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Dual Clutch Transmission Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033
Dual Clutch Transmission Market
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According to The Business Research Company's, The dual clutch transmission market size has grown strongly in recent years. It will grow from $29 billion in 2023 to $31.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to performance enhancement, fuel efficiency regulations, rise of automated manual transmissions, growing popularity in premium vehicles, increased consumer demand for automatic transmissions.
The dual clutch transmission market size is expected to see strong growth in the next few years. It will grow to $40 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to hybrid and electric vehicle integration, global demand for fuel efficiency, urbanization and traffic conditions, market expansion in asia-pacific, advancements in transmission materials. Major trends in the forecast period include autonomous driving technologies, advancements in transmission technology,compact and lightweight designs, enhanced durability and reliability, increased integration with hybrid systems.
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Market Drivers and Trends:
Rising demand for luxury vehicles is expected to propel the growth of the dual-clutch transmission market going forward. Luxury vehicles use high-quality interiors and have features not available in low-priced models. Dual-clutch transmissions provide quicker and faster gear shifts than manual transmissions and offer greater fuel efficiency. For instance, in April 2022, according to USA Today, a US-based Newspaper, Tesla Inc., a US-based automotive company, delivered 310,000 vehicles in the first quarter of 2022, an increase of nearly 68% from 2021, when 185,000 vehicles were produced. Therefore, the rising demand for luxury vehicles is driving the growth of the dual-clutch transmission market.
Product innovation is a key trend gaining popularity in the dual-clutch transmission market. Major companies operating in the dual-clutch transmission market are developing innovative products to sustain their position in the market. For instance, in March 2022, Punch Powertrain, a Belgium-based auto parts manufacturing company, launched the innovative dual-clutch transmission (DCT) system DT11. The system provided dependable performance and enhanced driving comfort even under the most challenging circumstances, including extremely high ambient temperatures, high altitudes, and difficult driving situations like uneven roads and stop-and-go traffic.
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Major Key Players of the Market:
Volkswagen AG, General Motors Company, BMW AG, Honda Motor Co Ltd., Hyundai Motor Company, Nissan Motor Co. Ltd., Audi AG, Kia Corporation, ZF Friedrichshafen AG, AB Volvo, Continental AG, Porsche AG, Magna International Inc, Aisin Seiki Co.,Eaton Corporation, Schaeffler Technologies AG & Co. KG, BorgWarner Inc.,GKN Automotive Limited, Allison Transmission Holdings Inc., Aston Martin Lagonda Global Holdings PLC, Ricardo PLC, Tremec Corporation, Punch Powertrain NV, Getrag Inc, JATCO Ltd.
Dual Clutch Transmission Market 2024 Key Insights:
• The dual clutch transmission market size is expected to see strong growth in the next few years. It will grow to $40 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• The Surge In Luxury Vehicle Sales Boosts Dct Market Prospects
• Product Innovations To Redefine The Dual-Clutch Transmission Market
• Asia-Pacific was the largest region in the dual-clutch transmission market in 2023
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