Automotive Transmission Engineering Services Outsourcing Market Trends, Analysis and Forecast to 2024

Two major types of automotive transmission are manual and automatic. Automotive transmission engineering is the most crucial process in the manufacturing of an automobile. Transmission in vehicles allows the flow of power from the engine to the wheels, thereby ensuring the movement of vehicle. Increasing production of vehicles and rising demand for hybrid vehicles are the major factors driving the growth of automotive transmission engineering services outsourcing market. There has been a rising concern regarding the safety of environment due to the huge pollution caused by the emission of gasoline and diesel vehicles. Increasing environmental concerns are driving the government of various countries to encourage automakers to develop eco-friendly vehicles.

Government of various countries are motivating automobile companies with tax benefits and subsidies in order to ensure that all vehicles manufactured meet the stringent carbon emission norms. This is driving the demand for hybrid vehicles, which in turn is motivating the growth of automotive transmission engineering services market across the world. In addition, rising fuel prices is also a major reason driving the growth of hybrid vehicles. Therefore, automobile manufacturers are heavily focusing on their research and development capabilities in order to develop fuel efficient and environment friendly vehicles, which is consequently propelling the growth of automotive transmission engineering services market.

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One of the major restraints inhibiting the growth of this market is the high cost associated with hybrid transmission systems. The hybrid system technology in vehicles is no doubt sophisticated and advanced but however, the research and development expenditures and manufacturing cost to companies is extremely high as compared to the manufacturing of conventional vehicles. However, it is also to be considered that mild hybrids and other hybrids (except pure hybrid vehicles) with less sophisticated single motor and single clutch system are relatively low in price compared to pure hybrid vehicles. The high manufacturing and development cost is passed on to the end-users, which makes the vehicles expensive and less affordable to majority of the consumers. In addition to less affordability, there is also an issue of availability of hybrid vehicles in many parts of the world. Due to lack of high demand for hybrid vehicles, automakers are skeptical about establishing new hybrid vehicle manufacturing units into new areas. In numerous countries of Asia Pacific and Africa, there is very low demand for hybrid vehicles.

The automotive transmission engineering services outsourcing market can be classified by transmission type, by powertrain type and by service type. The transmission type segment can be classified into manual and automatic. By powertrain type, the market can be segregated as conventional and hybrid. By service type, the market can be segmented into designing, prototyping, testing and, system engineering and integration.

In the automotive transmission engineering services outsourcing market, Asia Pacific holds the largest market share in terms of revenue followed by North America, Europe, Latin America and, Middle East and Africa (MEA).In the Asia Pacific region, countries such as China and India has been witnessing heavy demand and production for passenger vehicles. This in turn is motivating the growth for automotive transmission engineering services outsourcing market in the region. The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Middle East and Africa, and Latin America are expected to show significant growth, considering the growth in automotive sector and rising demand for passenger and commercial vehicles in the regions.

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The key players in the automotive transmission engineering services outsourcingmarket include AVL (Austria), FEV GmbH (Germany), IAV GmbH (Germany), Ricardo Plc (U.K.), Intertek Group Plc (U.K.), Porsche Engineering (Germany), Tata Consultancy Services Limited (India), Magna International Inc. (Canada), MagnetiMarelliS.p.A (Italy) and Horiba, Ltd. (Japan) among others.

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This release was published on openPR.