Latest News:- Automotive Transmission Systems Market: Passenger is expected to lead the Vehicle Type segment during 2024-2028

Automotive Transmission Systems Market to grow at a CAGR of 6.08% during 2024-2028

The Automotive Transmission Systems Market is expected to grow at a CAGR of 6.08% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 53.2 billion. The automotive industry is undergoing significant transformation due to the adoption of advanced technologies. Notably, continuous variable transmission (CVT) and dual-clutch transmission (DCT) systems are gaining traction, surpassing the usage of traditional hydraulic automatic transmission systems. These systems offer smoother gear shifts and improved fuel efficiency, making them increasingly desirable for consumers. Furthermore, innovative developments such as auto-shift manual transmission systems are emerging, providing the benefits of automatic transmission systems while maintaining the flexibility and fuel efficiency of manual transmissions. Utilizing shift-by-wire electronic control systems, these systems eliminate the need for manual gear shifting levers, contributing to the ongoing evolution of the automotive transmission market. 

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The Passenger subsegment is expected to dominate the Vehicle Type segment during the forecast period 

Technavio analysts predict that the Passenger subsegment will lead the Vehicle Type segment during 2024 and 2028 The Automotive Transmission Systems Market represents a significant business opportunity, driven by the increasing demand for fuel-efficient and technologically advanced vehicles. Manufacturers are focusing on developing innovative transmission systems to meet stringent emission norms and enhance vehicle performance. The market is expected to grow at a steady pace, fueled by rising disposable income, urbanization, and the shift towards electric and hybrid vehicles. Key players are investing in research and development to introduce advanced transmission technologies and expand their market share.

Here are the various ways based on which the market is segmented: 

• Vehicle Type
  • Passenger
  • Commercial
• Type
  • Manual
  • Automatic
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

Reasons to Purchase the Global Automotive Transmission Systems Market Market Research Report by Technavio. What is in it for you?

• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish growing adoption of automatic transmission in vehicles

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Transmission Systems Market is witnessing significant growth due to the increasing demand for efficient power transmission systems in multiple industries, including oil and gas, fuels, petrochemical, and food and beverage. These industries require reliable and efficient power transmission systems to ensure minimal downtime and reduce harmful emissions. Automotive transmission systems play a crucial role in industrial facilities by providing power to various machinery and equipment. The use of steam turbines and renewable energy sources is increasing to reduce reliance on fuels and decrease carbon emissions. However, the high expenses associated with labor costs, installation costs, and miscellaneous expenses continue to be a challenge for industries. Stringent laws and regulations aimed at reducing harmful emissions have led to the adoption of advanced transmission systems that offer improved efficiency and reduced emissions. The oil and gas industry, in particular, is investing heavily in transmission systems to optimize operations and reduce downtime due to damaged boilers and other equipment. The inflation and rising oil prices also add to the expenses, making it essential for industries to invest in cost-effective and efficient transmission systems.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for the automotive parts and equipment market include the surge in electronic components utilization in automobiles, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars over the last decade. This trend has significantly boosted the demand for electronic control units (ECUs) and other electrical components.

The Automotive Transmission Systems Market is experiencing significant growth, fueled by the growing adoption of automatic transmission in vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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