RISING DEMAND FOR COMFORT AND ENHANCED DRIVING EXPERIENCE TO BOOST THE AUTOMOTIVE GEARBOX MARKET
Automotive Gearbox Market: Key Highlights
- According to the new market research report “Automotive Gearbox Market by Type (Manual Gearbox and Automotive Gearbox), by Number of Gear (3–5 Gears, 6–8 Gears, and Above 8 Gears), by Application (Automatic Transmission, Manual Transmission, Dual Clutch Transmission, and Automated Manual Transmission), by Vehicle Type (Two Wheelers, Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle ), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the automotive gearbox market is estimated to reach around USD 155.1 Billion by 2027 at a CAGR of around 4.39% during the review period.
- Rising demand for comfort and enhanced driving experience is a key factor driving the demand for the automotive gearbox market.
- However, the growing demand for electric vehicles remain a major restraining factor for the market growth.
Automotive Gearbox Market: Key Market Dynamics
- Increase in automobile production in developing nations and economic growth has increased the demand for automotive gearbox market
- Automatic gearbox makes the driving experience much comfortable and simpler for the driver as it eliminates the need for changing the gears manually which results in smooth driving
- Technological advancement for increasing operational efficiency is anticipated to boost the automotive gearbox market in the future
- Adoption of continuous variable transmission (CVT) is likely to act as a challenge for market growth
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Automotive Gearbox Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the high production and sales of automobiles owing to rising per capita income of consumers. This region has witnessed high penetration of automotive gearbox due to the economic growth and rise in industrialization in countries such as India, China, Australia, and Japan which are expected to boost the market growth. Furthermore, the rising demand for off-road and commercial vehicles are fueling the growth of automotive gearbox market.
In Europe, the increasing vehicle production, and changing lifestyle of the consumer are expected to propel the demand for automotive gearbox market. Furthermore, the increasing demand for passenger cars and customers’ preference towards premium vehicles has resulted in boosting the market growth in Europe. Moreover, Germany and France are the leading countries for automobile production which directly propels the automotive gearbox market growth in this region.
Automotive Gearbox Market: Key Players Overview
- ZF Friedrichshafen AG:
ZF Friedrichshafen AG company provides automotive components. The company offers systems for commercial vehicles, passenger cars, and industrial technology. In July 2019, ZF Friedrichshafen AG company invested in R&D for designing new generation 8-speed automatic transmission for hybrid vehicles. This new system enables mild, full, and plug-in hybrid drives to achieve electric power of up to 160 kilowatts.
Eaton company manufactures products for vehicle, aerospace, industrial, and commercial markets. The company offers, electrical power distribution and control equipment, hydraulic products and fluid connectors, engine components, truck drivetrain systems, and a wide variety of controls. In October 2019, the company plans to launch heavy-duty transmission for electric commercial vehicles. This is designed to provide maximum efficiency, for fast gear changes and to extend the battery life and range.
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