Automotive Transmission Market worth $80.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 29, 2022 /PRNewswire/ -- According to the new market research report "Automotive Transmission Market by Transmission Type (Manual Transmission, Automatic Transmission, CVT, DCT, AMT), Fuel Type, Vehicle Type, Hybrid Vehicle, Two-Wheeler Transmission, Number of Forward Gears and Region", published by MarketsandMarkets™, the global Automotive Transmission Market is projected to reach USD 80.8 billion by 2027 from USD 59.9 billion in 2022, at a CAGR of 6.2% during the forecast period.
Technological advancements in current generation automotive transmissions, increasing customer preference for convenience, premium transmissions are further expected to drive the Automotive Transmission Market. Overall, the changing preferences of buyers, improved standards of living, and focus of OEMs to provide comfort and convenience are also expected to drive the growth of the Automotive Transmission Market.
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300 – Tables
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The COVID-19 pandemic has resulted in halted production and plunging sales and has forced the key players in the global automotive field to rethink their strategies. Rescheduling the launch of models and projects, stabilizing dealer networks, managing cash carefully, and reviewing investment portfolios have affected the production and sales of passenger and commercial vehicles across the globe, which has resulted in a dip in the Automotive Transmission Market in 2020 and in 2021. The development and implementation of advanced transmissions are expected to slow down as well.
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CVT, by Number of forward gears, is estimated to be the fastest-growing Automotive Transmission Market during the forecast period.
The CVT is an automatic transmission that consists of two pulleys connected by a steel belt. The CVT varies the diameter of the "drive pulley" that transmits torque from the engine and the "driven pulley" that sends torque to the wheels at the same time to continually vary gear ratios. The CVT can avoid shift-shock and deliver smooth driving thanks to stepless gear ratio shifting, making it an excellent transmission alternative. Growing craze of SUV's worldwide is a good opportunity for automatic transmissions as automatics makes city drive hassle free.
The growing importance of CVT is a great opportunity for transmission manufacturers to increase their market share, as it not only provides better fuel efficiency but also reduces the carbon emissions of a vehicle. This type of transmission is used mainly in hybrid and electric vehicles, the demand for which is on the rise due to the growing concern regarding the environment. Another reason for CVT systems gaining importance among consumers is that it provides higher potential efficiency improvement of ~6% as compared to MT and AT, along with increased savings over a vehicle's lifetime of up to USD 1,800.
Passenger car segment, by vehicle type, is estimated to be the largest segment during the forecast period.
With increase in demand for comfort and ease to drive vehicles, OEMs are launching new and updated models with loaded features and advanced transmissions. The passenger cars segment is estimated to account for a share of 75% of the global Automotive Transmission Market by volume in 2022. Passenger cars comprise sedans, hatchbacks, station wagons, SUVs, MUVs, and vans. The growing role of transmission in passenger cars, coupled with growing influence of fuel-efficient systems, has been propelling the growth of the Automotive Transmission Market in the passenger car segment. The technologies used in passenger vehicles are frequently changing due to the high demand from consumers for luxury and convenience features. Also, government regulations for emissions and safety for passenger vehicles are frequently changing. The manufacturers must reduce the weight of passenger vehicles and offer comfort and safety at a lower price. Due to the increasing demand for autonomous and electric vehicles, the demand for new transmissions is increasing in passenger vehicles.
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Asia Pacific is estimated to be the fastest-growing market for automotive transmission in 2022
The Chinese market is the largest in the Asia-Pacific and is witnessing significant growth in the demand for and sales of premium vehicles. China is one of the major markets for premium vehicles, given the rising disposable income in the country. Nearly all major OEMs have invested in the Chinese market, which is inclined towards small and affordable passenger vehicles. A surge in demand for sophisticated automated transmission is expected, as the current market penetration of vehicles with automated transmission systems is low compared to that in developed countries. The growing automotive production levels in China have raised the demand for automotive transmission systems. This region is also expected to welcome the energy saving green cars to their economy.
The key players in the Automotive Transmission Market include ZF Friedrichshafen (Germany), MAGNA International (Canada), Aisin Corporation (Japan), Eaton Corporation (Japan), Hyundai Transys (South Korea), Allison transmissions (US), Vitesco Technologies (Germany), Schaeffler AG(Germany), BorgWarner (US), GKN Automotive (UK), and Jatco (Japan) and more.
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