Automotive Transmission Market is Expected to Profoundly Grow

Posted on 2019-08-05 by P&S Intelligence in Automotive // 0 Comments

Automotive Transmission Market

The global automotive transmission market is anticipated to grow significantly during the forecast period, owning to growing demand for better experience in driving in relation to smoother gear shifting and higher acceleration in vehicles. The usage of advanced technologies and sustainable economic development across the world are the few factors for the growth in the market. Furthermore, rising automotive production globally is anticipated to increase the demand for automotive transmission in the near future.

On the basis of vehicle type, the automotive transmission market is categorized into passenger car, light commercial vehicle (LCV), and medium and heavy commercial vehicle (M&HCV). The passenger car category holds the largest share in the market as compared to other categories, owing to the growing sales of passenger car around the world.

Geographically, Asia-Pacific (APAC) is the largest market for automotive transmission systems. China leads the regional market, with India and Japan making substantial contributions to the market growth. In 2017, car production in China stood at 24.96 million units, the highest among all countries, globally. This is driven by the growing demand for personal transportation vehicles and improving standard of living in the country. Also, rapid urbanization, coupled with improving per capita income, in other developing economies of the region, such as India and Thailand, is also supporting the growth of the automotive transmission market in the APAC region.

Rapid technological advancement in vehicles taking place all over the world along with increase in disposable income of consumers in developing economies is the major factor for the growth of the automotive transmission market. The consumers seeking greater comfort and luxury is another driving force for the growth of the market. High traffic and increasing vehicle congestion in urban areas are giving rise to a shift in the consumers’ preference toward advanced automotive transmission systems that would ensure a smooth driving experience.

Additionally, the automotive transmission market is also driven by increase in the production and sales of vehicles around the globe. The production and sales of passenger car is on rise in the APAC and North American regions. Similarly, the market for commercial vehicles has also witnessed considerable growth in recent years, owing to the growing logistics industry and increasing demand for public transportation. Thus, the growth of the automotive industry has directly influenced the growth of the automotive transmission industry.

Some of the key players operating in the global automotive transmission market are DENSO Corporation, Continental AG, Robert Bosch GmbH, Aisin Seiki Co. Ltd., Johnson Controls Inc., Magna International Inc., Faurecia S.A., Hyundai Mobis Co. Ltd, ZF Friedrichshafen AG, Yazaki Corp., Lear Corp., Delphi Automotive PLC, TRW Automotive Holdings Corp., BASF SE, Valeo SA, Sumitomo Electric Industries, Toyota Boshoku Corp., JTEKT Corp., and Hitachi Automotive Systems.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Matched content

Editor’s pick