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Outsourcing Automotive Transmission Engineering: Market Dynamics and Growth 2024
Automotive Transmission Engineering Services Outsourcing Market Size
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According to The Business Research Company's, The automotive transmission engineering services outsourcing market size has grown steadily in recent years. It will grow from $12.19 billion in 2023 to $12.7 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to globalization of automotive industry, demand for cost-effective engineering solutions, complexity of modern transmission systems, focus on core competencies by automotive companies, increasing demand for fuel-efficient vehicles.
The automotive transmission engineering services outsourcing market size is expected to see steady growth in the next few years. It will grow to $15.41 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing demand for hybrid and electric vehicles, increasing demand for advanced driver assistance systems (adas), growing demand for connected cars and autonomous vehicles, increasing focus on reducing carbon emissions, growing demand for advanced materials in automotive manufacturing. Major trends in the forecast period include advancements in transmission technology, outsourcing of transmission software development, collaboration between automotive manufacturers and engineering service providers, adoption of digital twin technology in transmission engineering services, shift towards virtual testing and simulation in transmission design
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Market Drivers and Trends:
The increasing production of hybrid vehicles will propel the growth of the automotive transmission engineering services outsourcing market during the forecast period. A hybrid automobile has two or more engines, one of which is an electric motor and the other is a traditional engine either petrol or diesel. The benefit of a hybrid car over a gasoline-powered car is leading an increase in automotive vehicles, resulting in the growth of the automotive transmission engineering services outsourcing across the globe. For instance, in 2021, hybrid vehicles accounted for 19.6% of all new passenger cars sold in The EU region. This is increased from the 11.9 % market share that was held in 2020. The environmentally friendly nature of hybrid vehicles has increased the demand for hybrid vehicles and it is driving the automotive transmission engineering services outsourcing market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
AVL List GmbH, FEV Group GmbH, IAV GmbH, Ricardo plc, Intertek Group plc, Bertrandt AG, EDAG Engineering GmbH, Tata Consultancy Services Limited, Marelli Europe SpA, Horiba Ltd., Porsche Engineering Group GmbH, Alten SA, P3 Automotive GmbH, Altair Engineering Inc., RLE International Group, ASAP Holding GmbH, Kistler Holding AG, M Plan GmbH, P+Z Engineering GmbH, Magna International Inc., Robert Bosch GmbH, Akka Technologies India Private Limited, ESG Group Pty Ltd., ITK Engineering GmbH, ZF Friedrichshafen AG, Jatco Ltd., Aisin Seiki Co. Ltd., Infosys Limited, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, Capgemini SE
Automotive Transmission Engineering Services Outsourcing Market 2024 Key Insights:
• The automotive transmission engineering services outsourcing market size is expected to see steady growth in the next few years. It will grow to $15.41 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Hybrid Car Demand Boost Automotive Transmission Engineering Services Outsourcing Market
• Technological Advancements Revolutionize Automotive Transmission Engineering Services Outsourcing Market
• Asia-Pacific was the largest region in the automotive transmission engineering services outsourcing market share in 2023
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