What is Automotive Engineering Service Providers (ESP) Market Scope?
Automotive engineering services related to the engineering solutions for various parts of the vehicles, including engineering, safety, software, electrical, and electronic engineering services, as well as solutions for the construction of vehicles for land, aerospace, and marine applications. These technical solutions are used to optimize the manufacturing process and improve the company's operating cycle without compromising the quality of the vehicle. Automotive engineering service providers offer engineering solutions for various elements along the entire value chain of the automotive industry. They include designing, manufacturing, developing, and testing various elements such as mechanics, electrics, electronics, software, and safety. These services focus on optimizing the manufacturing process to improve the entire operating cycle of the organization without offsetting the effectiveness of the vehicle. Automotive Enhanced Service Providers (ESPs) improve their technical skills according to the changing business environment and develop more adaptable and individual solutions for OEMs. As a result, the majority of OEMs work with ESO automotive suppliers to design, develop and test new engines, transmissions, and constructions. This is driving the growth of the global market for service providers for vehicle technology.
Influencing Trend:
The Predominant Rise in the Production of Green Vehicles to Comply With Minimal Emission Norms, The Abrupt Shift in Preferences of OEMs for Digitized Solutions over Mechanical and Core Assistance and Increasing Requirements for Lightweight Vehicles As Government and Manufacturers Are Focusing On Designing and Developing Lightweight Vehicles to Make Vehicle More Fuel-Efficient
Market Growth Drivers:
The Advent of Autonomous Vehicles, The Rise in Disposable Incomes of Customers, The Rapid Deployment of Self-Serve Solutions, Rising Requirements for Safety-Related Systems Due To Government Regulations, Introduction of 5G Network in the Automotive Industry and The Growing Adoption of Electric and Hybrid Vehicles
Challenges:
Availability of Low Cost Skilled and Semi-Skilled Workforce
Restraints:
The Rising Concerns around the Disclosure of Intricate Designs of Automobiles and The Stringent Regulatory Norms With Respect To Political Scenario, Varied Industry Landscape, and Preferred Structure of Captive Centers
Opportunities:
The Rising Awareness and Demand for Technological Solutions Including Connectivity, Collision Avoidance Sensors among Others in Automotive and Growing Technical Capabilities Of Engineering Service Providers (ESPs) To Offer R&D
The Automotive Engineering Service Providers (ESP) market study is being classified by Type (Designing, Fabricating, Developing and Testing), by Application and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Vendors from European will contribute to the maximum growth of Global Automotive Engineering Service Providers (ESP) market throughout the predicted period.
AVL (Austria), FEV Group GmbH (Germany), Bertrandt (Germany), EDAG Engineering GmbH (Germany), L&T Technology Services Limited (India), IAV GmbH (Germany), Alten Cresttek (United States), Harman International (United States), HCL Technologies Limited (India), Altran Technologies (France), Akka Technologies (Belgium), Robert Bosch (Germany) and Pailton Engineering Limited (United Kingdom) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Sogeti (France), Capgemini (France), Onward Group (India) and Contechs (United Kingdom).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Automotive Engineering Service Providers (ESP) market by Type, Application and Region.
On the basis of geography, the market of Automotive Engineering Service Providers (ESP) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In March 2022, FEV acquires Paragon Electrodrive's Aachen site, expanding its expertise and capabilities in the power electronics field. The purpose of the deal is to expand our know-how and testing capabilities in the fields of power electronics, electric motors, and complete e-drives. FEV is retaining all staff on site.
In May 2019 Alten worked with Syrphus GmbH, which designs unmanned autonomous vehicles and aircraft and offers services for multicopter and manned aviation. Alten supported the company's team by providing stress calculation, micromechanics, computational design, software and hardware development, electrical installation, and test services to develop hybrid aircraft with vertical landing and take-off and horizontal flight capabilities.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Automotive Engineering Service Providers (ESP), Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
Automotive Engineering Service Providers (ESP) Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Automotive Engineering Service Providers (ESP) Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Automotive Engineering Service Providers (ESP) industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.