Tokyo, January 7, 2022 (GLOBE NEWSWIRE) – According to Precedence Research, the automotive transmission market size was valued at $ 153.16 billion in 2021. The growth of the automotive transmission market is proportional to the growth of the automotive industry as it is used in all vehicles. The demand for automotive transmission systems is expected to increase as global automotive production increases. By transferring the optimum power from the engine to the wheels via the gearbox, the automotive transmission system ensures a smooth and comfortable ride.
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Automotive transmission systems are widely combined with electric vehicles, passenger vehicles, light commercial vehicles and heavy commercial vehicles. The wide range of automotive transmission systems are used to make the driving experience of passengers more comfortable, which will increase the demand for such systems in the near future.
The growing demand for commercial vehicles in the Asia-Pacific region is also a major driver for the global automotive transmission system. In addition, North America and Europe are major markets for luxury cars and sports cars and are expected to grow at a steady rate during the forecast period. The demand for transmission systems in the aftermarket is high in North America and Europe, which could positively impact the global automotive transmissions market.
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Reporting Scope of the Automotive transmission market
|Highlights of the report||Details|
|Market size in 2021||$ 153.16 billion|
|Growth rate from 2021 to 2030||5.6% CAGR|
|Fastest Growing Market||North America|
|The biggest market||Asia Pacific|
|Year of reference||2021|
|Forecast period||2021 to 2030|
|Covered companies||Aisin Seiki Company Ltd., Continental AG, GKN PLC, ZF Friedrischschafen AG, Magna International Inc., Borgwarner Inc., Schaeffler AG, Eaton Corporation PLC, JATCO Ltd., Allison Transmission Inc.|
Asia-Pacific is the largest segment of the automotive transmission market in terms of region. The increasing penetration of electrified transmission systems owing to the increased attention to hybrid vehicles and the major impact on fuel emissions and economy are the factors contributing to the growth of the automotive transmission market in Asia- Pacific during the forecast period.
The North America region is the fastest growing region in the automotive transmission market. The automotive transmission market offers many prospects in North America with increased use of heavy-duty vehicles. The vehicles have transformed their engines from semi-automatic engines to fully automatic engines. The integration of sub-modules and peripheral parts in automotive transmission systems has resulted in more compact, lightweight and reliable combinations.
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Increased demand for automatic automotive transmission system
Automotive transmission system is used to increase the comfort level of vehicles for smooth and easy driving. Due to the increase in road traffic, the number of road accidents has increased over time. This placed a strong emphasis on the installation of automotive transmission systems in vehicles. Major market players have started using electric motors in vehicles to increase the efficiency of automobiles. So, increasing demand for automatic automotive transmission systems is driving the growth of the market during the forecast period.
Growing adoption of electric vehicles
The auto industry is shifting from traditional gasoline vehicles to electric vehicles all over the world. Compared to traditional fuels burning in internal combustion (IC) engines, an electric vehicle does not require gears because the electric motor generates more force at zero revolutions per minute (RPM). The electric motor generates a magnetic field which rotates the motor, which in turn moves the steering wheel of the electric vehicle. Accordingly, the clutch mechanism may not be necessary in an electric vehicle. Thus, increasing adoption of electric vehicles restricts the growth of automotive transmission market during the forecast period.
Growing adoption of automatic manual transmission (AMT) systems in commercial vehicles
Growing urbanization, industrialization and improved road infrastructure are paving the way for the growth of logistics activities on a global scale. In addition, the rise of commercial vehicles is fueled by developments in the information technology (IT) sector and industries such as mining and construction. The automatic manual transmission system (AMT) can be combined with the dual clutch transmission system (DCT) in commercial vehicles. Thus, increasing adoption of automatic manual transmission (AMT) system in commercial vehicles will create lucrative opportunities for automotive transmission market growth during the forecast period.
Recession is another term for economic downturn. All sectors of activity are affected by the recession. Businesses suffer massive losses during this time. Companies are laying off employees and workers in order to recoup losses or reduce costs. The market is suffering. The purchasing power of consumers is diminishing. To reduce costs, daily operations have been discontinued. The economic downturn is having an impact on developing and underdeveloped countries. Due to the economic downturn in various countries, the expansion of the automotive transmission market faces significant challenges.
Highlights of the report
- On the basis of engine, internal combustion engine (IC) segment dominated the global automotive transmission market in 2020 with the highest market share. The internal combustion engine (IC) enables vehicle drivers to drive safely and efficiently.
- Based on type, the Automatic Manual Transmission (AMT) segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the increase in technological advancements in the automotive industry.
Segments covered in the report
- Internal combustion engine (IC)
- Electric motor
- Automatic manual transmission (AMT)
- Continuously Variable Transmission (CVT)
- Dual Clutch Transmission (DCT)
By vehicle type
- Tourism vehicle
- Light utility vehicle
- Heavy utility vehicle
- Electric vehicle
- North America
- Asia Pacific
- Rest of the world
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