The automotive powertrain testing market will register a CAGR of close to 4% by 2023
NEW YORK, March 27, 2019 /PRNewswire/ -- About this market
In developing countries, the local implementations of emissions standards are derived from the three major legislative standards of EPA, EURO and Japanese standards. These emission control regulations force automotive manufacturers to improve the efficiency of the engine using different methods. Stringent emission control norms will be the major drivers for the market. European OEMs are in a race to meet emission targets by increasing the efficiency of their powertrains. Light-duty vehicles account for higher emissions. Therefore, Real Driving Emissions (RDE) and Worldwide Harmonised Light Vehicle Test Procedure (VVLTP) are introduced to measure CO2 emissions. The Environmental Protection Agency (EPA) has set up emission standards for engines that include all vehicle segments in the automotive industry. Technavio's analysts have predicted that the automotive powertrain testing market will register a CAGR of close to 4% by 2023.
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Market Overview
Governments across the globe enforcing regulations to upgrade to newer emission norms
Many countries are beginning to adhere to stricter emissions standards. Existing pollution levels and resultants effects like global warming have set the pace for the formulation and implementation of strict emissions regulations worldwide.
High cost of powertrain testing facilities and machines
Powertrain testing machines and the infrastructure of these testing facilities are both cost intensive. This is a huge challenge for the providers of these testing services which restrains the growth of the market. The capital-intensive nature of these test facilities and systems for powertrain testing is expected to be one of the major challenges for the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the automotive powertrain testing market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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