Latest News- Automotive Engineering Service Providers (ESP) Market in Japan: In-house is expected to lead the Application segment during 2024-2028
The Automotive Engineering Service Providers (ESP) Market in Japan is being driven by Technological innovations
The Automotive Engineering Service Providers (ESP) Market in Japan is expected to grow at a CAGR of 11% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 356 million. The Japanese market for Automotive Engineering Service Providers (ESP) is witnessing a surge in inorganic growth strategies, with companies seeking to bolster capabilities, broaden market reach, and foster innovation. A notable instance of this trend is the recently signed Memorandum of Understanding (MoU) between SCSK Corporation and FEV Japan Co., Ltd., a subsidiary of the globally renowned FEV Group. This collaboration aims to fortify their partnership within Japan's engineering services sector, with both parties working diligently to finalize agreement details by the first half of FY2023. Inorganic growth strategies, such as mergers, acquisitions, and strategic alliances, are gaining traction as businesses aim to capitalize on each other's strengths and resources.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (In-house, Out-source) Product Type (Electrical and electronics, Powertrain, Complete vehicle, Others) Vehicle Type (Passenger cars, Commercial vehicles) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Automotive Engineering Service Providers (ESP) Market in Japan Research Report
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Automotive Engineering Service Providers (ESP) in Japan offer innovative engineering solutions for designing, developing, fabricating mechanical, electrical, electronic, and software components for vehicle manufacturing. Their expertise includes the application of mathematical formulas in powertrain design, lightweight material integration, and EV charging infrastructure. They specialize in electric vehicles (EVs) and battery technology, focusing on powertrain design, EV charging infrastructure, and domestic battery manufacturing. Additionally, they provide engineering solutions for internal combustion engines (ICE), cleaner technologies, autonomous vehicles (AV), sensor fusion, LiDAR integration, path planning, vehicle electrification, connectivity solutions, and eco-friendly solutions.
The Automotive Engineering Services Providers (ESP) market in Japan is a significant segment of the global automotive parts and equipment industry. This market encompasses companies specializing in engineering solutions, designing, development, fabricating, mechanical, electrical, electronics, software, and mathematical formulae for various vehicle components. The market's size is determined by the combined revenue generated by these providers. The global automotive components and equipment market's growth is driven by the increasing demand for electronic components in automobiles. This trend is particularly prominent in the sales of electric vehicles, motorcycles, and passenger cars, which have seen a significant rise in the past decade. The demand for electronic control units (ECUs) and other electrical components has escalated as a result, propelling the automotive ESP market forward.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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