by The Automotive Transmission Systems Market is estimated to be valued at US$ 152.32 billion in 2020 and is expected to exhibit a CAGR of 5.2% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Automotive Transmission Systems Market involves the manufacturing and distribution of transmission systems used in vehicles. These systems play a crucial role in transferring power from the engine to the wheels, enabling smooth and efficient vehicle movement. With the advancements in technology, transmission systems have become more sophisticated, offering improved fuel efficiency and enhanced performance. The market is witnessing a growing demand for electric vehicles, which require specialized transmission systems to handle their unique powertrain requirements. Additionally, the increasing focus on reducing carbon emissions and the implementation of stringent government regulations regarding vehicle emissions are fueling the demand for advanced transmission systems.
Market Dynamics:
The Automotive Transmission Systems Market is driven by two key factors. Firstly, the technological advancements in transmission systems, such as the development of dual-clutch transmission systems and continuously variable transmission systems, are boosting market growth. These advanced systems offer improved fuel efficiency, faster gear shifts, and enhanced vehicle performance, creating a demand among consumers. Secondly, the increasing adoption of electric vehicles is expected to drive the market growth. Electric vehicles require specialized transmission systems, including single-speed transmissions and gearboxes, to deliver power from the electric motor to the wheels efficiently. The growing demand for electric vehicles is significantly contributing to the market expansion.
Segment Analysis:
The global automotive transmission systems market can be segmented based on type, vehicle type, and geography. By type, the market can be categorized into manual transmission, automatic transmission, and continuously variable transmission (CVT). Among these, automatic transmission is the dominating segment due to its convenience and ease of use. With the increasing demand for automatic vehicles, especially in developed regions like North America and Europe, the automatic transmission segment is expected to maintain its dominance in the market.
PEST Analysis:
Political: The political factors impacting the automotive transmission systems market include regulatory policies, emission standards, and government initiatives promoting electric vehicles.
Economic: Economic factors such as GDP growth, disposable income, and consumer purchasing power influence the demand for automotive transmission systems. The economic stability of a region also affects the affordability of vehicles and consequently, the market demand.
Social: Changing consumer preferences, rising urbanization, and increasing awareness about fuel efficiency and environmental concerns shape the social factors impacting the market. The shift towards electric and hybrid vehicles is driven by social factors.
Technological: Technological advancements in transmission systems, such as the development of hybrid transmissions and intelligent transmission control systems, play a significant role in shaping the market. The adoption of advanced technologies like dual-clutch and CVT systems is driving market growth.
Key Takeaways:
The global Automotive Transmission Systems Market Share is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period. This growth is primarily driven by the increasing demand for automated vehicles, advancements in transmission technologies, and the growing production of electric and hybrid vehicles.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the automotive transmission systems market. The region’s rapid economic growth, increasing population, and rising disposable income are fueling the demand for automobiles. Countries like China, India, and Japan are emerging as major automotive manufacturing hubs, driving market growth.
Key players operating in the automotive transmission systems market include Getrag Corporate Group, Aisin Seiki Co., ZF Friedrichshafen AG, Jatco Ltd., General Motors, GKN PLC, Magna Powertrain, Eaton Corporation, Honda Transmission Manufacturing of America Inc., and Allison Transmission Inc. These key players play a crucial role in the market with their technological expertise, extensive product portfolios, and strong distribution networks.
Note:
1) Source: Coherent Market Insights, Public sources, Desk research
2) We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
