The global automotive engineering service providers market size is poised to grow by USD 5.31 billion during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Automotive Engineering Service Providers (ESP) Market 2020-2024 (Graphic: Business Wire).
Disruptive technology-driven trends in the automotive industry have been propelling automotive OEMs to incorporate advanced driver-assistance systems (ADAS) primarily for product differentiation and gain competitive advantage. The significant demand from the consumer end for increased safety, lower emissions, fuel efficiency, and improved driving experience is also increasing the installation of ADAS, such as speed assist system, park assist system, and other sensors. Increased technological innovations in vehicles have prompted OEMs to partner with consumer electronics, energy, and telecommunications companies. These factors are creating business opportunities for EDP to offer various engineering solutions to optimize products and processes of OEMs and their suppliers. As a result, the automotive engineering service providers market will register steady growth over the forecast period.
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The major automotive engineering service providers market growth came from the powertrain segment. OEMs are working toward the development of lightweight and fuel-efficient engines, which has been creating significant business opportunities for ESPs. Furthermore, the increasing need for rigorous testing and validation methodologies of engines and