Substantial vehicle ownership with rapid urbanization and increasing economic prosperity fuel the growth of the automotive transmission market
ALBANY, N.Y., April 22, 2022 (GLOBE NEWSWIRE) — The automotive transmission market is projected to expand at a CAGR of 2.71% during the forecast period, from 2021 to 2031. The exponential rise in sales of passenger vehicles, light duty vehicles, two/three wheelers, medium & heavy duty trucks, and buses propels the automotive transmission market. Factors such as expanding population, globalization, and rapid urbanization leading to the growth of the transportation sector is creating ample opportunities in the automotive transmission market.
Monumental growth of the supply chain and logistics sector that heavily depend on heavy commercial vehicles, such as trucks and trailers, is creating ample opportunities in the automotive transmission market. Heavy commercial vehicles, such as trailers and trucks, require high power to operate the wheels, wherein the torque generated by the engine is transferred to the power train and wheels with the help of transmission system.
Furthermore, regulations to control carbon emission and pollution that significantly depends on efficient transmission system to reduce fuel consumption stimulate the growth of the automotive transmission market.
Asia Pacific is anticipated to emerge as a significant region in the automotive transmission market over the forecast period. Factors such as population explosion, significant rise in economic prosperity, and growth of the transportation sector stir the growth of the automotive transmission market of the region.
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Automotive Transmission Market – Key Findings of Report
Growth of the automobile sector, supply chain sector, and logistics sector manifested in the rising demand for durable and efficient automotive transmission system is resulting in collaborations between large automakers and automotive transmission manufacturers. The partnership of Mercedes-Benz with Allison Transmission in 2021 to manufacture fully automatic transmission for the new Mercedes-Benz Tourride Coach is a case in point.
Automatic transmission dominated the automotive transmission market in 2020 vis-à-vis volume and revenue. Exponential growth of e-commerce that heavily depends on efficient transportation vehicles strengthens demand for automatic transmission in commercial vehicles. Automatic transmission influences mobility and fuel-efficiency of vehicles considerably depending on the electrical technology used in transmission and the design of transmission system. It also ensures a smooth and comfortable ride by transferring the maximum amount of power from the engine to the wheels via the gearbox.
Prospects of continued demand for luxury and sports cars leading to the demand for aftermarket transmission systems in North America and Europe make the regions prominent in the automotive transmission market
Two wheeler and passenger vehicle segments hold notable share of the automatic transmission market among other key vehicle types
Declining sales of commercial vehicles and passenger vehicles, and strict control on travel and transportation during the long prevalence of COVID-19 slowed growth of automotive transmission market
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Automotive Transmission Market – Growth Drivers
Substantial rise in sales of a range of passenger vehicles with growing economic prosperity in several parts of the world fuels the automotive transmission market
Exponential growth of e-commerce that extensively depends on medium & heavy duty and light duty vehicles for delivery of goods is creating ample opportunities in the automotive transmission market
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Automotive Transmission Market – Key Players
Some of the key players operating in the automotive transmission market are;
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The automotive transmission market is segmented as follows;
Automotive Transmission Market, by Transmission Type
Continuous Variable Transmission (CVT)
Dual Clutch Transmission (DCT)
Automated Manual Transmission (AMT)
Automotive Transmission Market, by Vehicle Type
Automotive Transmission Market, by Region
Middle East & Africa
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