Automotive Transmission Market Set to Reach $84.2 billion by 2028

The global automotive transmission market size was valued at USD 62.4 billion in 2023 and is expected to reach USD 4.2 billion by 2028, at a CAGR of 6.2% during the forecast period. The growth in the automotive transmission market is primarily driven by technological advancements leading to more efficient transmission systems and stringent emissions regulations necessitating the adoption of fuel-efficient transmission solutions. Additionally, increasing vehicle production, rising demand for automatic transmissions, and the expanding market for electric and hybrid vehicles contribute to the market's growth.

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CVT is estimated to be the fastest-growing transmission market regarding the number of forward gears during the forecast period.

Continuously Variable Transmission (CVT) is an automatic transmission technology that uses two pulleys connected by a steel belt. It adjusts the size of these pulleys to change gear ratios smoothly, avoiding jolts during shifts and providing a comfortable driving experience. With the increasing popularity of SUVs globally, automatic transmissions like CVTs are becoming more preferred for city driving. CVTs provide an excellent opportunity for transmission manufacturers because they offer better fuel efficiency and lower carbon emissions than other automatic transmission types. CVTs are mainly used in hybrid and electric vehicles, which are in higher demand due to environmental concerns. Considering the trends in the market, companies like Bosch are also introducing upgraded products like eCVT, introduced in September 2023. This eCVT combines CVT technology with an electric motor for better efficiency and performance in electric vehicles.

Passenger car segment is estimated to be the largest segment during the forecast period.

According to ACEA, global passenger car production witnessed a notable 8.7% increase in 2022 compared to the previous year. Asia Pacific emerges as the dominant region in the passenger car market, with China and Japan leading the pack. Projections from the International Energy Agency (IEA) highlight a significant surge in passenger car ownership, particularly in India, which is expected to contribute substantially to global vehicle production. The IEA forecasts a staggering 775% increase in passenger car ownership in India over the next 24 years, with the number of vehicles per 1,000 inhabitants rising from 20 to 175. Hatchbacks are popular in Europe and some parts of Asia Pacific due to their practicality, maneuverability, and cost-effectiveness. Traditional automatic transmissions (ATS) with 6-10 speeds are prevalent in the mid-size and large cars segment, prioritizing comfort and handling.

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Asia Pacific is estimated to be the fastest-growing market for automotive transmission in 2023

The Chinese market is the largest in the Asia-Pacific region and is experiencing notable growth in the demand for premium vehicles. This trend is driven by rising disposable incomes among consumers, contributing to increased sales of high-end automobiles. According to the China Passenger Car Association (CPCA), retail sales of luxury cars surged by 17 percent year-on-year and 35 percent month-on-month, reaching 270,000 units. China is on track to become the fastest-growing market for luxury and ultra-luxury vehicles by 2031, with automatic transmissions witnessing growth driven by the expanding luxury car and SUV segments. This growth in luxury car sales in China is expected to fuel demand for automatic transmissions as consumers increasingly prefer the convenience and comfort they offer. This surge in demand will drive the expansion of the automatic transmission market in the region. In parallel, India and South Korea are witnessing increased vehicle production due to rising disposable incomes and significant investments in R&D, particularly in EV technology and autonomous driving.

Key Market Players:

Key players in the market include Aisin Corporation (Japan), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), JATCO Ltd. (Japan), BorgWarner Inc. (US).

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This release was published on openPR.