initiatives such as large-scale vaccination campaigns led to a relaxation of lockdown restrictions and a resumption of business operations. In addition, governments began to focus on reviving industrial growth to improve vehicle sales and production in Europe 2022 onwards. These factors will increase the demand for automotive ESP which, in turn, will drive the growth of the market in the region during the forecast period.

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Automotive Engineering Service Provider (ESP) Market Scope

Report Coverage

Details

Page number

120

base year

2022

historical year

2017-2021

forecast period

2023-2027

Growth momentum and CAGR

Accelerates to a CAGR of 8.2%

Market growth 2023-2027

$8,381.88 million

market structure

Fragmented

YoY growth (%)

7.38

regional analysis

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

Contribution to the real market

Europe at 30%

Main consuming countries

United States, China, Germany, France and United Kingdom

competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

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

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

Customization Scope

If our report didn’t include the data you’re looking for, you can contact our analysts and get custom segments.

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Table of Contents

1. Executive Summary

2 Market Landscape

3 Market size

4 Historical 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 Provider Landscape

12 Supplier Analysis

13 Appendix

About us
Technavio is a world leader in technology research and consulting. His research and analysis focus on emerging market trends and provide actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 specialized analysts, Technavio’s library of reports Its client base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing client base is based on comprehensive coverage, in-depth research and Technavio’s actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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