Automotive engineering

Technavio’s Automotive Engineering Service Provider Market Report Identifies Growing Digitalization and Electrification of Vehicles as a Major Driver

The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches and market behavior in segments such as Services (Powertrain, Complete Vehicle, Electrical/Electronics and others) and geography (Europe, North America, APAC, South America, and MEA). This report helps businesses create strategies to make the most of future growth opportunities.

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“Increased digitalization and electrification of vehicles will be crucial in driving the growth of the automotive engineering service provider market. Additionally, the development of autonomous vehicles will present significant opportunities for providers during the forecast period,” says a Technavio analyst.

Growing consumer demand for safety, comfort, fuel efficiency and improved driving experience is increasing the adoption of latest features such as lane assist system, blind spot detection, adaptive cruise control, electronic stability control, speed assist system, park assist. system, and others. This has increased the number of electronic components in vehicles, resulting in the need for architectural redesign of vehicles. In addition, the high adoption of electric and hybrid vehicles has increased automakers’ reliance on suppliers of batteries and advanced electronic systems. This creates new opportunities for the vendors in the market, thereby promoting the growth of the market.

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Automotive Engineering Service Provider Market: Segmentation Analysis

Segmentation by service:

  • On the basis of service, the powertrain segment dominated the market in 2020.
  • The powertrain segment is expected to generate maximum revenue from the market owing to the growing need for rigorous testing and validation methodologies of the engine and its components, driven by more stringent emission standards.
  • Also, the development of light engines is expected to contribute to the growth of the powertrain segment over the forecast period.
  • Market growth in the powertrain segment will be significant over the forecast period.

Segmentation by geography:

  • 30% of market growth will come from Europe and the region will provide several opportunities for market sellers during the forecast period.
  • Rising penetration of passenger cars and rising demand for in-vehicle safety devices will drive the growth of the automotive engineering service provider market in North America.
  • Germany, France, and the UK are the top markets for automotive engineering service providers in Europe.
  • Market growth in this region will be faster than market growth in MEA.

Automotive Engineering Service Provider Market: Key Vendors
The automotive engineering service provider market is fragmented due to the presence of multiple vendors. The report offers detailed information on the skills, capabilities and products offered by major vendors including AKKA Technologies SE, AVL List GmbH, Bertrandt AG, Capgemini Services SAS, EDAG Group, HCL Technologies Ltd., IAV GmbH, Larsen and Toubro Ltd., Mahindra & Mahindra Ltd. and Ricardo Plc, among others.

More details: www.technavio.com/report/automotive-engineering-service-providers-market-industry-analysis

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Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

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