The Automotive Transmission Market is projected to grow from USD 59.9 billion in 2022 to USD 80.9 billion by 2027, at a CAGR of 6.2% during the forecast period.
The rising demand for convenience, and comfort from the consumers along with increased demand for fuel-efficient vehicles, and various government campaigns for promoting electric and hybrid vehicles are forcing automotive transmission manufacturers to bring technological advancements in transmissions for hybrid transmissions.
Some of the key market players include Asin Corporation (Japan), ZF Friedrichshafen (Germany), Magna International (Canada), Hyundai Transys (South Korea), JATCO (Japan), Aichi Machine Industry Co. Ltd. (Japan), Allison transmissions (US), Vitesco Technologies (Germany), Schaeffler AG (Germany), BorgWarner (US), and GKN Automotive (UK).
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The growth in the market would mainly be driven by consumer preference for comfort and safety in the vehicle and an increased need for better acceleration and traction capability in vehicles. The high growth potential in emerging markets, stringent environment regulations and recent developments in the transmission systems industry represent growth opportunities for the market players. The automotive industry is currently under immense pressure to adapt to technological advancements and changing end-user preferences. The increasing demand/preference for better acceleration with smooth gear shifting is expected to drive the automatic transmission market in the coming years. Stringent emission norms, coupled with the growing popularity of electric vehicles, are expected to impact the automotive transmission market in the future.
The Asia Pacific is estimated to have a significant market share by 2027, followed by North America and Europe. China and India are the leading markets in this region with a significant share of the global automotive transmission market. With manufacturers and governments focusing on promoting the use of alternative fuel vehicles with tax benefits and rebates, the electric vehicle and hybrid vehicle markets are expected to grow. As electric vehicles are battery-operated, lower power-consuming components, systems, and assemblies are preferred by manufacturers. The electric and hybrid vehicle industry is boosted by government regulations and norms related to FDIs. As a result, an increasing number of OEMs are focusing on increasing the number of electric and hybrid vehicles in their fleet.
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The passenger car segment is expected to be the largest automotive transmission market. Passenger vehicles are equipped with various kinds of premium transmissions as compared to LCVs and HCVs due to end-user demand. The amount of money spent on quality, comfort, and automotive transmissions is higher in the case of personal use than commercial use of vehicles. Also, the increased disposable income in developing countries is driving the growth of the automotive transmission market for passenger vehicles.
Gasoline cars are projected to be the fastest segment of the automotive transmission market during the forecast period. The adoption of gasoline over diesel will grow worldwide and due to the increase in global warming many users are switching toward gasoline cars. The segment will also anticipate rising for a few years.
