Press release
Global Automotive Transmission Market to Reach $146.2 Billion by 2031, Driven by Advancements in Transmission Technology and Stringent Emission Norms
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The anticipated growth of the automotive transmission market is underpinned by several critical factors, including the rapid advancements in automotive transmission technologies and increasingly stringent regulatory standards aimed at reducing emissions. These dynamics are fostering a robust expansion of the market. However, the sector also faces challenges, such as the complexity of modern transmission systems and volatile raw material prices, which could potentially hinder its growth.
Technological Advancements and Regulatory Standards: The Catalysts of Growth
The automotive industry is currently experiencing a transformative phase, with advancements in transmission technologies playing a pivotal role. These innovations are not only enhancing the performance and efficiency of vehicles but are also in alignment with the stringent regulatory standards imposed by governments worldwide to curb carbon emissions. The integration of artificial intelligence (AI) and machine learning into transmission systems is particularly noteworthy, as it opens new avenues for optimizing vehicle performance and fuel efficiency.
In addition to technological progress, the market is witnessing a growing emphasis on the use of lightweight and highly efficient materials in the manufacturing of automotive components. This trend is expected to create significant growth opportunities for market players, as automakers increasingly seek to reduce the overall weight of vehicles to meet fuel efficiency and emission standards.
Market Segmentation: A Detailed Overview
The global automotive transmission market has been meticulously segmented based on type, engine type, vehicle type, sales channel, and geography, providing a granular view of the market landscape.
1. By Type: Manual Transmission Dominates, but Automated Transmissions Gain Momentum
The market is categorized into three primary types: manual transmission, automated manual transmission, and semi-automated manual transmission. The automated manual transmission segment is further sub-segmented into automatic transmission, continuously variable transmission (CVT), and dual-clutch transmission (DCT).
In 2024, manual transmissions are expected to account for the largest market share, comprising 48.0% of the global automotive transmission market. The sustained preference for manual transmissions can be attributed to their higher fuel efficiency compared to automatic alternatives. In regions where fuel economy and environmental sustainability are of paramount concern, consumers are increasingly opting for manual transmissions to minimize fuel consumption and reduce their carbon footprint. This trend is particularly evident in areas with elevated fuel prices or a strong emphasis on environmental consciousness.
Despite the dominance of manual transmissions, the automated manual transmission segment is projected to register the highest CAGR during the forecast period. Automated transmissions offer the dual advantage of convenience and control, making them increasingly popular among consumers. Market players are actively launching innovative products in this segment to capitalize on the growing demand. For instance, ZF Friedrichshafen AG (Germany) announced the launch of its PowerLine 8-speed automatic transmissions in February 2024, aiming to produce 200,000 units annually by 2025 to meet the rising demand in the U.S. commercial vehicle market.
2. By Engine Type: Petrol Engines Lead, Driven by Compatibility and Performance Enhancements
The engine type segment is bifurcated into petrol engines and diesel engines. The petrol engines segment is anticipated to command the larger share of 56.0% of the global automotive transmission market in 2024. This dominance is driven by the compatibility of petrol engines with various automated transmission systems, such as automatic transmissions and CVTs, which enhance the overall performance and fuel efficiency of vehicles.
Moreover, the petrol engines segment is expected to exhibit the highest CAGR during the forecast period. The demand for petrol engine vehicles equipped with advanced transmission technologies, like DCTs, is on the rise, particularly among driving enthusiasts who value quick gear changes, improved acceleration, and a more engaging driving experience.
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3. By Vehicle Type: Passenger Cars Maintain Stronghold Amid Technological Advancements
The vehicle type segment includes passenger cars, light commercial vehicles, and heavy commercial vehicles, with the latter further divided into trucks and buses. In 2024, passenger cars are projected to hold the largest share of 47.0% of the global automotive transmission market. The significant market share of this segment is attributed to the rapid advancements in transmission technologies, such as CVTs, DCTs, and automatic transmissions, which offer superior efficiency, performance, and comfort compared to traditional manual transmissions.
Passenger cars represent the largest segment of the automotive market in terms of production and sales volume, further driving the demand for advanced transmission systems. As these vehicles continue to incorporate cutting-edge transmission technologies, the passenger car segment is also expected to register the highest CAGR during the forecast period.
4. By Sales Channel: OEMs Dominate as They Expand and Innovate
The sales channel segment is divided into original equipment manufacturers (OEMs) and aftermarket. OEMs are expected to dominate the market, accounting for 85.0% of the global automotive transmission market in 2024. The substantial market share held by OEMs is largely due to their strategic expansion efforts targeting emerging markets and diversifying their geographic presence. By adapting their transmission offerings to regional preferences, regulatory environments, and infrastructure conditions, OEMs are effectively capturing new market opportunities.
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Additionally, OEMs are forging collaborations with transmission component suppliers and technology companies to integrate innovative features into their vehicles. These partnerships are instrumental in accelerating the development and market introduction of new transmission technologies, thereby strengthening the competitive position of OEMs.
5. By Geography: Asia-Pacific Leads with Robust Urbanization and Vehicle Demand
Geographically, the automotive transmission market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for the largest share of 41.0% of the global automotive transmission market in 2024. The region's dominance is fueled by rapid urbanization, economic growth, rising disposable incomes, and an expanding middle-class population, all of which contribute to increased vehicle ownership and replacement cycles.
The growing preference for automatic transmissions in Asia-Pacific, driven by factors such as urban traffic congestion and the desire for smoother driving experiences, is further propelling the market. Stringent regulatory standards in the region are also encouraging the adoption of more efficient transmission systems.
Notably, the Asia-Pacific market is projected to register the highest CAGR of 7.0% during the forecast period. This growth is supported by the increasing automotive sales in countries like China, India, Japan, and South Korea. Furthermore, regional market players are actively launching initiatives to drive market development. For instance, Aisin Corporation (Japan) showcased a range of electrification technologies and innovations at the 2023 Detroit Auto Show, including advanced axles and hybrid transmission systems.
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Key Players: Industry Giants Driving Innovation and Market Growth
The global automotive transmission market is characterized by the presence of several key players who are at the forefront of innovation and market expansion. These companies include:
ZF Friedrichshafen AG (Germany): A leader in transmission technology, ZF is expanding its production capabilities in the U.S. to meet the growing demand for advanced automatic transmissions.
Magna International Inc. (Canada): Known for its diverse portfolio of transmission systems, Magna is continually innovating to enhance vehicle performance and efficiency.
BorgWarner Inc. (U.S.): A global leader in transmission technology, BorgWarner is focused on developing sustainable and efficient solutions for the automotive industry.
Continental AG (Germany): A major player in the automotive sector, Continental is driving innovation in transmission systems through its advanced engineering capabilities.
Eaton Corporation plc (U.S.): Eaton is leveraging its expertise in power management to develop next-generation transmission technologies.
Allison Transmission Holdings, Inc. (U.S.): Specializing in fully automatic transmissions, Allison is a key supplier to the commercial vehicle market.
Marelli Holdings Co., Ltd. (Japan): A prominent player in the automotive industry, Marelli is focused on delivering cutting-edge transmission systems that meet the evolving needs of automakers.
AISIN Group (Japan): AISIN is a leader in the development of hybrid and electric transmission systems, contributing to the industry's shift towards electrification.
Bonfiglioli S.P.A (China): Known for its high-quality transmission components, Bonfiglioli is expanding its presence in the global market.
Hyundai Transys Inc. (South Korea): A subsidiary of Hyundai Motor Group, Hyundai Transys is a key player in the development of innovative transmission technologies.
Musashi Seimitsu Industry Co., Ltd. (Japan): Specializing in precision components, Musashi is a vital supplier to the automotive transmission market.
Schaeffler AG (Germany): A global leader in automotive components, Schaeffler is driving innovation in transmission systems through its advanced engineering capabilities.
Vietesco Technologies Group AG (Germany): Focused on powertrain technologies, Vietesco is at the forefront of developing sustainable transmission solutions.
GKN plc (U.K.): A leading supplier of automotive components, GKN is known for its high-performance transmission systems.
KATE LLC (Russia): A key player in the Russian automotive market, KATE is focused on developing innovative transmission solutions for a wide range of vehicles.
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Conclusion: The Road Ahead
As the global automotive transmission market continues to evolve, the interplay of technological advancements, regulatory standards, and consumer preferences will shape its future trajectory. The integration of AI, machine learning, and lightweight materials into transmission systems will play a crucial role in meeting the demands of an increasingly complex and competitive market landscape. Moreover, the expansion efforts of OEMs and the growing preference for automatic transmissions in key regions such as Asia-Pacific will further fuel market growth.
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