The global Automotive Transmission Systems Market is estimated to be valued at US$ 43.40 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive Transmission Systems aids in transferring the power generated from an engine to the drive wheels. It supports both manual and automatic shifting of gears for propelling a vehicle. Advantages include smooth rides, controlled acceleration, and enhanced fuel economy.
Market key trends:
One of the key trends in the Automotive transmission systems Market is the growing demand for automatic transmission systems owing to convenience and improved drivability. Automatic transmission allows gear shifts without any manual input from the driver, providing ease of use. Manufacturers are focusing on developing advanced automatic transmission technology with more gears to improve fuel efficiency and performance. Dual-clutch transmission and continuously variable transmission are gaining adoption in automated transmission systems.
Strength: The automotive transmission systems market is driven by increasing demand for automatic transmission gearboxes. Automatic transmission offers convenience and comfort to drivers.
Weakness: High installation and maintenance cost of automatic transmission gearboxes compared to manual transmission is a weakness.
Opportunity: Growing demand for fuel-efficient vehicles provides an opportunity for manufacturers to develop innovative transmission technologies.
Threats: Strict emission norms pose challenges for transmission system manufacturers to develop low-emission technologies within tight budgets and timelines.
The global automotive transmission systems market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing preference for automatic transmissions over manual transmissions among consumers.
The Asia Pacific region dominates the automotive transmission systems market and is expected to continue its dominance during the forecast period. Rapidly growing automotive production in China, India, and Southeast Asian countries is driving the demand for transmission systems in the region.
Key players operating in the automotive transmission systems market are ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., BorgWarner Inc., and Eaton Corporation plc. The market is witnessing increasing consolidation activities such as acquisitions, partnerships and expansions across the value chain by these key players to stay ahead of competition.