The advanced gear shifter system market for automotive is projected to grow at a CAGR of 7.91% during the forecast period, to reach USD 17.8 billion by 2025 from an estimated USD 10.5 billion in 2018.
South America to be the fastest growing market and Asia Pacific to hold the largest market for advanced gear shifter system in 2025
From 2018 to 2025, South America is anticipated to have the quickest rate of growth for the automotive advanced shifter market. The expansion of top OEMs and automotive component suppliers, as well as rising vehicle production, are responsible for the market growth in this area. From 2018 to 2025, it is anticipated that Asia Pacific would represent the greatest market for automotive sophisticated shifters. Increased sales of mid-size and luxury vehicles, as well as government programs encouraging the use of environmentally friendly electric vehicles, are some of the factors contributing to the market growth in the area.
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Increasing sales of vehicle equipped with the automatic and automated-manual transmission market to drive the market for Shift-by-wire technology
The shift-by-wire technology sector for advanced gear shifter systems is anticipated to have the greatest market over the projection period. The automated shifter comes next. The market for shift-by-wire technology is being driven by the widespread adoption of the technology in premium and mid-size vehicles. The market for shift-by-wire technology is also being driven by the sharp increase in modern green car sales in developing nations like China, India, and Brazil.
Solenoid actuator component segment for advanced gear shifter system is estimated to be the largest segment by current rating from 2018 to 2025
Given that it is a component of the majority of vehicle shifting mechanisms, the advanced gear shifter system market for solenoid actuator is anticipated to be the largest. This segment is projected to develop as more vehicles are produced with automatic and semi-automatic transmissions.
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Key Market Players
The advanced gear shifter system market is dominated by a few globally established players such as ZF (Germany), Kongsberg (Norway), Dura Automotive (US), Ficosa (Spain), and Stoneridge (US).
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