Automotive Transmission Market Projected to reach $80.8 billion by 2027
The report "Automotive Transmission Market by Transmission Type (Manual Transmission, Automatic Transmission, CVT, DCT, AMT), Fuel Type, Vehicle Type, Hybrid Vehicle, Two-Wheeler Transmission, Number of Forward Gears and Region - Global Forecast to 2027", is projected to reach USD 80.8 billion by 2027 from USD 59.9 billion in 2022, at a CAGR of 6.2% during the forecast period. Technological advancements in current generation automotive transmissions, Increasing customer preference for convenience, premium transmissions are further expected to drive the automotive transmission market. Overall, the changing preferences of buyers, improved standards of living, and focus of OEMs to provide comfort and convenience are also expected to drive the growth of the automotive transmission market.
Browse 237 market data Tables and 76 Figures
spread through 253 Pages and in-depth TOC on “Automotive
Transmission Market”
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CVT, by Number of forward gears, is estimated to be the
fastest-growing automotive transmission market during the forecast period.
The CVT is an automatic transmission that consists of two pulleys
connected by a steel belt. The CVT varies the diameter of the "drive
pulley" that transmits torque from the engine and the "driven
pulley" that sends torque to the wheels at the same time to continually
vary gear ratios. The CVT can avoid shift-shock and deliver smooth driving
thanks to stepless gear ratio shifting, making it an excellent transmission
alternative. Growing craze of SUV’s worldwide is a good opportunity for
automatic transmissions as automatics makes city drive hassle free.
The growing importance of CVT is a great opportunity for transmission
manufacturers to increase their market share, as it not only provides better
fuel efficiency but also reduces the carbon emissions of a vehicle. This type
of transmission is used mainly in hybrid and electric vehicles, the demand for
which is on the rise due to the growing concern regarding the environment.
Another reason for CVT systems gaining importance among consumers is that it
provides higher potential efficiency improvement of ~6% as compared to MT and
AT, along with increased savings over a vehicle’s lifetime of up to USD 1,800.
Passenger car segment, by vehicle type, is estimated to
be the largest segment during the forecast period.
With increase in demand for comfort and ease to drive vehicles, OEMs are
launching new and updated models with loaded features and advanced
transmissions. The passenger cars segment is estimated to account for a share
of 75% of the global automotive transmission market by volume in 2022.
Passenger cars comprise sedans, hatchbacks, station wagons, SUVs, MUVs, and
vans. The growing role of transmission in passenger cars, coupled with growing
influence of fuel-efficient systems, has been propelling the growth of the
automotive transmission market in the passenger car segment. The technologies
used in passenger vehicles are frequently changing due to the high demand from
consumers for luxury and convenience features. Also, government regulations for
emissions and safety for passenger vehicles are frequently changing. The
manufacturers must reduce the weight of passenger vehicles and offer comfort
and safety at a lower price. Due to the increasing demand for autonomous and
electric vehicles, the demand for new transmissions is increasing in passenger
vehicles.
Asia Pacific is estimated to be the fastest-growing
market for automotive transmission in 2022
The Chinese market is the largest in the Asia-Pacific and is witnessing
significant growth in the demand for and sales of premium vehicles. China is
one of the major markets for premium vehicles, given the rising disposable
income in the country. Nearly all major OEMs have invested in the Chinese
market, which is inclined towards small and affordable passenger vehicles. A
surge in demand for sophisticated automated transmission is expected, as the
current market penetration of vehicles with automated transmission systems is
low compared to that in developed countries. The growing automotive production
levels in China have raised the demand for automotive transmission systems.
This region is also expected to welcome the energy saving green cars to their
economy.
Key Market Players:
The key players in the automotive transmission market include ZF
Friedrichshafen (Germany), MAGNA International (Canada), Aisin Corporation
(Japan), Eaton Corporation(Japan), Hyundai Transys(South Korea), Allison
transmissions(US), Vitesco Technologies(Germany), Schaeffler AG(Germany),
BorgWarner(US), GKN Automotive(UK), and Jatco (Japan) and more
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