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(Transportation-News.com, June 26, 2019 ) The report Automotive Transmission Engineering Services Outsourcing Market by Service Type (Designing, Prototyping, Testing, and System Engineering & Integration), Transmission Type (Automatic and Manual), Powertrain (Conventional and Hybrid), and by Region - Global Forecast to 2021, the global automotive transmission engineering services outsourcing market is estimated to be USD 9.81 Billion in 2016, and is projected to grow at a CAGR of 5.66% during the forecast period. The base year for the study is 2015, and the forecast period is 2016 to 2021.
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Designing to be the largest market, by service type
The designing services segment is estimated to constitute the largest market, owing to the increasing demand for fuel-efficient vehicles and rising demand for better transmission among consumers. Designing is the longest and most crucial phase in transmission development, and automotive OEMs are continuously developing new kinds of automotive transmission to adapt to changing consumer behavior. Given the new government regulations related to emission norms and subsidies and tax rebates on hybrid cars, OEMs are also attempting to design advanced transmission that can meet these norms and adapt to the changing buying patterns of customers.
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Asia-Pacific to be the largest market
Asia-Pacific is projected to be the largest market for the outsourcing of transmission engineering services by 2021, due to the presence of growing economies such as China and India. The sizeable populations in these counties has led to a rising demand for more advanced passenger cars in terms of smooth gear shifting; this would compel automotive OEMs to conduct more research on transmission. The availability of low-cost labor, coupled with the increasing demand for hybrid vehicles, is set to drive the market for the outsourcing of transmission engineering services in this region.
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Major market players, such as AVL (Austria), Ricardo Plc (U.K.), FEV GmbH (Germany), and IAV GmbH (Germany), have established R&D centers in this region to cater to the growing demand for transmission engineering services.
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