Automotive Transmission Market Share To Rise At 6.0% CAGR, To Hit USD 120.41 Billion By 2034 | PMR

New York, USA, Dec. 13, 2024 (GLOBE NEWSWIRE) -- market Insight

The global automotive transmission market size is projected to grow from USD 67.24 billion in 2024 to USD 120.41 billion by 2034, at a CAGR of 6.0%, according to a new report by Polaris Market Research.

Market Overview

A transmission is a vehicle's gearbox. It is analogous to gear exchangers and chain systems engaged in bicycles. Transmission constituents are always scaled directly on the engine so that their connected belt and gear system can productively transform the combustion power generated by the engine into tangible impetus. In a vacuum, the inflammable power generated by an archetypal automobile's interior combustion engine would be too elevated to commence or halt the vehicle. The majority of transmissions consist of five to eight-gear positioning and a sequence of gear trains that convey power to the car without altering how speedily the engine operates.

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Key Insights from Report

• The market for automotive transmission is significantly shaped by the growing approval of luxury vehicles.
• The automotive transmission market segmentation is mainly based on transmission type, fuel type, vehicle type, and region.
• Based on transmission type, the manual segment is expected to experience the highest CAGR during the forecast period.
• By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Automotive Transmission Market Scope

Market's Growth Drivers

Acquiring Sizeable Fuel Economy : The growing focus on obtaining sizeable fuel economy pushes notable advances in the automotive market. The escalating acquisition of hybrid vehicles powered by government enterprise and ecological worries showcase sizeable growth possibilities for market contenders and contribute to automotive transmission market growth.

Escalating Global Traffic : Passenger vehicles present mechanized transmission systems as they are simple to utilize and offer improved comfort. Also, the growing traffic globally is encouraging car owners to buy vehicles with mechanized systems. Thus, prominent automakers are granting sizeable funding to research enterprises to advance automotive technologies that provide a superior driving experience.

Introduction of Directives for Carbon Discharge : Many governments globally have initiated directives for carbon discharge, security, and weightless vehicles. These directives have encouraged original equipment manufacturers (OEMs) to utilize constituents that decrease the holistic vehicle weight. OEMs utilize weightless substances such as magnesium, aluminum, and elevated robust steel composites to decrease weight without yielding longevity and robustness.

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List of Automotive Transmission Market Key Players

• Aisin Seiki Co., Ltd.
• BorgWarner Inc.
• Continental AG
• Allison Transmission, Inc.
• Eaton Corporation PLC
• Jatco Ltd.
• Magna International, Inc.
• Getrag
• GKN PLC
• ZF Friedrichshafen AG

Geographical Analysis

Asia Pacific accounted for the largest automotive transmission market share. This is due to the growing demand for passenger cars in the region and the growing acquisition of progressive technologies to advance progressive transmission systems. The application of strict directives in the context of automotive discharge legislation by governments covering the Asia Pacific further pushes the market.

North America is also expected to grow at the highest CAGR during the forecast period owing to the growing acquisition of electrified systems due to the growing concentration on hybrid vehicles and their affirmative influence on discharge and fuel efficiency. Apart from that, the growing demand for aftermarket transmission systems is expected to affirmatively influence the regional market growth.

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Market Segmentation

By Transmission Type Outlook

• Manual
• Automatic

By Fuel Type Outlook

• Gasoline
• Diesel
• Others

By Vehicle Type Outlook

• Passenger Cars
• LCVs
• HCVs

By Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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