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Automotive Transmission Valve Spool Market worth USD 2.81 Billion Globally by 2030, Growing at 6.5% CAGR | Argo-Hytos Inc., Bosch Rexroth AG, Dymax
Automotive Transmission Valve Spool Market
The global automotive transmission valve spool market was valued at $1.54 billion in 2020, and is projected to reach $2.81 billion by 2030, registering a CAGR of 6.5%.
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Increase in adoption of lightweight transmission systems and surge in demand for automatic transmission drive the growth of the global automotive transmission valve spool market. However, rise in adoption of engine downscaling techniques by OEM and high costs associated with advanced transmission valves hinder the market growth. On the other hand, advancements in spool valve technologies and rise in vehicle manufacturing in developing countries present new opportunities in the coming years.
The automotive transmission valve spool market is divided into transmission type, speed, and vehicle type, and region. By transmission type, it is divided into automatic transmission, continuously variable transmission, and dual clutch transmission. On the basis of speed, it is divided into upto 5 speed transmission, 5 to 7 speed transmission, and above 7 speed transmission. By vehicle type, it is segmented into passenger cars, light commercial vehicle, and heavy commercial vehicle. Region-wise it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on transmission type, the automatic transmission segment contributed to the largest share in 2020, holding around three-fifths of the global automotive transmission valve spool market, and is estimated to continue its lead position throughout the forecast period. This is due to affordability and compatibility provided by automatic transmission systems. However, the CVT segment is projected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to high demand for high-performance systems.
Based on vehicle type, the passenger cars segment held the largest share in 2020, accounting for more than half of the global automotive transmission valve spool market, and is expected to maintain its leadership status during the forecast period. This is due to surge in adoption of luxury automobiles with automatic transmissions in developing nations such as Brazil, India, and others. However, the heavy commercial vehicle segment is projected to portray the fastest CAGR of 7.3% from 2021 to 2030.
Based on region, North America accounted for the highest market share in 2020, contributing to around one-third of the global automotive transmission valve spool market, and is expected to maintain its dominance in terms of revenue by 2030. This is attributed to utilization of automatic transmission systems by the majority of automobiles in the region. However, Asia-Pacific is expected to register the highest CAGR of 7.5% during the forecast period, owing to the expansion of the transportation & logistics industry in the region.
The key players profiled in the Automotive Transmission Valve Spool Market report are Argo-Hytos Inc., Bosch Rexroth AG, Christian Bürkert Gmbh & Co. KG, Dymax, Eagle Industry Co., Ltd., Eaton Corporation plc, GMB Corporation, HAWE Hydraulik SE, HYDAC International GmbH, and Parker-Hannifin Corporation.
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Covid-19 Scenario
● Manufacturing activities of automotive transmission valve spool stopped due to lockdown measures implemented across many countries. In addition, disruptions in the supply chain and shortage of raw materials presented challenges in implementing manufacturing with full capacity.
● As automotive vehicle sales decreased considerably across the world, the demand for transmission valve spools from the automotive sector decreased. However, automotive sales are expected to increase in the last quarter of 2021, which in turn, will increase transmission valve spool demand.
● The ban on import-export activities resulted in supply chain disruption and supply-demand gap. However, the supply chain is estimated to be restored as restrictions are lifted off.
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