Analyzing the Impact of Increasing Automotive ESP Demand
NEW YORK, NY, December 05, 2023 /24-7PressRelease/ -- Market analysts project a substantial growth in the Automotive Engineering Service Providers (ESP) market, anticipating an increase of USD 8.38 billion from 2022 to 2027, with a robust CAGR of over 8.2%. Technavio's latest research report underscores the influential factors driving this growth, including the surge in vehicle digitization and electrification, escalating demand for vehicle connectivity solutions, and advancements in alternative powertrains. The market, characterized by fragmentation, is expected to witness an accelerated degree of fragmentation during the forecast period.
Automotive Engineering Service Providers (ESP) Market 2023-2027: Segmentation
In the segmented analysis for the period 2023-2027, the powertrain segment is poised for notable market share growth. Original Equipment Manufacturers (OEMs) are directing their efforts towards developing lightweight engines to reduce overall vehicle weight, thereby enhancing engine efficiency, performance, and lowering fuel consumption. The latter is a critical consideration for both OEMs and consumers, aligning with global fuel economy standards.
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Automotive Engineering Service Providers (ESP) Market 2023-2027: Company Analysis and Scope
Major players in the Automotive Engineering Service Providers (ESP) market, such as AKKA Technologies SE, Altair Engineering Inc., Capgemini Service SAS, and others, are extensively covered in Technavio's report. The analysis encompasses a detailed examination of around 25 vendors, providing insights to help businesses enhance their market position.
The report delves into crucial aspects such as market size, trends, and industry analysis, emphasizing the potential growth opportunities arising from the increasing trends of vehicle digitization and electrification. However, it also highlights challenges, particularly the rising cost pressure on OEMs, which may impede market growth.
Automotive Engineering Service Providers (ESP) Market 2023-2027: Key Highlights
Key highlights of the Automotive Engineering Service Providers (ESP) market report include the forecasted CAGR, detailed insights into growth factors over the next five years, estimation of market size, predictions on consumer behavior changes and upcoming trends, and a comprehensive analysis of the competitive landscape. Businesses looking to improve their strategies in the Automotive Engineering Service Providers (ESP) market can gain valuable insights by downloading the latest free sample report from Technavio
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In the realm of Automotive Design, the evolution of Electric Vehicles (EVs) has reshaped the landscape. Powertrain Engineering plays a pivotal role in enhancing the efficiency of these eco-friendly vehicles. As the automotive industry shifts towards sustainable practices, meeting stringent Emission Standards becomes imperative. Passenger Vehicles are now undergoing a transformative phase, marrying cutting-edge design with environmentally conscious technologies, epitomizing a future where style and sustainability seamlessly converge.
Engineering Services Market: The engineering services market size is estimated to grow at a CAGR of 4.2% between 2022 and 2027. The market size is forecast to increase by USD 365.9 billion.
Engineering Services Outsourcing Market: The engineering services outsourcing market size is estimated to grow at a CAGR of 18.75% between 2022 and 2027. The market size is forecast to increase by USD 203.04 million.
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Service
7. Customer Landscape
8. Geographic Landscape
9. Drivers, Challenges, and Trends
10. Company Landscape
11. Company Analysis
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