Global Automotive Transmission Market is expected to foresee steady growth. The Asia Pacific holds the largest share!
- Vikas Kumar
- June 27, 2022
- AUTOMOTIVE, NEWS
- Automotive Transmission Market Forecast, Automotive Transmission Market Growth, Automotive Transmission Market News, Automotive Transmission Market Report, Automotive Transmission Market Share, Automotive Transmission Market Size, Automotive Transmission Market Trend
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The global Automotive Transmission market is expected to grow at a CAGR of around ~6% during the forecast period 2021-2027. The global vehicle industry’s rapid expansion is expected to enhance the automotive transmission market significantly. The automotive transmission market is expected to benefit from increased mergers and acquisitions in the global automotive industry. Furthermore, growth in an individual’s disposable income and the buying power of customers around the world is driving car sales, which is expected to enhance the industry. One of a vehicle’s most crucial components is the transmission. It is responsible for transmitting power from the engine to the wheels. Car transmissions come in a variety of styles. Some are automated, whereas manual transmissions in stick-shift cars necessitate additional steps from the driver in order for the vehicle to function properly. In a car, where is the transmission located? Transmission is usually situated in the front of a vehicle’s chassis. Automobile component makers are working hard to deliver cost-effective alternatives without sacrificing vehicle performance. To address the rising demand for transmission systems across the automotive sector, they are implementing a variety of expansion methods. Aisin Seiki Co., Ltd., for example, is concentrating its development and manufacturing skills on Toyota Motor Corp.’s manual transmission products under the Aisin AI brand. Consolidating their expertise will help enterprises to fulfill global demand and boost their manual systems business’ competitiveness.
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Apart from just transmitting an engine’s power to the wheels, the vehicle transmission system has a number of advantages. Due to excessive traffic and congestion, as well as overcrowded streets, the demand for automotive automatic transmission vehicles has increased in recent years, particularly in emerging nations such as India and China. Market growth is likely to be boosted by rapid technological improvements in automotive transmission production. Furthermore, owing to the shift in demand for fuel-efficient products with increased performance, the market is expected to be driven by the increasing adoption of Continuously Variable Transmission (CVT) and Dual Clutch Transmission (DCT) technologies over manual and automatic systems over the forecast period. Many automakers are now offering Intelligent Manual Transmission (IMT), which allows drivers to shift ratios without having to depress the clutch. Mergers and acquisitions in the worldwide automobile transmission market are expected to promote market growth. Modernization and an increase in an individual’s disposable money are two significant elements driving the use of automated transmission systems in vehicles.
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The global economy has suffered a significant setback as a result of the COVID-19 epidemic, which has had a detrimental influence on vehicle production. Supply chain interruptions have resulted as a result of COVID-19, with some production facilities grinding to a halt. Furthermore, it has had a negative influence on passenger and commercial vehicle sales, affecting demand for automotive transmission. In the past, Europe was the dominant regional market in terms of product sales; however, due to a drop in car sales in the region, the adoption rate has lately declined. Because of the economic stimulus packages and municipal limits, Europe will experience a mixed recovery cycle. According to the German Automobile Association (VDA), 5.1 million passenger automobiles were registered in Europe in the first half of 2020, down 39% from the same period in 2019. Furthermore, passenger vehicle sales in the United States fell by roughly 26% in 2020 compared to the previous year.
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For a better understanding of the market adoption of the Automotive Transmission, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. In 2020, Asia Pacific had the greatest revenue and it is expected to maintain its dominance while increasing at the quickest CAGR during the projection period. The presence of several important vehicle manufacturers and ancillaries in the region is driving market expansion. Companies in the Asia Pacific have been driven to implement efficient transmission networks by stringent rules. Furthermore, rising vehicle sales, particularly in countries such as China, India, Japan, and South Korea, are expected to boost regional market growth throughout the projection period. Many OEMs are eager to establish manufacturing operations in this region, particularly in growing economies like China and India. During the projection period, North America is expected to be the second-largest market. The sector is predicted to increase because of the rising demand for automatic manual transmission (AMT) across the region. Furthermore, the industry’s expansion is likely to be bolstered by sophisticated manufacturing centers and a technologically advanced market.
Global Automotive Transmission Market Segmentation
Market Insight, by Transmission Type
Market Insight, by Vehicle Type
- Passenger Car
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Insight, by Fuel Type
Market Insight, by Region
- North America Automotive Transmission Market
- United States
- Rest of North America
- Europe Automotive Transmission Market
- United Kingdom
- Rest of Europe
- Asia Pacific Automotive Transmission Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Transmission Market
Top Company Profiles
- Eaton Corporation PLC
- Aisin Seiki Co., Ltd.
- BorgWarner Inc.
- ZF Friedrichshafen AG
- Allison Transmission, Inc.
- Continental AG
- Magna International Inc.
- Jatco Ltd.
- Schaeffler AG
- GKN PLC