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Advanced Gear Shifter System Market Size And Strategies 2024-2033 - Growth Analysis, Outlook, Overview
Advanced Gear Shifter System Market Size
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According to The Business Research Company's, The advanced gear shifter system market size has grown strongly in recent years. It will grow from $12.51 billion in 2023 to $13.55 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increase in automotive systems, increased use of cable shifting, increased electrification in vehicles, increased customer concerns about vehicle performance, rise in demand for smooth and quick gear impulse.
The advanced gear shifter system market size is expected to see strong growth in the next few years. It will grow to $18.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing sales of mid-size and luxury vehicles, increasing use of x-by-wire technology in the vehicle, growing preference for automatic and semi-automatic transmissions, increasing driving comfort, increasing fuel efficiency. Major trends in the forecast period include advanced shifter technologies, advancements in vehicle connectivity, advancements in autonomous driving technologies, rising wire technology, integration of shift-by-wire technology.
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Market Drivers and Trends:
The increasing sales of luxury vehicles are expected to propel the growth of the advanced gear shifter system market going forward. Luxury vehicles are automobiles that offer premium features, advanced technology, superior comfort, and high-quality materials, catering to discerning customers who prioritize luxury, performance, and prestige. The increase in the sale of luxury vehicles is due to a rise in desire for status and prestige, luxury lifestyle trends, strong brand image and marketing, and access to financing options, including leasing and financing programs. Advanced gear shifter systems are commonly used in luxury vehicles to enhance the driving experience and provide added convenience and sophistication, which play a crucial role in improving the driving experience in luxury vehicles, offering smooth, precise, and customizable gear shifts along with additional features that add convenience, performance, and luxury. For instance, in April 2024, according to Tesla Inc., a US-based automobile company, production and delivery totals for the model S/X and E/Y (luxury electric vehicles) increased from $24.32 billion in 2023 compared to $21.454 billion in 2022, an increase of 37.24% year-over-year. Therefore, the increasing sales of mid-size and luxury vehicles are driving the growth of the advanced gear shifter system.
Major companies operating in the advanced gear shifter system market are developing products such as electronic clutch control systems to enhance vehicle performance and support integrating advanced driver-assistance systems (ADAS) in modern vehicles. Electronic clutch control systems are advanced automotive technologies that use electronic mechanisms to manage the engagement and disengagement of the vehicle's clutch rather than relying on traditional mechanical or hydraulic systems. For instance, in November 2023, Honda Motor Co. Ltd, a Japan-based automobile company, launched the first electronic clutch control system. The system automatically controls the clutch of the manual motorcycle transmission based on various sensor inputs such as vehicle/engine speed, throttle position, and gear position. Honda demonstrates the potential of this technology to improve vehicle dynamics, support advanced features, and align with the automotive industry's shift toward automation and efficiency by integrating ECCS into its motorcycles.
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Major Key Players of the Market:
TOKAI RIKA CO LTD, Robert Bosch GmbH, Varroc Group, ZF Friedrichshafen AG, Denso Corporation, Atsumitec Co Ltd, Magneti Marelli S.p.A., Kostal Group, Ficosa Internacional SA, Remsons Industries Ltd., Eissmann Group Automotive, Ficosa, M&T Allied Technologies Co. Ltd., Fujikiko Co. Ltd., Kongsberg Automotive GmbH, Dura Automotive Systems Inc., Stoneridge, GHSP, Kapsch Components, Delta Kogyo Co. Ltd., Lumax Industries, SL Corporation, Sila Group, Leopold Kostal GmbH & Co. KG, Orscheln Products, Jopp Technology Co. Ltd.
Advanced Gear Shifter System Market 2024 Key Insights:
• The advanced gear shifter system market size is expected to see strong growth in the next few years. It will grow to $18.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Luxury Vehicle Sales Propel Advanced Gear Shifter System Market
• Innovations In Advanced Gear Shifter Systems
• North America was the largest region in the advanced gear shifter system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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