Automotive Transmission Gear Market Projected to Reach US$ Mn by 2023

Automotive Transmission Gear 

Market Overview:

The global automotive transmission gear market is estimated to be valued at US$ Mn in 2023, exhibiting a CAGR of 8.3% over the forecast period of 2022-2030. Automotive transmission gears are essential components used in vehicles for transmitting power from the engine to the wheels. These gears ensure smooth and efficient power transfer, resulting in improved vehicle performance and fuel efficiency. With the increasing demand for passenger and commercial vehicles worldwide, the automotive transmission gear market is expected to witness significant growth. Additionally, factors such as technological advancements, growing investments in research and development, and stringent emission regulations are driving the market. Advancements such as the development of electric vehicles and the integration of advanced transmission systems are further fueling market growth.

Market Key Trends:

One of the key trends in the automotive transmission gear market is the increasing demand for automatic transmission gears. Automatic transmission gears offer convenience, improved fuel efficiency, and enhanced driving experience compared to manual transmission gears. The rising preference for automatic transmission in passenger vehicles, especially in developed regions, is driving the market growth. Automatic transmission systems eliminate the need for manual gear shifting, providing smooth gear transitions and optimizing engine performance. Additionally, advancements in transmission technologies, such as the development of automated manual transmission (AMT) and continuously variable transmission (CVT), are further boosting the adoption of automatic transmission gears in the automotive industry. This trend is anticipated to continue over the forecast period, driving the growth of the automotive transmission gear market.

Segment Analysis:

The automotive transmission gear market can be segmented based on type, vehicle type, and region. Based on type, the market can be further divided into manual transmission gears and automatic transmission gears. Manual transmission gears dominate the market due to their cost-effectiveness and widespread use in passenger vehicles. They offer better control and fuel efficiency, especially in small and compact cars. However, the demand for automatic transmission gears is growing steadily, particularly in luxury and premium vehicles, as they provide convenience and enhanced driving experience.

In terms of vehicle type, the market can be categorized into passenger vehicles, commercial vehicles, and electric vehicles. Passenger vehicles hold a significant market share as they are the most common mode of transportation globally. With the increasing sales of passenger vehicles, the demand for transmission gears is expected to rise. Commercial vehicles also contribute to the market, driven by the expansion of the logistics and transportation sector. The market for transmission gears in electric vehicles is witnessing substantial growth, owing to the rising adoption of electric vehicles and the increasing focus on improving their performance and efficiency.

Key Takeaways:

The Global Automotive Transmission Gear Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period (2023-2030). The market is primarily driven by the increasing production and sales of passenger vehicles worldwide. The growing population, urbanization, and rising disposable income levels have fueled the demand for cars, thereby creating a robust market for transmission gears. Additionally, the surge in the commercial vehicle sector and the rising adoption of electric vehicles further contribute to market growth.

Regionally, Asia Pacific is the fastest-growing and dominating region in the automotive transmission gear market. The region has a large customer base and is a major hub for automotive manufacturing. Countries like China, India, Japan, and South Korea are witnessing significant growth in the automotive sector. The presence of major automobile manufacturers, favorable government initiatives, and increasing investments in research and development activities contribute to the dominance of the Asia Pacific region.

Key players operating in the automotive transmission gear 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 companies focus on product development, strategic partnerships, and mergers and acquisitions to strengthen their market position and cater to the growing demand for transmission gears globally.

Read More: https://www.newswirestats.com/electric-motor-core-market-size-and-share-analysis-growth-trends-and-forecasts/

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