Automotive Gear Shifter Market To Be Dominated by Keyplayers Kongsberg, Tokai Rika, Fuji Kiko, DSM, ZF Friedrichshafen, Eissmann, ZF TRW, Fine Sinter, Aisin AI, Ficosa, Ningbo Gaofa, PT. Astra, and Sapura.
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Growing use of automatic gear shifter system as compared to manual gear shifter system is one of the major factors, which enhances the demand for advance systems of gear shifter. In various regions, strict government vehicle standards for new vehicle is fueling growth over the forecast period.
Driving Factors in growth of Automotive Gear Shifter Market
Growing automotive industry is a major factor driving growth of the automotive gear shifter market. According to statistics published by OICA the global sales of vehicles reached to 96.8 million units in 2017, from 93.9 million units in 2016. Several vendors in the market are replacing mechanical components with its electronic counterpart in order to increase the efficiency of transmission system so as to enhance the speed of changing gears.
Rising adoption of electric vehicle is prominently driving growth of automotive gear shifter vehicle. Consumers have shifted their preference towards electric vehicles, owing to rising environmental concern and rising fluctuations in fuel prices. For instance, according to Germen Federal Motor Transportation Authority, 61% increase was registered in the sales of plug-in electric vehicles in 2018 as compared to preceding year. Thus, rising popularity of electric vehicles among consumers globally, is fueling growth of the automotive gear shifter market as electric gear shifters are embedded in electric vehicles.
Increasing demand for fuel-efficient components is also fueling growth of the gear shifter market. Increasing prices of fuels has propelled consumers toward fuel-efficient vehicles, which in turn drives growth of the market as automotive gear shifter increases the mileage of a vehicle that increases fuel-efficiency of the vehicle.
Regional Analysis of Automotive Gear Shifter Market
Asia Pacific is expected to be the largest market for automotive gear shifter during the forecast period, owing to increasing demand for automobiles among consumers, which has led to high growth of the automotive industry. This in turn is expected to aid in growth of automotive gear shift market. For instance, according to a report by India Brand Equity Foundation (IBEF), the Indian automotive industry (including component manufacturing) is expected to reach around US$ 251.4-282.8 billion by 2026. North America held the second largest market share followed by Europe region in 2017. North America and Europe region have been witnessing high growth in the automotive gear shifter market in the recent past. This is due to increasing production, sales, and expansion of leading automobile OEMs and automotive component suppliers in the regions.
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Key Players in Automotive Gear Shifter Market
Major players operating in automotive gear shifter market include Kongsberg, Tokai Rika, Fuji Kiko, DSM, ZF Friedrichshafen, Eissmann, ZF TRW, Fine Sinter, Aisin AI, Ficosa, Ningbo Gaofa, PT. Astra, and Sapura.
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