Automotive engineering service providers (ESP) market size to grow by USD 8,381.88 million from 2022 to 2027: Historic Industry Size & Analysis of 15 Vendors

NEW YORK, March 22, 2023 /PRNewswire/ — The automotive engineering service providers (ESP) market size is forecasted to increase by USD 8,381.88 million from 2022 to 2027 at a CAGR of 8.2%, according to a recent market study by Technavio. The growth of the market will be driven by increasing vehicle digitization and electrification. The emergence of new technologies and the development of new vehicles are leading to an evolution in the global automotive industry. Mechanical components in automobiles have been replaced by electronic systems, with the growing need for information, reduced fuel consumption, lower emissions, increased safety, driver assistance, and a comfortable driving experience. Hence, automotive OEMs are planning on keeping up with these ongoing trends. They are focusing on ADAS, such as lane assist systems, blind spot detection, adaptive cruise control, electronic stability control, speed assist system, and park assist system. Charts & data tables about the market have been covered in this report. Download the sample report

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

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

The market is segmented by service (powertrain, complete vehicle, electrical/electronics, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Segmentation by service

  • The powertrain segment was valued at USD 4,701.48 million in 2017 and continued to grow until 2021. During the forecast period, this segment will account for a significant share of the market growth. OEMs are working on developing lightweight engines that can reduce the overall weight of a vehicle. This, in turn, will have a positive impact on engine efficiency and result in better performance and reduced fuel consumption. The increasing need for rigorous testing and validation methodologies for automobile engines and their components will also drive the growth of this segment during the forecast period.

Segmentation by geography

  • Europe is estimated to account for 30% of the growth of the global market during the forecast period. The region has leading global automakers, such as Mercedes-Benz AG (Mercedes-Benz), Volkswagen AG (Volkswagen), BMW AG (BMW), and AB Volvo (Volvo). France, Germany, Spain, and the UK are among the major contributors to the market in the region, as many luxury and premium vehicles are manufactured in these countries. OEMs in the region are investing significantly in R&D. Most vendors provide end-to-end engineering solutions for vehicle engineering and product solutions. Hence, the growth prospects for ESP vendors in Europe will increase during the forecast period.

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Vendor analysis

Technavio has extensively analyzed 15 major vendors, including AKKA Technologies SE, Altair Engineering Inc., ASM Technologies Ltd., AVL List GmbH, Belcan LLC, Bertrandt AG, Capgemini Service SAS, Contechs Holdings Ltd., EDAG Group, EPAM Systems Inc., FEV Group GmbH, HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, KPIT Technologies Ltd., L and T Technology Services Ltd., Magna International Inc., Mahindra and Mahindra Ltd., Onward Technologies Ltd., and Ricardo Plc.

Key benefits for industry players & stakeholders – 

  • The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

  • It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.

  • The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Expand operations in the future – To get requisite details, ask for a custom report.

What’s New?

  • Special coverage on the RussiaUkraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

  • Global competitiveness and key competitor positions

  • Market presence across multiple geographical footprints – Strong/active/niche/trivial – Buy the report!

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What are the key data covered in this automotive engineering service providers (ESP) market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the automotive engineering service providers (ESP) market between 2023 and 2027

  • Precise estimation of the size of the automotive engineering service providers (ESP) market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the automotive engineering service providers (ESP) market across Europe, APAC, North America, South America, and Middle East and Africa

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of automotive engineering service providers (ESP) market vendors

Related Reports:

Automotive Service Market by Type, Vehicle Type, and Geography – Forecast and Analysis 2023-2027 – The market is estimated to grow at a CAGR of 7.65% between 2022 and 2027. The size of the market is forecasted to increase by USD 351.69 billion. This report extensively covers market segmentation by type (mechanical services, exterior and structural services, and maintenance services), vehicle type (passenger cars, light commercial vehicles, two-wheelers, and heavy commercial vehicles), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

Remanufactured Automotive Parts Market by Vehicle Type, Component, and Geography – Forecast and Analysis 2023-2027 – The market is estimated to grow at a CAGR of 3.93% between 2022 and 2027. The size of the market is forecasted to increase by USD 11,021.22 million. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), component (electrical and electronic parts, engine, transmission, wheels and brakes, and others), and geography(North America, Europe, APAC, South America, and Middle East and Africa).

Automotive Engineering Service Providers (ESP) Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.2%

Market growth 2023-2027

USD 8,381.88 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.38

Regional analysis

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

Performing market contribution

APAC at 30%

Key countries

US, China, Germany, France, and UK

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

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

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 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.

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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 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.

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Global Automotive Engineering Service Providers Market 2023-2027

Global Automotive Engineering Service Providers Market 2023-2027

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