Automotive Gear Shift System Market Was Valued USD 25.6 Billion In 2022 And It Will Grow To USD 38.1 Billion By 2030 : Greyviews

(MENAFN- EIN Presswire) Automotive Gear Shift System market Size By Gear Type (Joystick, Rotary, Stick and Stalk), By Vehicle Type (Commercial Vehicle and Passenger Vehicle), By Sales channel (Aftermarket and OEM), Regions, Segmentation, and forecast till 2030.

/ein news / -- Pune India, Jan. 07, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive gear shift system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the Automotive Gear Shift System Market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the substrate, laminating material, vehicle type and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.

The significant players operating in the global automotive gear shift system market are SL Corporation, GHSP, Inc., S.A., Fuji Kiko Co., Ltd., Jopp Holding GmbH, Leopold Kostal GmbH & Co. KG, Tokai Rika Co., Ltd., Kongsberg Automotive ASA, and Dura Automotive Systems, LLC., Ficosa International among other. To achieve a substantial market share in the worldwide automotive gear shift system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

The development of automated gear change transmission systems has allowed automakers to increase the fuel efficiency of their vehicles. Demand for automated transmission systems is predicted to be driven by compliance with Corporate Average Fuel Economy (CAFÉ) standards as well as growing worries about environmental degradation brought on by emissions, which is anticipated to drive expansion in the automotive gear shift system market. The development of complicated gear changing systems that can autonomously adapt to driving conditions and provide the vehicle with the best performance is being aided by technological breakthroughs. The global market for automotive gear shift systems is expanding due to the rising demand for passenger cars. The use of electronic gear shift systems over manual gear shift systems has increased as a result of technological improvements, which are essential to the automotive industry. Governments all over the world have passed strict laws and rules to compel automakers to use parts that reduce emissions and fuel consumption. These factors are fueling the global market for automotive gear shift systems to rise.

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Scope of automotive gear shift system market Report

Report Metric	Information
Study Period	2022-2030
Base Year	2022
Forecast Period	2023-2030
Market Share Unit	USD Billion
Segments Covered	Gear Type, Vehicle Type, Sales Channel and Regions
Regions Covered	North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players	SL Corporation, GHSP, Inc., S.A., Fuji Kiko Co., Ltd., Jopp Holding GmbH, Leopold Kostal GmbH & Co. KG, Tokai Rika Co., Ltd., Kongsberg Automotive ASA, and Dura Automotive Systems, LLC., Ficosa International among other.

Segmentation Analysis

The commercial vehicle segment is expected to be the fastest-growing segment in 2022.

The vehicle type segment is a commercial vehicle and passenger vehicle. The commercial vehicle segment is expected to witness the highest growth rate during the forecast period. Innovative gear shift technology, such as automatic shifters and wire gear shift systems, is helping to grow the market for automotive gear shift systems for commercial vehicles. However, automatic shifters are only seen in high-end vehicles. The markets for luxury and mid-size cars are expanding, which supports the growth of the light-duty vehicle sector.

The OEM segment is expected to be the fastest-growing segment in 2022.

The sales channel segment is aftermarket and OEM. The OEM segment is expected to witness the highest growth rate during the forecast period. Original Equipment Manufacturers (OEMs) are any company that produces parts or products that are intended to be incorporated into the finished products of other companies. They usually work with value-added resellers that sell the finished products (VAR).

Regional Analysis

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive gear shift system include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

• The Asia Pacific region witnessed a major share. China is anticipated to make a sizable contribution and hold a sizable portion of the market for automotive gear shift systems in the region. In order to capitalise on the rising demand for reasonably priced cars in India and Asia, ZF Friedrichshafen AG, a global pioneer in automotive gear shift systems, has announced the release of a new electrified clutch. This clutch works to boost the effectiveness of manual transmission in cars. The company will promote the item as a way to increase fuel efficiency in automobiles with manual transmission gear shifting systems.

Country Analysis

• Germany

Germany's Automotive Gear Shift System market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.17 billion by 2030, at a CAGR of 2% from 2023 to 2030. There is an increasing demand for automotive vehicles in the country which increases the demand for automotive gear shift systems propelling the market's growth in the country.

• China

China's Automotive Gear Shift System market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 0.47 billion by 2030, at a CAGR of 4% from 2022 to 2030. Due to their massive manufacturing capacity and big number of businesses, nations like China are the key contributors in this sector. China sold 25.76 million automobiles in 2019, according to the China Association of Automobile Manufacturers (CAAM). The adoption of advanced gear shift technology is expanding in this field, supporting growth.

• India

India's Automotive Gear Shift System market size was valued at USD 0.26 billion in 2022 and is expected to reach USD 0.32 billion by 2030, at a CAGR of 3% from 2022 to 2030. ZF Friedrichshafen AG, a well-known player in the automotive gear shift system market, has announced the development of a new electrified clutch that improves the performance of manual transmission in cars in order to capitalise on the rising demand for inexpensive vehicles in India.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the automotive gear shift system market is mainly driven owing to the expanding automotive demand in both developed and developing countries, as well as rising EV production.

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