Automotive engineering

Automotive Engineering Service Provider Market | Increase digitization and electrification of vehicles to drive market growth | Technavio

LONDON–(COMMERCIAL THREAD) – The global automotive engineering service provider market size is expected to grow by USD 5.31 billion during the period 2020-2024, growing at a CAGR of over 6% throughout the forecast period , according to Technavio’s latest report. The report offers up-to-date analysis regarding the current market scenario, the 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 technological trends in the automotive industry have prompted automotive OEMs to incorporate Advanced Driver Assistance Systems (ADAS) primarily for product differentiation and to gain competitive advantage. Strong consumer demand for increased safety, reduced emissions, fuel economy and improved driving experience also increases the installation of ADAS, such as speed assist system, driver assistance system parking and other sensors. The increase in technological innovations in vehicles has prompted OEMs to partner with consumer electronics, energy and telecommunications companies. These factors create business opportunities for EDP to offer various engineering solutions to optimize the products and processes of OEMs and their suppliers. As a result, the automotive engineering service provider market will register steady growth during the forecast period.

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Highlights of the report:

  • Market growth for leading automotive engineering service providers has come from the powertrain segment. OEMs are working on the development of light and fuel efficient engines, which has created significant business opportunities for ESPs. In addition, the growing need for rigorous testing and validation methodologies of engines and their components for compliance with strict emission standards will drive the growth of the global automotive ESP market in the powertrain segment.

  • The increase in disposable income and the launch of new car models is primarily driving the growth of the automotive engineering service provider market in APAC. In addition, the region has the largest number of potential first-time passenger car buyers. With the improvement in purchasing power in the region, customers no longer focus solely on price towards other factors such as vehicle safety and driver ease and comfort. This will boost sales from suppliers in the region. China, India, Japan and South Korea are the main markets for automotive engineering services in the APAC region. The market growth rate in this region will be faster than in other geographies.

  • The global automotive engineering service provider 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. main market players. To help clients improve their market position, this Automotive Engineering Service Provider Market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the Automotive Engineering Service Provider Market 2020-2024 should have negative and lower growth. As the pandemic spreads to some regions and reaches plateaus in other regions, we are reassessing the impact on businesses and updating our reporting forecast.

Read the full report here: https://www.technavio.com/report/report/automotive-engineering-service-providers-market-industry-analysis

The development of autonomous vehicles will be a key market trend

The development of autonomous vehicles is one of the main trends in the automotive engineering service provider market. Although the autonomous vehicle concept is still in its infancy, it offers significant business opportunities to market vendors. ESPs such as EDAG Engineering, Bertrandt, IAV and AVL List are working on the development of autonomous vehicles. The involvement of players from different industries in the field of autonomous cars will create a significant need for automotive engineering solutions. These factors will drive the growth of the automotive engineering service provider market.

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Automotive Engineering Service Provider Market 2020-2024: Highlights

  • Market CAGR during the forecast period 2020-2024

  • In-depth information on factors that will help the automotive engineering service provider market growth over the next five years

  • Estimated Automotive Engineering Service Provider Market Size and Its Contribution to Parent Market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the automotive engineering service provider market

  • Market Competitive Landscape Analysis and Detailed Supplier Information

  • Complete details on the factors that will challenge the growth of Automotive Engineering Service Provider Market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

  • Preface

  • Currency conversion rates for US $

PART 03: MARKET LANDSCAPE

  • Market ecosystem

  • Market characteristics

  • Market segmentation analysis

PART 04: MARKET CALIBRATION

  • Market definition

  • Sizing of the 2019 market

  • Market Size and Forecast 2019-2024

PART 05: FIVE STRENGTH ANALYSIS

  • The bargaining power of buyers

  • Bargaining power of suppliers

  • The threat of new participants

  • The threat of substitutes

  • Threat of rivalry

  • State of the market

PART 06: MARKET SEGMENTATION BY SERVICE

  • Market segmentation by service

  • Comparison by department

  • Powertrain Market Size and Forecast 2019-2024

  • Complete Vehicle – Market Size and Forecast 2019-2024

  • Electricity / Electronics Market Size and Forecast 2019-2024

  • Others – Market Size and Forecast 2019-2024

  • Market opportunity by service

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHICAL 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

  • Main leading countries

  • Market opportunity

PART 09: DRIVERS AND CHALLENGES

  • Market factors

  • Market challenges

PART 10: MARKET TRENDS

  • Development of autonomous vehicles

  • Fully integrated engineering data processing chain for additive manufacturing

  • Industry 4.0: Trends impacting automotive ESP

PART 11: SELLERS LANDSCAPE

  • Overview

  • Landscape disturbance

  • Competitive scenario

PART 12: SUPPLIER ANALYSIS

  • Covered suppliers

  • Supplier ranking

  • Positioning of sellers in the market

  • AKKA Technologies SE

  • AVL List GmbH

  • Bertrandt SA

  • Capgemini Service SAS

  • EDAG SA engineering group

  • HCL Technologies Ltd.

  • IAV GmbH Ingenieurgesellschaft Auto und Verkehr

  • Larsen & Toubro Ltée.

  • Ricardo plc

  • Tech Mahindra Ltd.

PART 13: ANNEX

  • Research methodology

  • Abreviations list

  • Definition of the market positioning of sellers

PART 14: EXPLORE TECHNAVIO

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