Automotive Transmission Market Predicted to Rake in US$181.8 mn by 2021

The top three players operating in the global automotive transmission market are Continental AG, ZF Friedrichshafen, and Allison Transmission, observes Transparency Market Research in a new study. These players collectively held a share of 64% in the global market as of 2014. The leading players have consolidated their leading position via strategic alliances and intense research and development activities to develop transmission systems pivoted on fuel efficiency and driving comfort.

“Companies need to keenly focus on developing technologically sound products that deliver high performance,” says the lead author of the report. Products such as ZF’s novel 9-speed automatic transmission are a step in this direction. Such developments along with transmission systems that match up to the international quality standards will be the key strategies adopted by players during the forecast period to tread a progressive trajectory during the forecast period.

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Demand for Automatic Transmission in Developing Countries Bolsters Market Growth

Automotive transmission systems are critical components of vehicles, largely determining their fuel efficiency. The escalating fuel prices have propelled the demand for automotive transmission in the recent past as consumers are seeking enhanced solutions to achieve maximum fuel efficiency. Thus, the technological advancements seen in the invention of 9-speed automatic transmission, dual shafts gearboxes (DSG), and continuous variable transmission (CVTs) have collectively fueled the global market in the past decade.

The global market has also been thriving on the integration of automatic transmission in entry-level cars. This trend is being emphasized by vehicle buyers in developing countries such as Mexico, Brazil, and India. Comfort and convenience offered by automatic transmission are augmenting the demand for such vehicles in these countries. Furthermore, growing preference for simpler driving techniques on congested roads is also propelling the demand for automatic transmission market.

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Lack of Awareness about Advanced Transmission Holds Back Market Growth

The global market is being hampered by the lack of awareness about the benefits of advanced transmission technology in the volume markets. Thus, a market such as India is still dominated by manual transmission vehicles, making it difficult for manufacturers to produce and sell advanced transmission at lower prices.

Furthermore, the high cost of technologically advanced transmission systems is also expected to restrain the market during the forecast period. However, the development and emergence of CVT will offer a plethora of opportunities to the global market as these promise maximum fuel efficiency to vehicles.

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Passenger Cars to Put Automotive Transmission Market in Top Gear during Forecast Period

According to TMR, the global automotive transmission market will represent an opportunity worth US$181.8 mn by 2021 as compared to US$119.7 mn in 2014. The global market is expected to rise at a CAGR of 5.9% between 2015 and 2021. The passenger car segment will lead the global market due to higher sales of passenger cars across the globe. This segment of the global automotive transmission market will be worth US$81.5 mn by 2021. In terms of geography, Asia Pacific is expected to take the lead with a robust CAGR of 6.6% during the forecast period.

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This release was published on openPR.