The global Automotive Transmission Systems Market is estimated to be valued at US$ 152.32 billion in 2020 and is expected to exhibit a CAGR of 5.2% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Automotive Transmission Systems Market refers to the various systems and technologies used in vehicles to transmit power from the engine to the wheels. These systems play a crucial role in determining the performance and efficiency of the vehicle. The growing demand for automated manual transmission (AMT) is driving the growth of the market. AMTs provide the convenience of automatic transmission while offering better fuel efficiency compared to traditional automatic transmissions. Moreover, AMTs are cost-effective solutions, making them popular among consumers.
Market key trends:
One key trend in the Automotive Transmission Systems Market is the increasing adoption of electric vehicles (EVs). With the growing environmental concerns and government regulations promoting sustainable transportation, the demand for EVs is on the rise. Electric vehicles require transmission systems specifically designed for electric powertrains. Manufacturers are focusing on developing advanced transmission systems that can optimize the performance and range of electric vehicles.
In conclusion, the global Automotive Transmission Systems Market is projected to experience high growth due to the increasing demand for automated manual transmission (AMT) and the growing adoption of electric vehicles. These trends present lucrative opportunities for market players to innovate and develop advanced transmission systems to cater to the evolving needs of the automotive industry.
PEST Analysis:
Political: The political factors affecting the automotive transmission systems market involve government regulations and policies pertaining to emission norms, safety standards, and trade agreements. Governments across the globe are implementing stricter emission regulations, which are driving the demand for advanced transmission systems that are more fuel-efficient and eco-friendly.
Economic: Economic factors influencing the market include GDP growth, disposable income, and consumer spending patterns. As the global economy is expected to recover from the impact of the COVID-19 pandemic, there is a growing demand for vehicles, particularly in emerging economies. This increased demand is likely to drive the growth of the automotive transmission systems market.
Social: Social factors such as changing consumer preferences, lifestyle trends, and urbanization impact the market. There is a rising demand for vehicles with advanced features and technologies, including automatic and continuously variable transmissions, to enhance driving experience and convenience. Moreover, the increasing penetration of electric vehicles also influences the demand for transmission systems in the automotive industry.
Technological: Technological advancements play a significant role in shaping the automotive transmission systems market. Key technological trends include the development of electric and hybrid transmission systems, integration of smart connectivity features, and advancements in automated manual transmission (AMT) technology. These innovations are aimed at improving fuel efficiency, reducing emissions, and enhancing overall vehicle performance.
Key Takeaways:
The global Automotive Transmission Systems Market Share is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 5.2% over the forecast period of 2021-2028. This growth can be attributed to various factors, including the increasing demand for fuel-efficient and eco-friendly transmission systems to comply with stringent emission regulations.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the automotive transmission systems market. This can be attributed to the rapid urbanization, growth of the automotive industry, and increasing disposable income in countries like China and India. The region is witnessing a significant rise in vehicle production and sales, driving the demand for transmission systems.
Key players operating in the automotive transmission systems market include Getrag Corporate Group, Aisin Seiki Co., ZF Friedrichshafen AG, Jatco Ltd., General Motors, GKN PLC, Magna Powertrain, Eaton Corporation, Honda Transmission Manufacturing of America Inc., and Allison Transmission Inc. These key players play a crucial role in driving market growth through their technological advancements, product innovations, and strategic collaborations.
Read More,
