NEW YORK, Oct. 28, 2021 /PRNewswire/ -- Fact.MR ? A Market Research and Competitive Intelligence Provider: Demand for automotive transmission system market is forecast to exceed US$ 38 Bn by the end of 2021, estimates Fact.MR. Rapid production and sales of vehicles across the world are expected to result in burgeoning sales of automotive transmission systems.
Fact.MR estimates the demand for automotive transmission system to increase at 6.3% CAGR between 2021 and 2031, with market valuation reaching around US$ 70.2 Bn by the end of 2031.
According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached over 40 million in 2021 (January- Jun). Hence, increase in the vehicle production will create huge demand for automotive transmission systems.
Automotive transmission system is the most important component of a vehicle, which provides a smooth and comfortable drive by transmitting the optimal power from engine to wheels through gear box. The transmission varies the torque, speed, and the direction by changing the transmission ratios and enables the vehicle to start with a high torque.
Over the last two decades, there has been tremendous progress in transmission technologies. Automotive transmission space will continue to witness an increase in the number of gears and variation in ratios for improving transfer of power to the wheels from the engine.
Also, manufacturers are continuously innovating their products to comply with the stringent emission control regulations and improve the consumer experience. With the rising shift towards electric and hybrid vehicles, electrification of transmission systems is expected to gain pace.
Availability of various transmission models such as automatic transmission (AT), continuously variable transmission (CVT), and dual clutch transmission (DCT) is positively impacting the market growth.
As per Fact.MR, manual automotive transmission systems will continue to remain the dominant category, accounting for over half market revenue throughout the forecast period. Increasing ownership of manual transmission automobile as they are more fuel efficient and incur less maintenance costs, will stimulate the segment growth.
Regionally, Asia will continue to dominate the automotive transmission system with a healthy market share. Growth in the region is attributed to the flourishing automotive industry, presence of key market players, and increasing preference for smooth driving experience by consumers.
"Imminent shift to electrification, new developments, and design possibilities are likely to bring in a slew of innovations specific to automotive transmission systems. Manufacturers are leveraging modern technologies to reduce weight of the automotive transmission systems in order to improve fuel efficiency. This is expected to generate lucrative revenues for market players," says a Fact.MR analyst.
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Leading manufacturers are focusing on key expansion approaches, including the introduction of automotive equipped with the latest transmission systems, mergers, partnerships, and collaborations to expend their global footprint.
Some of the prominent players operating in the automotive transmission system market profiled by Fact.MR are:
More Insights on the Automotive Transmission System Sales Outlook
Fact.MR, in its new report, offers an in-depth study of the global automotive transmission system market, highlighting the growth prospects of the market through 2021 and beyond. The study divulges compelling insights on the global demand for automotive transmission system with a detailed segmentation on the basis of:
Key Questions Covered in the Automotive Transmission System Market Outlook Report
Explore Fact.MR's Coverage on the Automotive Domain
Automotive Automatic Transmission Market - By the end of the forecast period, nearly 3,500,000 units of automotive automatic transmissions will have been installed in heavy and light commercial vehicles. According to the report, demand for automotive automatic transmissions will be high in North America and Europe, while Asia-Pacific excluding Japan (APEJ) will be the largest producer of automotive automatic transmissions. By the end of 2026, the APEJ automotive automatic transmission market will be at the forefront of global expansion.
Bus Transmission System Market - For its smaller size and weight, it is likely to provide better fuel efficiency. This transmission system includes intelligent manual transmission controls (iMT), which ensure smooth gear changes by automatically adjusting engine revolutions when changing gears. The advancements in the development of bus transmission systems are likely to open up new opportunities for market participants.
Hybrid Electric Vehicles Market - Hybrid electric vehicles have a number of advantages, including lower operating and maintenance costs and less pollution. With technological advancements, the portfolio for electric vehicles is constantly expanding, with many consumers in various regions preferring fully hybrid or mild hybrid vehicles. Through 2031, the European region is expected to be the largest revenue contributor to the global market for hybrid electric vehicles.
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