Wilmington, Delaware, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive transmission market was estimated at a value of US$ 37.12 billion in 2020. It is anticipated to register a 2.71% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 49.81 billion by 2031.
The need for passenger and commercial cars is expected to rise globally, which will propel the automotive transmission industry. Through the gearbox, the transmission system transfers the maximum amount of power from the engine to the wheels, ensuring a comfortable and smooth ride.
The majority of cars in the low- and mid-range now have automatic and semi-automatic transmissions. Depending on the electrical technology used in the transmission and the architecture of the transmission system, an automatic transmission system can have a significant impact on a vehicle's mobility and fuel economy.
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Market Trends for Automotive Transmission
- The global automobile transmission market is categorized into automatic and manual segments. The automatic segment is further subdivided into dual clutch (DCT), automated manual transmission (AMT), and continuous variable transmission (CVT).
- During the projected period, the automatic transmission (AT) segment is anticipated to experience rapid growth in terms of value. The two-wheeler market category is expected to steadily expand due to the convenience and fuel efficiency offered by two-wheelers for commuting purposes. Particularly in affluent regions like Europe and North America, scooters and motorbikes are primarily used for leisure due to their affordability, user-friendliness, and ease of parking.
- Various vehicle types segment the global automotive transmission market, including two- and three-wheelers, passenger vehicles, light-duty vehicles, medium & heavy-duty trucks, and buses & coaches. Notably, the two-wheeler and passenger vehicle categories hold a substantial share of the global market for automatic transmissions.
- However, the market's growth may be restrained by the high costs associated with automobile transmission systems. Fluctuations in raw material prices directly impact the demand for and production of transmission systems, consequently influencing the global market due to the pivotal role these systems play in every vehicle's foundation.
Key Findings of the Market Report
- The automotive transmission market is expected to experience significant growth due to the automobile industry's rapid global expansion.
- The global auto sector is expected to see a rise in mergers and acquisitions, which is expected to drive the automotive transmission market.
- The sale of automobiles is also being driven by rising disposable income and rising purchasing power of customers worldwide, which is expected to support the market.
- Heavy-duty commercial vehicles, such trucks and trailers, are in greater demand due to the expansion of the global supply chain and the logistics industry.
- These vehicles require considerable power to drive their wheels. With the aid of the transmission system, the engine's torque is transmitted to the wheels and power train.
- The market is being driven by regulations pertaining to pollution control and carbon emissions, since an effective transmission system lowers fuel consumption and gas emissions.
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Global Market for Automotive Transmission: Regional Outlook
- In Asia Pacific, the surge in demand for commercial vehicles stands out as a key driver for the global automotive transmission industry. Additionally, the steady anticipated rise in demand for luxury and sports cars during the projection period emphasizes North America and Europe as crucial markets.
- The significant demand for aftermarket transmission systems in North America and Europe is expected to be a pivotal driver for the global automobile transmission industry.
Global Automotive Transmission Market: Key Players
By developing new technologies and more effective transmission systems, major firms operating on a worldwide scale are extending their reach. The following companies are well-known participants in the global automotive transmission market: ZF Friedrichshafen AG, Continental AG, Allison Transmission, Magana International Inc., Eaton Corporation, Borg Warner, Aisin Seiki, JATCO, Schaeffler AG, Hyundai Dymos, Bonfiglioli RIDUTTORI S.P.A., Magneti Marelli S.p.A., Other Key Players
Global Automotive Transmission Market Segmentation
Transmission Type
- Manual
- Automatic
Vehicle Type
- Two/Three Wheelers
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Bus & Coaches
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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