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Global Automotive Transmission Market Recent Development And Future Growth Forecast To 2033
Global Automotive Transmission Market
As per the report, the automotive transmission market size has grown strongly in recent years. It will grow from $123.35 billion in 2023 to $131.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The automotive transmission market size is expected to seestrong growth in the next few years. It will grow to $171.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
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Rising Demand For Electric And Hybrid Vehicles Spurs Growth In Automotive Transmission Market
The increasing demand for electric and hybrid vehicles is expected to propel the growth of the automotive transmission market going forward. Electric and hybrid vehicles are automobiles that utilize electric propulsion systems, either exclusively or in combination with conventional internal combustion engines, to reduce emissions and increase fuel efficiency. There is a rising demand for electric and hybrid vehicles due to factors such as rising environmental awareness, government incentives, and advancements in battery technology. Automotive transmission systems are used in electric and hybrid vehicles to manage power distribution between electric motors, batteries, and internal combustion engines to optimize efficiency and performance. For instance, in April 2023, according to The International Energy Agency (IEA), a Europe-based autonomous intergovernmental organization, global electric car sales experienced a notable surge of 3.5 million units in 2023 compared to 2022, representing a substantial 35% year-on-year increase. Therefore, the increasing demand for electric and hybrid vehicles is driving the growth of the automotive transmission market.
Advanced Automotive Transmission To Provide Diverse Systems
Major companies operating in the automotive transmission market focus on technologically advanced products with features such as crawl mode and hill-start assistance to gain a competitive advantage. Crawl mode and hill-start assistance enhance driving comfort and safety by providing smoother incline starts and slow-speed maneuvering in off-road or congested urban environments. For instance, in October 2023, ZF Group, a Germany-based automotive parts manufacturer, launched the Transwin. It is an automatic transmission for medium and heavy-duty trucks in China. These series include 9-speed and 6-speed variants, catering to diverse user requirements and working conditions. It targets various transportation scenarios, including long-distance and urban delivery, with features such as crawl mode and hill-start assistance for enhanced driving comfort. It was equipped with ZF's latest software platform and OptiDrive shift system to ensure precise gear shifts and optimal performance under all driving conditions.
The automotive transmission market covered in this report is segmented -
1) By Transmission Type: Manual Transmission, Intelligent Manual Transmission (IMT), Automated Manual Transmission (AMT), Automatic Transmission (AT), Dual-clutch Transmission, Other Transmission Types
2) By Engine: Internal Combustion (IC) Engine, Electric Engine
3) By Fuel Type: Gasoline, Diesel, Other Fuel Types
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
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Major companies operating in the automotive transmission market are Volkswagen, Toyota Motor Corporation, Ford Motor Company, General Motors Co., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Caterpillar Inc., ZF Friedrichshafen AG, Magna International Inc., Aisin Corporation, Chang'an Automobile Co. Ltd., BorgWarner Inc., American Axle & Manufacturing Inc., FAW Group Corp. Ltd., CLAAS, Allison Transmission Holdings Inc., Kalyani Technoforge Limited, TREMEC Corporation, Link Engineering Company, JATCO Ltd., Solero Technologies LLC, IMS Global Gear Machining LLC, Avtec Limited, Shanghai Automotive Transmission Co. Ltd., Hyundai Kefico Corporation, Colotti Trasmissioni, Gimec Trasmissioni S.r.l.
Contents of the report:
1. Executive Summary
2. Automotive Transmission Market Report Structure
3. Automotive Transmission Market Trends And Strategies
4. Automotive Transmission Market - Macro Economic Scenario
5. Automotive Transmission Market Size And Growth
…..
27. Automotive Transmission Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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