Automotive Transmission System Market Analysis with Growth Forecast during 2017-2022
Automotive transmission system is a mechanism that conducts power transmission between the automobile engine and driving wheels. The key function of an automotive transmission system is to transform the output of an engine into the vehicle’s torque. Also known as power trains, automotive transmission systems are a working frame of components which include the clutch, gear box, propeller shaft, universal joints, rear axle, wheels and tires.
Endless Traffic Jams to put a Dampener in Manual Transmission Growth
The world is witnessing an unprecedented migration from rural to urban areas in search of better prospects and employment opportunities. As disposable incomes rise, people naturally gravitate from two-wheelers to four-wheelers. However, the incessant traffic jams seen on arterial roads in all major cities has compelled customers to ditch their manual transmissions and opt for the convenience and flexibility offered by automatic, dual clutch, and continuously variable transmissions. While there might be some enthusiasts who still consider manual transmissions as the ‘real thing’, a large chunk of customers are expected to make the switch to newer and more comfortable options.
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Target cost-conscious APEJ Buyers in Manual Transmission Segment
It is quite optimistic to expect the traffic situation in metros to get better with increasing urbanization unless there is some game-changing transformation. Therefore, it’s not surprising that automatic transmissions such as dual clutches and CVT’s are seeing immense customer demand. This doesn’t mean that the manual transmission segment of the Automotive Transmission System Market is doomed to obsolescence as it is still expected to grow towards US$ 26 billion in 2022, with a steady CAGR. APEJ accounts for the largest proportion of manual transmissions in the Automotive Transmission System Market mainly because manual transmissions are more fuel-efficient than their automatic counterparts and customers here are price-sensitive. APEJ alone had a one-third market share and will be worth almost US$ 10 billion in 2022, making it a Colossus that cannot be ignored in the Automotive Transmission System Market.
Automatics to Grow Slowly in the Automotive Transmission System Market
With a moderate CAGR, automatics are predicted to grow relatively slowly in the Automotive Transmission System Market. From slightly under US$ 5 billion in 2017, the segment will only just cross nominal market valuation in five years making it a segment of the Automotive Transmission System Market that necessitates a long-term strategic approach. Even though APEJ is the largest market on account of its massive population, key stakeholders would do well to target Europe and North America as they have more affluent customers who typically seek out driving pleasure or convenience over fuel-efficiency and cost-effectiveness. Automatics are estimated to have a trivial revenue share against all transmission types in the Automotive Transmission System Market and it remains to be seen if they can become more widespread.
PC Segment Largest in the Automotive Transmission System Market
The PC segment is forecast to grow to a considerable value in 2022 from US$20 billion in 2017. The segment consists of small revenue share of the Automotive Transmission System Market and APEJ is larger than all other regions with a share anticipated to exceed one-third share in 2022. The region is also the largest contributor to the LCV segment of the Automotive Transmission System Market and the APEJ LCV segment will have a market value of nearly US$ 3.8 billion by the end of the forecast period. HCV’s are projected to have the lowest revenue share by vehicle type segment and that is probably why manufacturers are not giving this segment of the Automotive Transmission System Market the attention it deserves.
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Following assumptions on the global automotive transmission market are likely to define its future prospects
1- During the next five years, adoption of manual transmission is expected to remain strong as compared to other type of transmission. The manual segment is expected to reach a market valuation of US$ 26,020 Mn by 2022, reflecting a steady CAGR.
2- By vehicle type, passenger car is expected to remain the largest segment of the market throughout the forecast period. Between 2017 and 2022, this segment is likely to create an absolute $ opportunity of US$ 5,897.2 Mn. Meanwhile, the LVC segment is expected to retain its second spot over 2022.
3- Based on fuel type, the diesel segment is expected account for a relatively larger value share of the market as compared to gasoline segment during the forecast period. The diesel segment is expected to ride at a moderate CAGR to reach US$ 30,821.5 Mn by 2022-end.
4- The market for automotive transmission system in Asia Pacific excluding Japan (APEJ) is projected to remain highly attractive during the assessment period. Further, the region’s market is expected to expand at an impressive CAGR during 2017 to 2022. Europe and North America will remain the two other key regions as a number of leading OEMs and carmakers are based in countries such as Germany, France, the UK and the US.
Some of leading players operating in the global market for automotive transmission include Fuyao Glass Industry Group Co., Ltd., Saint-Gobain SA, Asahi Glass Co., Ltd., Nippon Sheet Glass Co. Ltd., Safelite Auto Glass, Guardian Industries, Xinyi Glass Group, Samvardhana Motherson Automotive Systems Group, Pilkington, Montaplast GmbH, Valeo S.A., and SL Corporation.
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