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Gradual Technological Advancements to Propel Demand in Automotive Transmission Fluid Market
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The gradual technological advancements regarding the improvement of automotive transmission fluid is among the major driver in the automotive transmission fluid market. Urgent necessity of environment-friendly transmission fluid additives is rising because of the fast technological advancements in the production of automobile transmission framework. These days, the original equipment manufacturers are making vehicles that are integrated with automatic manual transmission system. To serve the modified requirements, the transmission fluid manufacturers are required to concentrate on improving their production capacity, along with their product portfolio.
On the basis of geography, the automotive transmission fluid market is categorized into seven key regions namely Eastern Europe, North and Latin America, Asia-Pacific, Western Europe, Japan, and the Middle East & Africa. The automotive transmission fluid market is anticipated to account a steady CAGR within the forecast period from 2018 to 2025. Even after slow economic development, buyers of North America are purchasing cars that is churning the demand for automotive transmission fluid in nations for example the U.S. and Canada. As a result, it has made North America the key region in automotive transmission fluid market. Moreover, in Western Europe, owing to presence of well-established global automotive manufacturers and other mechanical equipment manufacturing firms, the growth in sales of several automotive is likely to bring in demand for automotive transmission fluid as well. Nations for example, India and China are the major participants in Asia-Pacific region in terms of development.
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On the basis of application, the automotive transmission fluid market is segmented into commercial vehicle and passenger car. The passenger car segment held the biggest share of the transmission fluid market in 2017. Within the forecast period, the shares for passenger car segment is foreseen to grow rapidly because of rise in demand.
The automotive transmission fluid market is highly fragmented owing to the presence of various players. Chevron, Shell, BP, Exxon Mobil, and Valvoline are among the key palyers leading the global automotive transmission fluid market.
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