The global automotive transmission market size is expected to
reach USD 259.1 million by 2024 according to a new report by Grand View
Research, Inc. Increasing emission standards worldwide is one of the key
reasons driving the growth of automotive transmission market. Gasoline engines
emit toxic gasses and particles that are hazardous to the environment. Rising pollution
and global warming effect has led to the implementation of various government
regulation relating to vehicular emissions. Such guidelines have enforced the
component suppliers to produce high-efficiency environment-friendly
transmission systems for domestic and international markets.
Further, growing adoption for
Automatic Manual Transmission (AMT) in the automotive industry is expected to
fuel the demand over the forecast period. AMT is more efficient than other
transmission systems and is easy to manufacture at low cost. Increasing
adoption of AMT across compact cars segment is anticipated to grow further over
the next few years.
Growing prominence for
electrified transmissions among automotive manufacturers is expected to witness
increasing penetration across regions including Europe and North America.
Rising focus on hybrid vehicles and their positive impact on fuel economy and
emissions in these regions will contribute to the adoption of the transmission
systems.
Asia Pacific Automotive
Transmission Market Revenue by Transmission Type, 2014 - 2024 (USD Million)
Browse full research report on Automotive
Transmission Market Analysis
Further
key findings from the report suggest:
- Automatic
segment is anticipated to grow at CAGR of over 8.0% from 2016 to 2024.
Advancements in the automotive industry and improvement in transmissions
are leading to a shift towards automatic transmission segment. Automatic
transmissions are easier to operate, efficient and accurate. Improvements
in the function and fuel economy of automatic transmissions is essentially
hampering the growth of manual transmission in the U.S.
- Diesel fuel
type segment is expected to witness substantial growth at a CAGR of over
7.6% from 2016 to 2024. Growing demand for diesel engines is due to the
high compression ratio, which allows better efficiency compared to
gasoline engines. Moreover, these engines are prominently used in the SUVs
segment cars across the world.
- Passenger
cars segmented dominated the industry in 2015, which is expected to grow
at a CAGR of nearly 8.0% over the forecast period. Rising demand for
luxury vehicles with advanced features such as improved fuel economy and
high efficiency owing to the rising disposable income of the countries
such as India is anticipated to drive the demand. Off-road vehicle such as
ATVs, Hummer vehicles, Monster trucks, Jeep vehicles and four-wheel drive
systems are gaining popularity and is expected to drive the market over
the next eight years.
- Stringent
guidelines across the globe are anticipated to regulate the automotive
transmission market over the future. Asia Pacific dominated the industry
in 2015 and is expected to remain the same by 2024. Increasing automotive
sales especially in countries such as Japan, India, China and South Korea
is projected to favorably impact the market over the forecast period.
- Key industry
participants include Aisin Seiki Co., Ltd., Allison Transmission Inc.,
BorgWarner Inc., Continental AG, Eaton Corporation PLC, Getrag, GKN PLC,
Magna International Inc., Jatco Ltd., and ZF Friedrichshafen AG.
Automotive manufacturers in the industry are investing immensely in its
R&D operations to match the changing technological demands across the
industry.
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