Automotive Transmission System Market to Grow at a CAGR of 5% by 2022
Demand for automobile is on the rise, especially in regions such as Asia Pacific and Latin America, which is reflecting positively on the global market for automotive transmission system. Increasing sales of low range and mid-range vehicles in countries such as China, India and Brazil is creating lucrative opportunities for the overall automotive industry. As per the latest report published by Fact.MR, the global market for automotive transmission system will ride at a CAGR of 5% during the forecast period (2017-2022). In addition, the introduction of next-gen cars with fully automatic and semi-automatic transmission systems is projected to favor the growth of the market over the next couple of years. Apart from premium models, such transmission systems are now available in mid and low-range segments as well. Rising concerns over energy consumption and carbon emission is prompting auto engineers to tune and update transmission systems. The focus remains on developing breakthrough transmission systems to meet regulatory norms and client expectations. In the near future, automatic transmission is likely to gain more prominence as consumer preference for comfortable driving increase.
Following assumptions on the global automotive transmission market are likely to define its future prospects,
- During the next five years, adoption of manual transmission is expected to remain strong as compared to other type of transmission. The manual segment is expected to reach a market valuation of US$ 26,020 Mn by 2022, reflecting a steady CAGR.
- By vehicle type, passenger car is expected to remain the largest segment of the market throughout the forecast period. Between 2017 and 2022, this segment is likely to create an absolute $ opportunity of US$ 5,897.2 Mn. Meanwhile, the LVC segment is expected to retain its second spot over 2022.
- Based on fuel type, the diesel segment is expected account for a relatively larger value share of the market as compared to gasoline segment during the forecast period. The diesel segment is expected to ride at a moderate CAGR to reach US$ 30,821.5 Mn by 2022-end.
- The market for automotive transmission system in Asia Pacific excluding Japan (APEJ) is projected to remain highly attractive during the assessment period. Further, the region’s market is expected to expand at an impressive CAGR during 2017 to 2022. Europe and North America will remain the two other key regions as a number of leading OEMs and carmakers are based in countries such as Germany, France, the UK and the US.
Competition Tracking: Some of leading players operating in the global market for automotive transmission include Fuyao Glass Industry Group Co., Ltd., Saint-Gobain SA, Asahi Glass Co., Ltd., Nippon Sheet Glass Co. Ltd., Safelite Auto Glass, Guardian Industries, Xinyi Glass Group, Samvardhana Motherson Automotive Systems Group, Pilkington, Montaplast GmbH, Valeo S.A., and SL Corporation.
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