Automobile components in the industry verticals are provided cost-efficient solutions without compromising the vehicle's performance. Due to this, the manufacturers are integrating different growth strategies to the demand for transmission systems in the automobile sector. These strategies are driving the growth of the Automotive Transmission Market.
Automobile components in the industry verticals are provided cost-efficient solutions without compromising the vehicle's performance. Due to this, the manufacturers are integrating different growth strategies to the demand for transmission systems in the automobile sector. These strategies are driving the growth of the Automotive Transmission Market .
The growth factors accelerate the market's demand, such as the increased technological advancements in automotive transmission systems boosting the market. The rise in the adoption of Dual Clutch Transmission (DCT) technologies and Continuously Variable Transmission (CVT) rather than manual and automatic systems is maximizing demand. The growing inclination towards fuel-efficient products with better performance will drive the market value in the forecast period. Many manufacturers are innovating their services with Intelligent Manual Transmission (IMT), allowing the drivers where the gears can work without clutch depressing.
The rise in technological advancements and the innovation of transmission systems for the need across several vehicle types, including Heavy Commercial Vehicles (HCVs) and passenger cars, will accelerate the market at the global level. Automotive OEMs are also implementing advanced systems, like Automated Manual Transmission (AMT), to lower the fuel consumption rate. The rise in concern towards environmental safety and eliminating the CO2 emissions is boosting the Automotive Transmission Market .
Automotive Transmission Market Key Players
During the COVID-19 pandemic, the market noticed a negative impact due to the closure of the automotive sector. This factor has hampered the Automotive Transmission Market growth. It also decreased the sales rate and new services and systems production. The market's economy noticed a massive setback in this pandemic which negatively impacted automobile production.
It also disrupted the supply chain process when the production was halted for a longer period. Moreover, it has subsequently impacted and reduced the demand for automotive transmission. But in the post-pandemic period, the market will get back to its form and will achieve a good market value.
The Automotive Transmission Market will witness a significant CAGR value of 6% and a strong market valuation by 2030 during the forecast period.
Automotive Transmission market Regional Analysis
According to the geographical growth, the Automotive Transmission Market is showing tremendous growth in major regions such as the Asia Pacific, Europe, North America and the rest of the world.
The Asia-Pacific is leading due to the production rate of passenger cars and LCVs in developing countries such as China and India. Followed by the Asia Pacific, North America is the next region to lead the market in the evaluation period. The rise in demand for Automatic manual transmission (AMT) is boosting the regional market of this region. The prominent manufacturing hubs are strengthening the North American market to emerge globally.
Automotive Transmission Industry News
In April 2021, ZF Friedrichshafen AG revealed the launch of a new 8-speed automatic transmission, ZF PowerLine, for medium-duty vehicles. It will provide higher efficiency than the 9-speed and 10-speed transmission.
Automotive Transmission Market Segmentation
By Vehicle Type
By Sales Channel