Automotive Transmission Systems Market size to record USD 49.88 billion growth from 2023-2027, Development of auto-shift manual transmission systems with adaptive transmission control is one of the key market trends, Technavio
NEW YORK, April 16, 2024 /PRNewswire/ -- The global automotive transmission systems market size is estimated to grow by USD 49.88 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 6% during the forecast period. The automotive transmission market is evolving, with CVT and DCT systems gaining popularity due to smoother gear shifts and fuel efficiency. Innovations like auto-shift manual transmission systems use shift-by-wire technology, eliminating manual gear levers. Keywords: carbon emissions, renewable energy, transmission systems, industrial boilers, incentives, fuel type, boiler horsepower, industrial facilities, production costs, downtime, electricity bills. Automakers focus on reducing CO2 emissions, promoting clean fuels, and improving efficiency.
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Innovation Sparks Market Growth:
The automotive transmission systems market is experiencing significant growth due to the adoption of innovative technologies, such as continuous variable transmissions (CVT) and dual-clutch transmissions (DCT), which deliver smoother gear shifts and improved fuel efficiency. These advancements align with global initiatives to reduce carbon emissions and promote renewable energy. Developed countries are implementing Green Deals and phasing out coal-fired and industrial boilers in favor of more efficient and cleaner alternatives, such as biomass and gas boilers. Industrial facilities face inflation and rising oil prices, making incentives, subsidies, and boiler efficiency crucial for operating cost reduction. Boiler horsepower and fuel type vary, with petrochemical industries relying on water-tube and oil-fired boilers, while developing nations continue to operate coal plants, contributing to CO2 emissions. Transitioning to clean fuels, such as hydrogen firing, is essential for carbon neutrality and a positive environment. Installation, labor, and miscellaneous expenses, along with downtime from damaged boilers, can result in heavy expenses and potential industry closures. Electricity bills remain a significant operating cost for commercial spaces.
Addressing Challenges:
The automotive transmission systems market experiences significant growth due to rapid industrialization and the expanding needs of multiple industries, including food and beverage, petrochemical, power, and oil and gas. Stringent laws and regulations aimed at reducing harmful emissions drive the demand for advanced transmission systems. Transmission systems in this sector utilize complex designs, such as DCTs, which use planetary gears and dual-clutch systems, requiring regular maintenance to prevent issues like transmission slipping caused by contaminated DCT fluid. Applications span distilleries, craft distilling, petrochemical plants, petroleum refineries, and steel mills in the fossil fuel segment, as well as non-fossil fuels like biomass and renewable sources. Challenges include material deformation, stress corrosion, welding issues, and hydrogen embrittlement. Market participants include equipment dealers, brokers, and Parker Boiler, catering to the needs of industrial plants and mega power projects.
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Analyst Review
In the context of industrial facilities, the automotive transmission systems market faces significant challenges due to rising carbon emissions and stringent laws against harmful emissions. To mitigate these issues, many industries are turning to renewable energy sources and steam power. However, the installation and labor costs, as well as miscellaneous expenses, can be heavy. Moreover, downtime due to damaged boilers or pipes can result in substantial losses. The food and beverage and petrochemical industries, in particular, are under pressure to reduce their carbon footprint and comply with regulations. Oil prices and inflation also impact the market, as fuels and oil and gas remain essential components in the production and transportation of automotive transmission systems.
Market Overview
The Automotive Transmission Systems market encompasses a range of technologies designed to transfer power from the engine to the wheels. These systems include manual transmissions, automatic transmissions, continuously variable transmissions (CVTs), and dual-clutch transmissions (DCTs). The market is driven by factors such as increasing consumer preference for automatic transmissions, growing demand for fuel-efficient vehicles, and advancements in transmission technology. Companies like Caterpillar Inc., Delphi Technologies, and Magna International are major players in this market. The use of advanced materials and technologies, such as lightweight materials and electric motors, is also driving innovation in the industry. The global Automotive Transmission Systems market is expected to grow significantly in the coming years, with a focus on developing cost-effective and efficient solutions for various vehicle types.
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Key Companies:
Automotive transmission Systems Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Automotive transmission Systems Market report includes information on the product launches, sustainability, and prospects of leading vendors including Aichi Machine Industry Co. Ltd., Aisin Corp., Allison Transmission Holdings Inc., Bonfiglioli Riduttori Spa, Continental AG, Eaton Corp. Plc, General Motors Co., GKN Ltd., Honda Motor Co. Ltd., Hyundai Motor Co., Magna International Inc., Nissan Motor Co. Ltd., Renault SAS, Schaeffler AG, Volkswagen AG, WeiChai Holding Group Co. Ltd., Xtrac Ltd., ZF Friedrichshafen AG, Marelli Holdings Co. Ltd., BorgWarner Inc.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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