Automotive Transmission Systems Market Predicted to Accelerate the Growth by 2021-2031
The automotive transmission systems market is estimated to register growth at a CAGR of 7% during the forecast period of 2022 to 2027. Hence, the market for automotive transmission is projected to gain a valuation of US$ 145 Mn by 2026. The total valuation of the automotive transmission systems market was US$ 95 Mn in 2020. Rise in the demand for vehicles from across the globe is expected to drive the sales gain in the global market for automotive transmission systems in the forecast period.
Automotive transmission systems are gaining traction owing to their numerous advantages including their ability to efficiently transfer an engine's power to the wheels. Continuously variable transmission, dual-clutch transmission, and automated manual are key automotive transmission systems types used in different vehicles.
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Several developing nations such as China and India are seen increasing the demand for automotive transmission vehicles in order to address the issue of overcrowded streets, heavy traffic, and congestion. This factor is generating sales growth in the global automotive transmission systems market.
Companies operating in the global automotive transmission systems market are investing heavily in the R&D projects in order to advance the quality of the product they provide. Moreover, several enterprises in the market for automotive transmission systems are increasing focus on business expansions in newer regions. Hence, they are using strategies such as mergers, acquisitions, and partnerships. These efforts are likely to support the growth of the automotive transmission systems market in the forecast period.
The automotive industry is experiencing adverse impact of the COVID-19 pandemic as there was remarkable drop in the automotive sales, which is negatively impacting on the growth of the automotive transmission systems market. However, a rise in the trend of using automatic transmission by drivers is expected to help the companies from the automotive transmission systems market to sustain their businesses in the pandemic situation.
Automotive Transmission Systems Market: Brief Overview
Automotive transmission systems have been undergoing several developments in recent times, with the most crucial one being the shift from manual to automatic. The key function of a transmission system is to circulate power from the engine. These systems utilize gears and clutch to provide torque conversions and speed.
The growing demand to improve vehicle performance and fuel economy, the changing and varied needs of users, and the demand for enhanced driving experience have resulted in the development of advanced automotive transmission systems.
Automotive Transmission Systems Market: Comprehensive Insights
Hoping to minimize the transmission power response time and comply with carbon emission norms, automobile manufacturers are constantly conducting R&D activities to improve vehicle performance. This has resulted in the development of advanced transmission systems.
Dual clutch transmission (DCT) and continuously variable transmission (CVT) are two main types of automotive transmission systems. Customers across the globe have different needs and preferences for transmission systems, which has led to diverse market conditions for both CVT and DCT. For instance, CVTs have gained preference over DCTs in North America and Asia, while CVTs are likely to be discontinued in Europe, with DCT installation rates gaining greater ground.
Leading automakers such as Volkswagen and Honda manufacture their own automotive transmission systems in-house by partnering with other Tier-I technology vendors. This has resulted in limited scope for growth of other automotive transmission system manufacturers.
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Automotive Transmission Systems Market: Major Segments
The global automotive transmission systems market has been segmented based on type into continuously variable transmission (CVT) and dual clutch transmission (DCT). On the basis of type of vehicle, the market takes into consideration commercial vehicles and passenger cars. From the point of view of geography, the worldwide market for automotive transmission systems can be categorized into Europe, North America, Asia Pacific, and the Rest of the World.
Automotive Transmission Systems Market: Drivers and Restraints
The report highlights the prominent factors influencing the growth of the automotive transmission systems market. Based on the findings of the report, the need to reduce carbon emissions, the growing demand for the expansion of production facilities, the need for better fuel efficiency than that offered by conventional transmission systems, and high installation rates of continuously variable transmission systems in Asia Pacific and North America are currently driving the demand for automotive transmission systems.
On the flip side, high maintenance cost and performance gaps pose a major challenge for the growth of the automotive transmission systems market. Moreover, high cost constraints of dual clutch transmission systems and technical limitations of continuously variable transmission systems result in a lower installation rate in commercial vehicles across the globe.
On the plus side, however, the increased demand for hybrid vehicles presents key opportunities for this market. Automobile manufacturers in developing markets such as Brazil and India are yet to explore the use of these technologies, which is likely to spur the demand for automotive transmission systems at greater levels.
Automotive Transmission Systems Market: Vendor Landscape
There are several leading players operating in the automotive transmission systems market. These include Borgwarner Inc., Fiat Powertrain, Aisin Aw Co. Ltd., Gkn Driveline, Hofer Powertrain GmbH, Hilite International, Fuji Heavy Industries, Jatco Ltd., Magna Powertrain, Niba Ag, IAV Automotive Engineering, Ntc Powertrain, Luk GmbH& Co., Suzler Ltd., Valeo, Tremec, and Ricardo plc.
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