by Market Overview:
The global automotive transmission gears market is expected to reach a value of US$ 49,879.7 Mn by 2023, growing at a CAGR of 8.3% during the forecast period of 2023-2030. This market is driven by the increasing demand for efficient gear systems in the automotive industry. Automotive transmission gears play a crucial role in transmitting power from the engine to the wheels, ensuring the smooth functioning of the vehicle. These gears help in achieving the desired speed and torque ratios, thereby enhancing the overall performance and fuel efficiency of the vehicle. The growing focus on reducing carbon emissions and improving fuel economy is further fueling the demand for advanced transmission gears in the automotive sector.
Market Key Trends:
One key trend in the automotive transmission gears market is the shift towards the adoption of advanced gear technologies. With the increasing demand for high-performance vehicles and the growing need for fuel-efficient transmission systems, manufacturers are investing in innovative gear technologies. For instance, the development of dual-clutch transmission (DCT) systems, which provide faster and smoother gear shifts, has gained significant traction in the market. These systems use two separate clutches for odd and even gear sets, resulting in seamless gear changes and improved fuel efficiency. The integration of technologies such as DCTs, continuously variable transmissions (CVTs), and automated manual transmissions (AMTs) is expected to drive the growth of the automotive transmission gears market during the forecast period.
Segment Analysis:
The automotive transmission gears market can be segmented based on transmission type, material type, vehicle type, and region. Among these segments, the dominating sub-segment is the transmission type segment.
The transmission type segment includes manual transmission, automatic transmission, and continuously variable transmission (CVT). Currently, the automatic transmission sub-segment holds the largest market share in the automotive transmission gears market. This can be attributed to the increasing preference for automatic transmission systems in vehicles due to their convenience and ease of use. Additionally, technological advancements, such as the development of dual-clutch transmission systems, have further fueled the demand for automatic transmission gears. The growing demand for luxury and high-performance vehicles, which often come equipped with automatic transmission systems, is also contributing to the dominance of this sub-segment.
Key Takeaways:
The Automotive Transmission Gears Market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period from 2022 to 2030. This growth can be attributed to several factors. Firstly, the increasing production and sales of automobiles, especially in emerging economies, are driving the demand for automotive transmission gears. Additionally, the rising preference for vehicles with advanced transmission systems, such as automatic and CVT, is further fueling market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the automotive transmission gears market. This can be attributed to factors such as the presence of major automobile manufacturers in countries like China, Japan, South Korea, and India. Additionally, the growing disposable income levels and improving living standards in these countries are driving the demand for automobiles, thereby boosting the market for automotive transmission gears.
Key players operating in the automotive transmission gears market include American Axle & Manufacturing Holdings Inc., AmTech International, Bharat Gears Ltd, Cone Drive, Dynamatic Technologies Limited, Franz Morat Holding GmbH & Co. KG, Gleason Corporation, IMS Gear SE & Co. KGaA, Robert Bosch GmbH, RSB Group, Showa Corporation, UAG LLP, and ZF Friedrichshafen AG. These key players are focusing on strategies such as product development, collaborations, acquisitions, and partnerships to enhance their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
