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The global Automotive Transmission Systems Market is estimated to be valued at US$ 43.40 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive transmission systems are used to transfer power from the engine to the wheels and reduce engine power losses. The main types of automotive transmission systems are manual transmission, automatic transmission, automated manual transmission, continuously variable transmission, and dual clutch transmission. Automotive transmission systems Market enable vehicle manufacturers to offer driving comfort, optimized fuel efficiency, and superior performance to customers. They allow vehicles to travel at varied speeds while maintaining engine RPM within optimized range.
Market key trends:
One of the key trends in the automotive transmission systems market is the rising adoption of automated manual transmission systems. Automated manual transmission (AMT) offers better fuel efficiency than conventional automatic transmissions as it eliminates power losses associated with torque converters. AMT also provides convenience of automatic gear changes without requiring a clutch pedal. With increasing consumer preference for fuel-efficient vehicles, many automakers are introducing new vehicle models with AMT technology. For instance, in 2020, Maruti Suzuki launched updated versions of its popular models S-Presso, Celerio, and WagonR in India equipped with AMT for improved drivability and mileage.
Porter’s Analysis
Threat of new entrants: Low- moderate. Significant capital investments are required to be able to develop, test and produce automotive transmission systems. Bargaining power of buyers: Moderate. The presence of many automakers gives buyers some power but suppliers have strong capabilities and differentiation. Bargaining power of suppliers: Moderate. Suppliers have strong product differentiation capabilities however, buyers can substitute from other suppliers if needed. Threat of new substitutes: Low. No strong substitute poses major threat to automotive transmission systems market at present. Competitive rivalry: High. Automotive transmission systems market is concentrated with presence of few global players. Intense competition exists among players.
Key Takeaways
The global automotive transmission systems market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing automobile production.
Regional analysis: Asia Pacific dominates the global market and is expected to witness highest growth owing to presence of emerging countries like China and India which are major automobile producers. China accounts for largest share in regional as well as global market.
Key players operating in the automotive transmission systems are ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., BorgWarner Inc., and Eaton Corporation plc. ZF Friedrichshafen AG offers wide range of transmission systems.
