LONDON, April 26, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the automotive transmission engineering outsourcing services market forecasts the market at the global level to increase from $11.7 billion in 2022 to $12.2 billion in 2023, indicating a compound annual growth rate (CAGR) of more than 4%. The report also predicts that the market will expand further, reaching a market share of $14.5 billion by 2027, with a CAGR of more than 4%. Asia-Pacific was the largest region in the automotive transmission engineering services outsourcing market in 2022.
During the forecast period, the global automotive transmission engineering outsourcing services market for outsourcing automotive transmission engineering services is expected to grow due to increased vehicle production and rising demand for hybrid cars, the report added. The benefits of hybrid cars, such as lower fuel consumption and reduced emissions, are driving the growth of the automotive transmission engineering outsourcing services industry worldwide. For example, in the European Union, the automotive transmission engineering outsourcing industry share of new passenger cars sold as hybrid vehicles rose from 11.9% in 2020 to 19.6% in 2021.
Learn More In-Depth On The Automotive Transmission Engineering Services Market
Major players in the automotive transmission engineering services outsourcing industry are AVL GmbH, FEV GmbH, IAV GmbH, Ricardo PLC., Intertek Group PLC., Porsche Engineering and Tata Consultancy Services Limited.
The utilization of artificial intelligence (AI) within automotive engineering is a noteworthy trend that is rapidly gaining traction. AI algorithms and controllers are proving to be valuable tools for realistic driving-range estimations and optimizing energy conservation in electric vehicles, thereby extending their driving range. As an illustration, in 2021, Ford, an automobile manufacturer based in the United States, partnered with Google to leverage AI to enhance customer experiences, expedite product development modernization, improve manufacturing and supply chain management, and accelerate the implementation of data-driven business models.
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The global automotive transmission engineering services outsourcing market is segmented as:
1) By Service Type: Designing, Prototyping, Testing, System Engineering and Integration, Simulation
2) By Powertrain: Conventional, Hybrid
3) By Transmission Type: Automatic, Manual
4) By Application: Commercial Automotive, Industrial Automotive, Passenger Automotive
The automotive transmission engineering services outsourcing market report describes and explains the market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The automotive transmission engineering services outsourcing market overview evaluates the market across each region and for the major economies within each region.
Automotive Transmission Engineering Services Global Market Report 2023 by The Business Research Company provides insights on the automotive transmission engineering services market size, automotive transmission engineering services market segments, automotive transmission engineering services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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