Pune, India, June 14, 2021 (GLOBE NEWSWIRE) — According to the report, the global Automotive Transmission market size is expected to reach USD 146.57 Billion by 2028, exhibiting a CAGR of 6.08% between 2021 and 2028. The global automotive transmission market is set to gain traction from the increasing adoption of transmission electro-hydraulic control module (TEHCM) technology by domestic manufacturers. It is capable of integrating temperature and pressure switches, transmission control modules, and valve solenoids in one unit. In April 2021, for instance, Case Construction Equipment introduced its latest G-Series Evolution Wheel Loader range in Europe. It is equipped with electro-hydraulic controls that allow the operator to set tilt and lift responsiveness to match loading situations and preferences.
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Automatic Transmission Segment Generated 51.5% Share in 2020: Fortune Business Insights™
Based on the engine, the market is divided into electric and IC engines. By the vehicle type, it is segregated into passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles. Lastly, based on the type, it is categorized into manual, automatic transmission (AT), automated manual transmission (AMT), and others (CVT, DCT). Out of these, the automatic segment held 51.5% in 2020 in terms of the automotive transmission market share. This growth is attributable to the surging usage of passenger cars across the globe.
Increasing Traffic and Development of Eco-friendly Systems to Boost Growth
In the automotive industry, the rapid adoption of advanced technology is expected to propel the automotive transmission market growth in the upcoming years. Manufacturers of traveller vehicles are the extensive users of automotive transmission because of the high demand for user-friendliness, comfort, and consolation. Besides, buyers nowadays are shifting towards automatic vehicles owing to the surging traffic, especially in urban areas. At the same time, various manufacturers are striving persistently to develop eco-friendly transmission systems by investing huge sums. These are also gaining more popularity from the younger population as they provide a simple, but superior driving experience. However, the surging demand for electric vehicles, compared to conventional vehicles may obstruct growth.
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Asia Pacific to Remain at Forefront Fueled by Major Contributions of China
Geographically, in 2020, Asia Pacific procured USD 51.62 billion in terms of revenue. It is expected to remain at the forefront stoked by the rising production of automotive transmission systems in China. In Europe, on the other hand, the market is anticipated to grow significantly because of the presence of various leading manufacturers in the region. Lastly, in North America, the increasing mining, transportation, and logistics activities would bolster the demand for automotive transmission.
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Key Players Focus on Capacity Expansions and New Launches to Gain Competitive Edge
The global market contains several prominent manufacturers that are constantly trying to gain a competitive edge by expanding their manufacturing capacities. Some of the others are unveiling novel products to cater to the high demand. Below is a latest industry development:
March 2021: Continental Engineering Services (CES) announced its plans to open three new sites in Italy, Germany, and England to broaden its capacity. These sites would be used to manufacture Advanced Driver Assistance Systems (ADAS) technologies that are nowadays being used in modern vehicles.
A list of reputed Automotive Transmission service providers operating in the global market:
- Aisin Seiki Company ltd. (Kariya, Aichi, Japan)
- Borgwarner Inc. (Auburn Hills, Michigan, United States)
- Eaton Corporation Plc. (Dublin, Ireland)
- ZF TRW (Ohio, United States)
- Magna International Inc., (Aurora, Canada)
- Continental AG (Hanover, Germany)
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Global Automotive Transmission Market Segmentation:
- Automated Manual Transmission (AMT)
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicles
- Electric Vehicle
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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