Press release
Automotive Transmission Market is Anticipated to Expand upto $174.77 Billion in 2029
Automotive Transmission Market
What Is the Forecasted Market Growth Rate of the Automotive Transmission Industry?
In recent times, the automotive transmission market has seen substantial growth. The market size, which presently stands at $131.61 billion in 2024, is projected to escalate to $139.14 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.7%. The surge witnessed in the historic period can be pinpointed to multiple factors such as global increment in automobile production, heightened customer preference for automated transmissions, regulations imposed by governments on fuel efficiency and emissions. Additionally, elevated disposable incomes, improved living conditions, and increases in research and development investments for transmission innovations also contribute to this growth.
How Will the Automotive Transmission Market Size Evolve From 2025 to 2029?
The car transmission market is poised for robust growth in the coming years, with a projected value of $174.77 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.9%. The expected growth during the forecast time-frame is linked to consistent advancements in electric vehicle (EV) transmissions, escalating demand for fuel-efficient vehicles with lower emissions, the swelling of automobile sectors in developing countries, the rising uptake of sophisticated driver-assistance systems (ADAS), and government funding for evolving green technologies. Key trends anticipated during the forecast period encompass a shift towards hybrid and entirely electric vehicle transmissions, the creation of lightweight and compact transmission systems, the incorporation of intelligent and interconnected transmission technologies, an intensified focus on transmission longevity and effectiveness, and technological progress in transmission systems.
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What Are the Main Growth Drivers in the Automotive Transmission Market Today?
The growth of the automotive transmission market is anticipated to be boosted by the escalating demand for electric and hybrid vehicles. These types of vehicles, which use electric propulsion systems either on their own or in tandem with traditional internal combustion engines, are increasing in popularity due to their reduced emissions and improved fuel efficiency. Factors such as growing environmental consciousness, government incentives, and advancements in battery technology are driving this burgeoning demand. Automotive transmission systems play a critical role in these vehicles, regulating power distribution among electric motors, batteries, and internal combustion engines to enhance efficiency and performance. For example, The International Energy Agency (IEA), an independent intergovernmental organization based in Europe, reported in April 2023 that global electric car sales remarkably rose by 3.5 million units in 2023 compared to 2022, which equates to a significant 35% increase year-on-year. Consequently, the surge in demand for electric and hybrid vehicles is fueling the expansion of the automotive transmission market.
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Which Automotive Transmission Market Segment Is Expected to Lead Through 2029?
The automotive transmission market covered in this report is segmented -
1) By Transmission Type: Manual Transmission, Intelligent Manual Transmission (IMT), Automated Manual Transmission (AMT), Automatic Transmission (AT), Dual-Clutch Transmission, Other Transmission Types
2) By Engine: Internal Combustion (IC) Engine, Electric Engine
3) By Fuel Type: Gasoline, Diesel, Other Fuel Types
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
Subsegments:
1) By Manual Transmission: 5-Speed Manual Transmission, 6-Speed Manual Transmission, 7-Speed Manual Transmission, Other Manual Transmission Variants
2) By Intelligent Manual Transmission (IMT): Semi-Automatic IMT, Fully Automated IMT
3) By Automated Manual Transmission (AMT): Single Clutch AMT, Dual Clutch AMT
4) By Automatic Transmission (AT): Conventional Automatic Transmission, Continuously Variable Transmission (CVT), Torque Converter AT, Variable Torque Converter AT
5) By Dual-Clutch Transmission (DCT): 6-Speed DCT, 7-Speed DCT, 8-Speed DCT
6) By Other Transmission Types: Hybrid Transmission, Electric Vehicle (EV) Transmission, Continuously Variable Planetary (CVP) Transmission, Single-Speed Transmission
Which Market Trends Are Expected to Dominate Automotive Transmission Industry Growth?
In an effort to achieve a competitive edge, key players in the automotive transmission market are concentrating on introducing products with advanced technologies and features like crawl mode and hill-start assistance. These features significantly improve driving ease and safety, allowing for smoother start-ups on inclines and efficient low-speed navigation in traffic-heavy or off-road settings. For example, the ZF Group, a German automotive parts producer, unveiled the Transwin in October 2023. This automatic transmission, designed for medium and heavy-duty trucks in China, features both 9-speed and 6-speed variants, catering to a range of user needs and operating environments. It targets various transport situations including long-distance and city deliveries, offering features like crawl mode and hill-start assistance for improved driving comfort. The Transwin system includes ZF's latest software platform and OptiDrive shift system for precise gear shifts and optimal performance across all driving conditions.
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Which Companies Hold the Largest Market Share in the Automotive Transmission Sector?
Major companies operating in the automotive transmission market are 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.
Where Is the Automotive Transmission Market Experiencing the Highest Growth?
Europe was the largest region in the automotive transmission market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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