Automotive Transmission Market Valued at $84.2 billion by 2028

The global automotive transmission market is projected to grow from USD 62.4 billion in 2023 to USD 84.2 billion by 2028, at a CAGR of 6.2% from 2023 to 2028.
The automotive transmission market is driven by factors such as - a shift towards automatic transmissions due to increasing customer preference for convenience and rising demand for fuel-efficient vehicles leading to advancements in transmission technologies. Rising demand for electric and hybrid vehicles requires specialized transmissions, like continuously variable transmissions (CVTs) in hybrid vehicles and single-speed transmissions in BEVs, to maximize efficiency and performance. Hence, the transmission market is expected to experience a shift from conventional transmissions to hybrid/electric vehicle transmissions in the coming years.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1063

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.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1063

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.

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). These companies have a strong track record in developing and manufacturing automotive transmissions and its components. They have facilities and manufacturing centers across all regions, such as North America, Asia Pacific, and Europe.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/automotive-transmission-systems-market-1063.html

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

This release was published on openPR.