Automotive Transmission Market Revenue to Register Robust Growth Rate During 2020-2026

The thriving automotive industry in conjugation with increased inclination towards use of personal vehicles during the COVID-19 pandemic situation has enabled the global automotive transmission industry to carve out a profitable growth map for itself in the upcoming years. Moreover, elevating demand for electrical vehicles owing to the fluctuating fuel prices in tandem with stringent government regulations is anticipated to propel the global market dynamics over 2020 to 2026.
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The demand for automatic cars in Europe, subject to the widespread penetration of automated manual transmission amongst a large population base has offered a significant boost to the overall automotive transmission market. It has been observed that automated manual transmission can bridge the price gap between manual and automatic cars, allowing the drivers to leverage a seamless experience. Further, introduction of automatic cars in small car segment aligned with increased fuel efficacy in line with adverse traffic conditions is projected to fuel the AMT demand across the region in the ensuing years.
Elaborating further in the regional aspects, North America is also anticipated to stand tall in the overall automotive transmission industry, courtesy- escalating demand for commercial vehicles. In fact, as per OICA statistics, the United States recorded over more than 8 million commercial vehicle production in 2019, a count which is only likely to grow in the upcoming years. Growth in the regional market is poised to predominantly come from government intervention pertaining to the enforcement of numerous regulations to potential manage the goods being carried in the CVs.
Say for instance, in the States, the FMCSA or Federal Motor Carrier Safety Administration, looks after the prevention of injuries and fatalities related to vehicles. Besides, the body also regulates the size of goods being carried in a vehicle.
Distribution channel for automotive transmission systems plays a pivotal role in the overall growth of the market. Speaking of which, OEMs are likely to come up as a strong contender in the near future. For the record, OEMs held around 98 per cent of the product sales in 2019 and projected to grow at a rate of 4 per cent through 2026, subject to the low rate of transmission system replacement. However, reports suggest that after-market is also gaining massive traction globally on the grounds of transcending trend of transmission upgrades, perhaps due to the emergence of new technologies associated with the same.
The global automotive transmission industry has been divided into different domains including transmission segment, engine segment, gear segment, regional outlook, and distribution channels. Highlighting the basics of gear segment, it is observed that automotive transmission market from less than 5 gears sector would accrue tremendous gains in the ensuing years, given its rising demand across light duty vehicles due to the product’s fuel and price efficiency.
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Ongoing advancements in the field have compelled automotive transmission market players to brainstorm into the possibilities of novel product launches, potential acquisitions or mergers, and facility expansion. For instance, prominent automakers, Hyundai and Kia have announced working closely for the development of world’s first predictive automatic transmission system. As per reliable reports, both the companies have filed nearly 40 major patents while designing the ICT Connected Shift System in the province of South Korea and overseas. A major benefit produced by the system is that it would allow the vehicle to identify the traffic and road conditions ahead, and automatically shift to optimal gear based on the analysis obtained.
These trends and initiatives offer a glimpse of the impending scenario of the overall automotive transmission market, which as per Global Market Insights, Inc., report would account for a valuation of USD 281.3 billion by the end of 2026.
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