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Automotive Gear Shift System Market to Showcase Higher Revenue Growth Steered by Rising Investments until the end of 2028 | Key Players are Kongsberg Automotive ASA, SL Corporation, etc.
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Automotive Gear Shift System Market – Key Insights
Resurgence in the sales of automobiles during the 2013-2017 period bolstered automotive gear shift system market growth which witnessed a CAGR of 3.7% during the period. Burgeoning demand for automobiles in both developing and developed economies coupled with the growing production of electric vehicles is expected to fuel automotive gear shift system market proliferation which was valued at US$ 22 billion in 2018 and is estimated to witness a steady growth at a CAGR of over 4.5% during 2018-2028. East Asia is expected to retain its position as the largest automotive gear shift system market during the forecast period. Strong automobile sales and availability of affordable labor will continue to drive growth. South Asia is likely to emerge as the fastest growing automotive gear shift system market. Growth will be underpinned by burgeoning automobile sales in emerging economies in India, Thailand, and Indonesia and supported by bullishness in the economies.
What are the Challenges which need to be addressed by Stakeholders in the Automotive Gear Shift System Market?
Surge in the prices of non-ferrous raw materials and their alloys continue to be a longstanding challenge for gear shift system market. Increasing regulatory pressure to streamline mining processes to substantially reduce the harmful impacts of the procedure on the environment is a key cause expected to create a significant surge in the prices of raw materials.
Demand for lightweight and durable alternatives to conventional materials in electric vehicles will entail migration to new systems and technologies, and pose challenges to the existing status-quo.
Consumers in China and India – two of the prominent markets for automotive industry – are extremely cost-sensitive and expect quality features at affordable costs. Gear shift system manufacturers are under increasing pressure to offer competitively-priced products without compromising on the quality in these lucrative markets.
Automotive Gear Shift System Market – Competitive Landscape
To capitalize on the growing demand for affordable vehicles in India and Asia, ZF Friedrichshafen AG, a leading player in the automotive gear shift system market, announced the launch of a new electrified clutch which functions to improve the efficiency of manual transmission in automobiles. The company plans to market the product as a way to enhance fuel efficiency in vehicles using manual transmission gear shifting systems.
In order to stay at pace with the changing automobile industry, Eissmann Automotive Deutschland GmbH expanded its Pell City facility adding a 130,000 square-foot building to the existing infrastructure in the region. The facility is equipped with advanced manufacturing equipment which will be used for a new production line set to be unveiled by the Germany-based automotive gear shift system manufacturers.
Some of the leading players operating in the automotive gear shift system market include Kongsberg Automotive ASA, SL Corporation, GHSP, Inc., Ficosa International, S.A., Fuji Kiko Co., Ltd., Leopold Kostal GmbH & Co. KG, Tokai Rika Co., Ltd., Jopp Holding GmbH, and Dura Automotive Systems, LLC.
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Research Methodology
The report on automotive gear shift system market is the consequence of a robust and elaborate research methodology employed during the compilation of the report. A two-step process involving primary and secondary researches was conducted to obtain invaluable and actionable insights into the automotive gear shift system market. Primary research was conducted by interviewing seasoned experts from the automotive gear shift system market while a thorough study of company press releases, trade journals, paid sources, and other publications related to the automotive gear shift market formed the basis of the secondary research. Results from both the steps of research were triangulated to create an authentic and accurate forecast of the automotive gear shift system market.
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