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Automotive ESP Market to Grow by USD 10.91 Billion (2024-2028), Driven by Digitization and Electrification, with AI Shaping Market Trends – Technavio

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NEW YORK, Dec. 2, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global automotive engineering service providers (ESP) market size is estimated to grow by USD 10.91 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.64% during the forecast period. Increasing digitization and electrification of automobiles is driving market growth, with a trend towards development of autonomous vehicles. However, evolving regulatory landscape of automotive industry poses a challenge. Key market players include Adecco Group AG, Altair Engineering Inc., ASM Technologies Ltd., AVL List GmbH, Belcan LLC, Bertrandt AG, Capgemini Service SAS, Contechs Group Holdings Ltd., EDAG Group, EPAM Systems Inc., FEV Group GmbH, HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, KPIT Technologies Ltd., L and T Technology Services Ltd., Magna International Inc., Mahindra and Mahindra Ltd., Onward Technologies Ltd., and Ricardo Plc.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Automotive Engineering Service Providers (ESP) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.64%

Market growth 2024-2028

USD 10.91 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.27

Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 30%

Key countries

US, China, Germany, France, and UK

Key companies profiled

Adecco Group AG, Altair Engineering Inc., ASM Technologies Ltd., AVL List GmbH, Belcan LLC, Bertrandt AG, Capgemini Service SAS, Contechs Group Holdings Ltd., EDAG Group, EPAM Systems Inc., FEV Group GmbH, HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, KPIT Technologies Ltd., L and T Technology Services Ltd., Magna International Inc., Mahindra and Mahindra Ltd., Onward Technologies Ltd., and Ricardo Plc

Market Driver

Autonomous vehicles, a fusion of automotive engineering and technology, are developed by ESPs through intricate engineering solutions. These companies design, fabricate, and assemble mechanical, electrical, and electronic elements, integrating artificial intelligence and safety features. Key technologies include 5G networks, collision avoidance sensors, and connection sensors. ESPs collaborate with OEMs and tech firms to create luxurious, efficient, and safe vehicles, adhering to stringent safety regulations and industry 4.0 standards. LED technology and lightweight body materials enhance vehicle aesthetics and performance. ESPs also focus on vehicle efficiency, electric vehicles, and outsourcing services, catering to emerging nations and commercial vehicle sectors. 

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Market Challenges

Autonomous vehicles and connected cars bring new regulations, posing uncertainties for Automotive Engineering Service Providers (ESPs). Strict safety regulations, such as data privacy and autonomous driving standards, necessitate substantial investments in understanding, interpreting, and complying. Fear of non-compliance and potential liability may hinder innovation, with ESPs hesitant to develop cutting-edge technologies due to regulatory risks. High barriers to entry, created by stringent safety testing and certification, favor larger, established providers, potentially limiting competition and market dynamism. Key areas of focus include 5G networks, electric vehicles, vehicle efficiency, collision avoidance sensors, connection sensors, lightweight vehicles, fuel efficient vehicles, electric motors, battery management systems, sensor fusion, cybersecurity, data analytics, and vehicle safety.

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Segment Overview

This automotive engineering service providers (esp) market report extensively covers market segmentation by

Application1.1 In-house1.2 Out-sourceProduct Type2.1 Powertrain2.2 Complete vehicle2.3 Electrical/electronics2.4 OthersGeography3.1 Europe3.2 APAC3.3 North America3.4 South America3.5 Middle East and Africa

1.1 In-house- The Automotive Engineering Service Providers (ESP) Market encompasses mechanical and electrical engineering, leveraging lightweight materials and digital vehicles to enhance connectedness and software development. ESPs address cybersecurity and data analytics concerns, ensuring vehicle safety and fuel efficiency through expertise in electric motors and battery management systems. Sensor fusion engineering solutions facilitate designing, developing, fabricating, and assembling mechanical, electrical, electronics, and software elements for automobiles. ESPs cater to stringent safety regulations in the automotive engineering field, delivering improved quality, safe structured vehicles, and convenient driving experiences for models and vehicles, including commercial ones. With the advent of 5G networks, ESPs are poised to revolutionize the industry through engineering solutions for autonomous and electric vehicles. Investment pockets lie in the areas of safety elements, luxury vehicles, and the integration of advanced technologies, such as 5G networks and autonomous driving systems.

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Research Analysis

The Automotive Engineering Service Providers (ESP) market encompasses the design, development, fabrication, and integration of mechanical, electrical, and electronics elements for commercial vehicles. This includes the implementation of 5G networks and advanced technologies such as autonomous and electric vehicles. ESPs focus on enhancing vehicle efficiency through the use of lightweight materials and fuel-efficient components. Collision avoidance sensors and connection sensors are essential mechanical and electrical features that ESPs incorporate into digital and connected vehicles. Software engineering and cybersecurity are critical aspects of ESP services, ensuring data analytics and secure communication between vehicles and infrastructure. The ESP market continues to evolve, offering innovative solutions to meet the demands of the automotive industry.

Market Research Overview

The Automotive Engineering Services Market encompasses a diverse range of offerings, including vehicle design, development, testing, and consulting services. These solutions cater to various sectors, such as body and chassis, powertrain, electronics, and software. ESPs employ cutting-edge technologies like CAD, CAE, and CAM to create efficient, safe, and eco-friendly vehicles. They also focus on regulatory compliance, ensuring that vehicles meet stringent safety and emissions standards. Additionally, ESPs provide services related to vehicle connectivity, autonomous driving, and electric powertrains, reflecting the industry’s ongoing evolution. The market is driven by factors like increasing vehicle production, growing demand for advanced technologies, and stringent regulations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIn-houseOut-sourceProduct TypePowertrainComplete VehicleElectrical/electronicsOthersGeographyEuropeAPACNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

XCMG XCA4000 Achieves Milestone with Installation of World’s Tallest Hybrid Tower Wind Turbine

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ORDOS, China, Dec. 26, 2024 /PRNewswire/ — A new chapter in green energy is unfolding in Inner Mongolia as XCMG’s independently developed 4,000-ton all-terrain crane, the XCA4000, takes center stage at the construction site of the Ordos Zero-Carbon Industrial Park. This enormous crane has become an integral part of the park’s 500MW integrated wind-solar-storage demonstration project, reinforcing its role in pioneering sustainable infrastructure.

The Ordos Zero-Carbon Industrial Park is a joint venture between the Ordos Municipal Government and Envision Technology Group, and stands as the world’s first fully operational zero-carbon industrial zone. It boasts a 100% green electricity supply, with 80% of the energy coming directly from clean sources such as wind, solar, and storage, and the remaining 20% sourced through grid-purchased green power.

The introduction of XCMG’s 4,000-ton crane marks a significant milestone in global energy transition. The XCA4000 is designed primarily for the installation of large wind turbines with hub heights of up to 190 meters tall and maximum power output of up to 15 MW. Powering the crane is a 566 kW Weichai diesel engine, and to help with maneuverability, all 11 axles on the 29.7-meter-long carrier are steered, with eight of them also driven. 

In its most recent operation, the XCA4000 lifted a 117-ton nacelle and drive train, along with 35-ton blades measuring 118 meters in length, to a height of 190 meters—the equivalent of a 60-story building. The XCA4000 performed flawlessly in executing each step of the process: lifting, rotating, aligning, and positioning, with remarkable efficiency and precision, earning acclaim from both the project owner and contractors.

“The 4,000-ton crane is easy to operate despite its 11-axle length,” said Mr. Yang, the crane’s operator who marveled at the crane’s flexible steering. “The multiple driving modes make steering exceptionally flexible. During installation of a 12.5 MW hybrid tower wind turbine, currently the tallest on land, it completed the two lifts in just over twenty minutes each.”

XCMG’s 4,000-ton crane is a testament to the company’s commitment to high-end, intelligent, and green solutions that serve the international market. By tackling the challenges of installing ultra-high-power wind turbines, XCMG continues to support the growing global green energy sector and demonstrates China’s dedication to environmental progress.

Photo – https://mma.prnewswire.com/media/2587778/XCMG_XCA4000_Achieves_Milestone_with_Installation_of_World_s_Tallest_Hybrid_Tower_Wind_Turbine.jpg

View original content:https://www.prnewswire.co.uk/news-releases/xcmg-xca4000-achieves-milestone-with-installation-of-worlds-tallest-hybrid-tower-wind-turbine-302339236.html

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iQIYI leads genre-specific storytelling with the return of its trend-setting ‘Light On Theater,’ featuring seven new suspense dramas

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Five years on, the pioneering drama brand remains the benchmark for suspense

BEIJING, Dec. 26, 2024 /PRNewswire/ — iQIYI, China’s leading online entertainment platform, announced this month the return of its acclaimed “Light On Theater,” celebrating the fifth anniversary of this suspense-themed drama brand. Featuring seven new titles with star-studded casts and renowned production teams, the lineup is set to reinforce iQIYI’s leadership in suspense storytelling and highlight the success of its genre-driven model.

The new slate follows the distinctive style of “Light On Theater” with gripping narratives and rich character development as a lens to explore the depth of human nature. Highlights include the drama “Low IQ Crime,” which brings a fresh dark comedy element to the genre, and “Let Wind Goes By,” which premiered on Dec. 26 and breaks new ground as one of the first suspense series set in Northwest China as it follows two generations of police officers entangled in a complex web of relationships. The lineup also features “A Life for a Life,” a compelling prison drama exploring the dynamic between a detention officer and an escaped convict. Other anticipated titles include “Drifting Away,” “Dead End,” “Breaking the Shadows” and “Justifiable Defense.”

Since its launch in 2020, “Light On Theater” has emerged as one of China’s first and most influential drama brands, offering a curated collection of premium suspense series. The label’s breakout hit “The Bad Kids” debuted that same year and quickly became a cultural phenomenon. The series earned critical acclaim and dominated social media conversations, setting a new benchmark for Chinese suspense storytelling with its masterful pacing and nuanced exploration of social issues. This pioneering success has sparked a surge in high-quality suspense productions across the industry that continues today, helping establish suspense as one of the most sought-after genres in Chinese entertainment.

“Our dedication to premium suspense content has created an incredibly engaged viewer base, with high-quality productions driving strong user retention,” says Ying DAI, iQIYI senior vice president and head of “Light On Theater.” “We continuously innovate our content possibilities and boldly push the boundaries of storytelling within the genre, consistently surpassing audience expectations.”

Building on the success of “Light On Theater,” iQIYI has expanded its genre-based approach with “Love On Theater” for romance and “Laugh On Theater” for comedy series, both of which have been well-received by audiences. This year’s launch of “Dajia Theater,” meaning “master of literature,” and “Weichen Theater,” meaning “tiny dust,” which focus on literary adaptations and innovative mini-series respectively, further demonstrates iQIYI’s commitment to serving diverse audience preferences while maintaining premium production standards across genres.

Global recognition

“Light On Theater” has also gained overseas recognition for its premium content, becoming increasingly popular among global audiences in addition to traditional genres like fantasy period dramas.

Standout series “The Bad Kids” and “The Long Night” won consecutive awards at the Asia Contents Awards (ACA) of the Busan International Film Festival, while “Why Try to Change Me Now” marked a milestone last year as the first Chinese-language series to be selected for the Berlinale Series.

The strong reception in overseas markets demonstrates how iQIYI’s meticulously crafted stories resonate with audiences through their universal themes of human nature. Notably, “The Bad Kids” was adapted into a local version in Japan in 2024, highlighting its widespread appeal.

CONTACT: iQIYI Press, press@qiyi.com

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SOURCE iQIYI

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Japan Global Innovators’ Forum 2025

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The annual meeting is returning for its second year after a successful inaugural event in 2024

TOKYO, Dec. 26, 2024 /PRNewswire/ — Tokyo-based global media agency Pacific Bridge Media and Consulting Inc. (PBMC) is pleased to announce that the 2nd annual Japan Global Innovators’ Forum (JGIF) will be held in March 2025. PBMC’s solutions-focused multilingual news service J-Stories will co-host the event with the Mainichi national daily’s startup accelerator, Mainichi Future Creation Lab.

Innovative Japanese and international startups with global ambitions will gather in the heart of Tokyo on March 13, showcasing the solutions they offer to address the world’s biggest social and environmental challenges. A panel of industry experts will assess their growth potential both in Japan and abroad at the cross-border pitch event.

Participating startups in the 2025 event will include not only Japanese startups aiming to expand into global markets, but also ambitious inbound Asian startups that are taking on the challenge of solving some of Japan’s critical problems — such as its aging population and rural depopulation.

The categories to be focused on are Age Tech, Health Tech, Mobility, and Green Energy. There will also be special sessions featuring East Asian startups as well as Japan’s regional startups.

Organizers hope that the event will provide practical opportunities for participating entrepreneurs to meet potential partners and supporters in Japan and overseas, including venture capitalists and corporate venture capitalists, among other startup ecosystem players.

Details of the event will be unveiled on a special page in J-Stories by the end of January.

The inaugural Japan Global Innovators’ Forum, a pioneering English-language startup event that promoted dialogue between innovators in Japan and their potential supporters overseas, was held in March of this year at the Tokyo Innovation Base in central Tokyo and live-streamed globally. The event highlighted Japan-based social entrepreneurs aiming to scale globally while offering solutions to social and environmental challenges commonly shared across the world.

Event report: https://jstories.media/article/jgif-event-release

[Event Overview]

“2nd Japan Global Innovators’ Forum”

Date: Thursday, March 13, 2025

Time: 1-6 p.m. (Subject to change), followed by a networking event

Venue: Mainichi Hall (Located on a basement floor of Palaceside Building in Takebashi, Tokyo)

https://www.mai-b.co.jp/index-en.html

Language: English 

Organizers: J-Stories/Pacific Bridge Media and Consulting; Mainichi Future Creation Lab

Focus Categories (Expected) :

Age TechHealth TechMobilityGreen EnergySpecial sessions (featuring Japan’s regional startups and East Asian startups) 

CONTACT:
PACIFIC BRIDGE MEDIA AND CONSULTING
Editorial department:Toshi Maeda (Executive Editor)・Takanori Isshiki (Deputy Executive Editor)・Anita De Michele (Editorial Coordinator)
Email:info@pacificbridge.jp
Phone:+81- 50-5527-0955

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SOURCE PACIFIC BRIDGE MEDIA AND CONSULTING

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