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Automotive Gear Shifter Market Size, Share, Trends And Forecast 2024-2033
Automotive Gear Shifter Market Size
As per the report, the automotive gear shifter market size has grown strongly in recent years. It will grow from $11.33 billion in 2023 to $12.07 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The automotive gear shifter market size is expected to see strong growth in the next few years. It will grow to $15.60 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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Luxury Vehicle Demand Fueling Automotive Gear Shifter Market Growth
The rising demand for luxury vehicles is expected to propel the growth of the automotive gear shifter market going forward. Luxury vehicles are high-end cars that offer superior levels of comfort, performance, and advanced features compared to standard vehicles. There is an increasing demand for luxury vehicles due to rising disposable incomes, technological advancements, and a growing preference for premium features and comfort. Automotive gear shifters are used in luxury vehicles to provide enhanced driving comfort and seamless performance. For instance, in January 2023, according to Porsche AG, a Germany-based automobile company, they delivered 80,767 cars in the first quarter and 320,221 cars over the past 12 months, representing a 15% gain in deliveries. In Europe, 36,574 vehicles were delivered, marking a 23% increase over the same period last year. Therefore, the rising demand for luxury vehicles is driving the growth of the automotive gear shifter market.
Advanced Functionalities Reshaping Automotive Gear Shifting
Major companies operating in the automotive gear shifter market are focusing on developing advanced functionalities in cars, such as touchscreen gear-shifting mechanisms, to gain a competitive edge in the market. A touchscreen gear-shifting mechanism is a system where gear selection is controlled entirely through a touchscreen interface, eliminating the need for traditional physical gear selector levers. For instance, in April 2021, Tesla Inc., a US-based automotive company, launched a touchscreen gear shifter, a groundbreaking update for the Model S and Model X cars. Unlike traditional cars with gear selector levers, these updated models will rely solely on a touchscreen controller for shifting gears. Drivers will use a sliding selector icon on the touchscreen to choose between Drive (D) or Reverse (R), with Neutral (N) accessible through a shortcut menu.
The automotive gear shifter market covered in this report is segmented -
1) By Component Type: Electronic Control Unit (ECU), Controller Area Network (CAN) Model, Solenoid Actuator
2) By Product Type: Manual Transmission, Automatic Transmission, Continuously Variable Transmission, Other Product Types
3) By Technology Type: Shift By Wire, Automatic Shifter
4) By Fuel System: Diesel, Petrol, Gasoline
5) By Applications: Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle
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Major companies operating in the automotive gear shifter market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Co., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Caterpillar Inc., ZF Friedrichshafen AG, Aisin Corporation, Eaton Corporation plc, Chang'an Automobile Co. Ltd., Magneti Marelli S.p.A., FAW Group Corp. Ltd., CLAAS, TREMEC Corporation, JATCO Ltd., Avtec Limited, Shanghai Automotive Transmission Co. Ltd., Hyundai Kefico Corporation, Colotti Trasmissioni
Contents of the report:
1. Executive Summary
2. Automotive Gear Shifter Market Report Structure
3. Automotive Gear Shifter Market Trends And Strategies
4. Automotive Gear Shifter Market - Macro Economic Scenario
5. Automotive Gear Shifter Market Size And Growth
…..
27. Automotive Gear Shifter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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