PUNE, India, August 30, 2016 /PRNewswire/ --
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 Region - Global Forecast to 2021", The global market is projected to grow at a CAGR of 5.66% during the forecast period, to reach USD 12.92 Billion by 2021, from an estimated USD 9.81 Billion in 2016.
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Browse 70 market data Tables and 58 Figures spread through 150 Pages and in-depth TOC on "Automotive Transmission Engineering Services Outsourcing Market"
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The growth of the global Automotive Transmission Engineering Services Outsourcing Market can be attributed to factors such as the growing demand for fuel-efficient vehicles and the increasingly stringent emission norms imposed in different countries.
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.
Automatic transmission engineering services: Expected to witness high growth in developing countries
Automatic transmission is widely used in North American countries; however, given its better fuel efficiency and lower cost, manual transmission is preferred in Asia-Pacific and European countries. Nevertheless, the development of advanced automatic transmission such as automated manual transmission (AMT), dual clutch transmission (DCT), and continuously variable transmission (CVT), which is fuel efficient as well as economical, has led to automatic transmission gaining popularity among customers in developing countries. Automatic transmission systems are projected to witness higher growth than manual transmission systems in Asia-Pacific and Europe, while North America will remain a favorable market for these transmission systems. The high rate of technological adoption in these regions is also projected to drive the growth of automatic transmission systems.
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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.
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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