According to the report, the global automotive transmission market is projected to surpass US$ 49.81 Bn by 2031, expanding at a CAGR of 2.71% during the forecast period. The expansion of the transportation sector across the globe is likely to boost the automotive transmission market, as the logistics sector needs a large number of commercial trucks to carry goods from one place to another.
The smooth shifting of gears in a vehicle’s automotive gearbox ensures that torque generated by the engine is transferred to the vehicle’s drivetrain. Manual transmission and automatic transmission are the two most common types of transmission. A manual transmission is a vehicle system that relies on human intervention to adjust gears depending on the scenario. A vehicle’s automatic transmission is a system that changes gears at different speeds without the intervention of a driver. It provides a better driving experience and saves money on gas, as compared to that on manual transmission.
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Expansion of Automotive Transmission Market
The demand for durable and efficient transmission system is increasing globally due to the expansion of the global automobile sector, supply chain, and logistics sector. Mergers and acquisitions between various companies are further propelling the transmission market; for instance, in November 2021, Mercedes-Benz, a premium Germany-based automaker, teamed up with Allison Transmission. The goal of this partnership was to provide a fully automatic transmission for the new Mercedes-Benz Tourrider Coach. The Mercedes-Benz Tourrider comes standard with an Allison B 500R fully automated transmission with Allison’s fuel-saving FuelSense 2.0 technology, which provides a cost-effective, dependable, and comfortable propulsion option.
Based on transmission type, the automatic transmission segment dominated the automotive transmission market, in terms of volume and revenue, in 2020. Rise in emergence of eCommerce and cargo services is boosting the transportation sector across the globe. In the automatic transmission segment, continuous variable transmission and dual clutch transmission sub-segments also hold a notable share. Moreover, they are projected to expand during the forecast period.
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In terms of vehicle type, the two wheeler and passenger vehicles segments dominated the automotive transmission market, in terms of volume and revenue, in 2020. The high demand for two wheelers and cars is further fuelling the transmission market across the globe.
Regional Analysis of Automotive Transmission Market
In terms of region, the global automotive transmission market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Increase in demand for commercial vehicles in Asia Pacific makes the region a major market for automotive transmission system, globally, due to higher population and large road network. Furthermore, North America and Europe are also prominent markets for luxury and sports cars, and the demand for these vehicles is likely to increase at a steady pace during the forecast period. The demand for aftermarket transmission systems is considerably high in North America and Europe, which is estimated to propel the vehicle transmission sector across the globe.
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Automotive Transmission Market Players
Prominent players operating in the global automotive transmission market include ZF Friedrichshafen AG, Continental AG, Allison Transmission, Magana International Inc., Eaton Corporation, Borg Warner, Aisin Seiki, JATCO, Schaeffler AG, Hyundai Dymos, Bonfiglioli RIDUTTORI S.P.A., and Magneti Marelli S.P.A.
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