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Automotive Gear Shifter Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Automotive Gear Shifter Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to an increase in global vehicle production, adoption of advanced automatic and dual-clutch transmission systems, growth in luxury and high-performance vehicles with advanced gear shifters, enforcement of strict emission norms promoting efficient transmission systems and consumer demand for automatic and semi-automatic gear shifters for comfort.
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%. The growth in the forecast period can be attributed to the rising adoption of electric vehicles requiring advanced gear shifters, evolving autonomous driving technologies needing innovative gear shifters, growing disposable incomes boosting demand for advanced and luxury vehicles, post-pandemic recovery in global automotive production and ongoing regulations pushing for advanced transmission and gear shifter technologies. Major trends in the forecast period include gear shifters incorporating haptic feedback for better user interaction, widespread adoption of shift-by-wire technology, the trend towards lightweight and compact gear shifter designs, offering gear shifters in various materials and ergonomic designs and gear shifters increasingly integrated with advanced driver assistance systems (ADAS).
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Gear Shifter Market 2024 Key Insights:
• 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%.
• Luxury Vehicle Demand Fueling Automotive Gear Shifter Market Growth
• Advanced Functionalities Reshaping Automotive Gear Shifting
• Asia-Pacific was the largest region in the automotive gear shifter market in 2023
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