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Automotive Transmission Market Segments, Growth, Key Drivers And Forecast To 2033
Automotive Transmission Market Segments
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According to The Business Research Company's, 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 growth in the historic period can be attributed to growth in global automobile production, increasing consumer preference for automatic transmissions, government regulations on fuel efficiency and emissions, rising disposable incomes and improved living standards and rising investments in research and development for transmission innovations.
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%. The growth in the forecast period can be attributed to continued innovation in electric vehicle (EV) transmissions, growing demand for fuel-efficient and low-emission vehicles, expansion of automotive industries in emerging markets, increased adoption of advanced driver-assistance systems (adas) and government incentives for the development of green technologies. Major trends in the forecast period include shift towards hybrid and fully electric vehicle transmissions, development of lightweight and compact transmission systems, integration of smart and connected transmission technologies, enhanced focus on transmission durability and performance and technological advancements in transmission systems.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Automotive Transmission Market 2024 Key Insights:
• 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%.
• Rising Demand For Electric And Hybrid Vehicles Spurs Growth In Automotive Transmission Market
• Advanced Automotive Transmission To Provide Diverse Systems
• Europe was the largest region in the automotive transmission market in 2023
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