Automotive Engineering Service Providers Market Report by Technavio Identifies the Increasing Vehicle Digitization and Electrification as a Major Driver
NEW YORK, March 29, 2021 -- The automotive engineering service providers market report by Technavio forecasts growth of USD 7.41 billion during 2021-2025. Amid the pandemic, the automotive engineering service providers market is expected to register a YOY growth of 19.32% in 2021.
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The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as service (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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"Increasing vehicle digitization and electrification will be crucial in driving the growth of the automotive engineering service providers market. Also, the development of autonomous vehicles will present significant opportunities for vendors during the forecast period", says an analyst at Technavio.
The growing consumer demand for safety, comfort, fuel efficiency, and the improved driving experience is increasing the adoption of the 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, which has driven the need for architectural redesigning of vehicles. Besides, the high adoption of EVs and hybrid vehicles has increased the reliance of car manufacturers on providers of battery and advanced electronic systems. This is creating new opportunities for market vendors, thereby fostering the growth of the market.
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Automotive Engineering Service Providers Market: Segmentation Analysis
Segmentation by Service:
- Based on service, the powertrain segment led the market in 2020.
- The powertrain segment is expected to generate maximum revenue to the market due to the increasing need for rigorous testing and validation methodologies of the engine and its components led by more stringent emission standards.
- Also, the development of lightweight engines is expected to contribute to the growth of the powertrain segment during the forecast period.
- The market growth in the powertrain segment will be significant during the forecast period.
Segmentation by Geography:
- 30% of the market growth will originate from Europe and the region will offer several opportunities for market vendors during the forecast period.
- The increasing penetration of passenger cars and the growing demand for safety features in vehicles will drive the growth of the automotive engineering service providers market in North America.
- Germany, France, and the UK are the key markets for automotive engineering service providers in Europe.
- Market growth in this region will be faster than the growth of the market in MEA.
Automotive Engineering Service Providers Market: Major Vendors
The automotive engineering service providers market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, 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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