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Automotive Transmission Market To Rear Excessive Growth During 2021-2031
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The expansion of the global supply chain and the logistics sector is contributing to the heavy commercial vehicle sales, such as trucks and trailers. These heavy vehicles need high power to operate the wheels, and it can be carried out through automotive transmission systems.
Mergers and acquisitions activities in the global automotive transmission market are anticipated to boost the automotive transmission market. Modernization and rise in disposable income of an individual are also some of the key factors contributing to the rising adoption of automated transmission systems in vehicles.
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Growth of Automatic Transmission Segment
Manual transmission and automatic transmission are the two main types of transmission systems. In the manual transmission, a driver needs to adjust gears to change the speed of vehicle. However, in automatic, changing of gears at different speeds is without the intervention of the driver. Semi-automatic and automatic transmission systems are popular among consumers across the globe. Automatic transmission systems are used to improve the performance of vehicles, by enhancing mobility, comfort, and fuel-efficiency. Manufacturers operating in the global automotive transmission market are focusing on the production of automotive transmission system due to rising demand from consumers across the globe. The rapid expansion of the automobile industry across the globe is expected to drive the automotive transmission market in the upcoming years.
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Potential Lucrative Opportunities for Automotive Transmission Market Players in Asia Pacific
Asia Pacific in expected to be major automotive transmission market due to population growth and large road network. The rising demand for commercial vehicles in Asia Pacific is a major factor driving the market growth in the region. Availability of cheap labor, growth of automobile and manufacturing industries, and developing economies are some of the factors driving rapid expansion of the automotive transmission market in Asia Pacific. The presence of automobile manufacturers operating in China, India, Japan, and South Korea is also fueling the market growth in the region. In addition, rising popularity of sports cars in North America and Europe is creating huge opportunities for market players in the region.
COVID-19 Impact on Global Automotive Transmission Market
The global automotive transmission market is harshly affected by the rapid spread of the coronavirus across the globe. Halting of businesses, strict lockdowns, ban on travel and transportation, and disrupted supply chains affected the expansion of the global automobile industry. This reduced sales of vehicles such as passenger cars, light duty vehicles, medium & heavy duty vehicles, etc. However, technological advancements in transmission systems are expected to be revive the global automotive transmission market. The rapid adoption of advanced systems by automotive OEMs across the globe is creating revenue opportunities in the near future.
Through strategic approach of market players, businesses are recovering from the losses and market contributors are focusing on innovative solutions to stay afloat in the business. The rise in sale of vehicles after the COVID-19 pandemic is likely to propel the automotive transmission market during the forecast period. In addition, the increase in demand for passenger and commercial vehicles is propelling the global automotive transmission market. A transmission system is responsible for transferring power created by vehicle engine to the driving wheels of vehicles.
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Drivers of Automotive Transmission Market
Rapid expansion of the automobile industry across the globe is projected to significantly boost the automotive transmission market. Growing mergers and acquisitions in the automobile industry across the globe is anticipated to boost the automotive transmission market. Moreover, a rise in disposable income of an individual and increase in buying capacity of consumers across the globe is propelling the sale of vehicles, which, in turn, is projected to boost the market.
Expansion of global supply chain and the logistics sector is boosting the demand for heavy commercial vehicles, such as trucks and trailers, which require high power to operate the wheels. The torque generated by the engine is transferred to the power train and wheels with the help of transmission system. Moreover, regulatory norms regarding carbon emission and pollution control are driving the market, as an efficient transmission system reduces the consumption of fuel and emission of various gases.
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