Passenger Car Transmission Market to Grow with a CAGR of 7.4% through 2028
Stringent global emissions regulations necessitating
advanced transmission technologies for fuel efficiency, and the rapid growth of
electric and hybrid vehicles is driving the market in the forecast period
2024-2028.
According to TechSci Research report, “Passenger
Car Transmission Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Passenger Car Transmission
Market stood at USD 88.5 billion in 2022 and is anticipated to grow with a CAGR
of 7.4% in the forecast period, 2024-2028.
The Global Passenger Car Transmission Market has
witnessed substantial transformation and adaptation to various industry trends
and consumer demands. Transmission systems, a crucial component of passenger
cars, have evolved significantly to meet the evolving needs of both
manufacturers and consumers. One of the prominent trends shaping this market is
the transition from manual to automatic transmissions. Consumers increasingly
favor automatic transmissions for their convenience, especially in urban areas
with heavy traffic. As a result, automakers are investing heavily in the
development of advanced automatic transmission technologies like continuously
variable transmissions (CVTs) and dual-clutch transmissions (DCTs) to enhance
fuel efficiency and provide a smoother driving experience.
Another significant driver is the tightening of global
emissions regulations. Governments worldwide are imposing strict standards to
reduce vehicle emissions and improve fuel efficiency. Transmission systems play
a critical role in achieving these goals, as they optimize engine performance
and enhance fuel economy. As a result, manufacturers are focusing on innovative
transmission technologies to comply with these regulations, driving research
and development efforts in the industry.
The rapid growth of electric vehicles (EVs) and hybrid
cars is also influencing the passenger car transmission market. EVs often
utilize single-speed automatic transmissions or direct-drive systems,
eliminating the need for traditional multi-speed transmissions. Hybrid
vehicles, on the other hand, require specialized transmission systems to
efficiently combine internal combustion engines with electric motors, further
diversifying the transmission landscape.
Moreover, advanced driver-assistance systems (ADAS)
and autonomous driving technologies are becoming increasingly integrated with
transmission systems. These technologies rely on sophisticated transmissions to
optimize vehicle control and safety, contributing to the overall growth and
development of the passenger car transmission market. In conclusion, the Global
Passenger Car Transmission Market is evolving rapidly in response to changing
consumer preferences, stricter emissions regulations, the rise of electric and
hybrid vehicles, and the integration of advanced technologies. As automakers
continue to innovate and adapt to these trends, the passenger car transmission
market is expected to remain dynamic and continue its transformation in the
coming years.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Passenger
Car Transmission Market.”
Asia-Pacific: Asia-Pacific stands as the epicenter of
automotive production and consumption, with China and India leading the charge.
The region's rapid urbanization, expanding middle-class population, and rising
disposable incomes have created a significant demand for passenger cars equipped
with various transmission types. The preference for automatic transmissions is
particularly strong in congested urban areas, contributing to the overall
growth of the automatic transmission market in Asia-Pacific. Moreover, this
region has become a manufacturing hub for automotive components, including
transmissions, serving both domestic and international markets.
North America, there is a continued preference for
automatic transmissions, driven by consumer convenience and the smoother
driving experience they offer. The market features a mix of domestic and
international automakers, all striving to meet stringent emissions standards.
The rise of electric and hybrid vehicles in this region has led to the
development of specialized automatic transmissions tailored to these
eco-friendly powertrains, adding to the market's complexity. The shift towards
electric mobility and hybridization is influencing the transmission landscape,
reflecting the evolving demands of North American consumers. Europe presents a
unique landscape in terms of transmission preferences. While automatic
transmissions are gaining ground, manual transmissions still have a strong
foothold, particularly in countries with a rich automotive tradition. Europe
places a high emphasis on reducing emissions, prompting automakers to invest in
advanced transmission technologies that improve fuel efficiency. High-end
automatic transmissions are often featured in luxury and premium car segments,
contributing to the market's growth. European automakers are also focusing on
developing hybrid and electric vehicles, which require specialized transmission
systems to optimize power delivery and fuel efficiency. Other regions,
including Latin America, the Middle East, and Africa, exhibit varying degrees
of growth and adoption in the passenger car transmission market. Economic
factors, consumer preferences, and infrastructure development play pivotal
roles in shaping demand. Some markets in these regions are gradually
transitioning towards automatic transmissions due to consumer preferences for
convenience and efficiency. However, manual transmissions still dominate in
certain areas due to cost considerations and local driving traditions. The
Global Passenger Car Transmission Market displays regional diversity influenced
by factors such as consumer preferences, regulatory environments, and economic
conditions. The transition from manual to automatic transmissions and the
growing emphasis on fuel efficiency and emissions reduction are common threads,
but the pace and extent of these changes vary across regions, reflecting the
unique factors that shape each market's dynamics.
Major companies operating in Global Passenger Car
Transmission Market are:
- Aisin Seiki Co Ltd
- Allison
Transmission Holdings
- BorgWarner Inc.
- Continental AG
- Daimler AG
- Delphi Automotive
- Eaton Corporation
PLC
- Fiat Powertrain
Technologies
- Jatco Ltd.
- Magna International
Inc.
Download
Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global
Passenger Car Transmission Market is poised for continued evolution as it
navigates a complex landscape of consumer preferences, stringent emissions
regulations, and technological advancements. The shift towards automatic
transmissions, driven by convenience and urbanization, is reshaping the market.
To meet emission standards, automakers are investing in advanced transmission
technologies. Additionally, the growth of electric and hybrid vehicles is
introducing new challenges and opportunities, requiring specialized
transmission solutions. Overall, this market will remain dynamic, driven by the
intersection of consumer demands and regulatory imperatives, paving the way for
innovative transmission systems in the future,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global Passenger Car
Transmission Market, By Vehicle Type (Passenger Cars, LCV, M&HCV), By Fuel
Type (Gasoline, Diesel, and Hybrid), By Transmission Type (Manual, Automatic),
By Region and By Competition
Forecast &
Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Passenger Car Transmission Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Passenger Car Transmission Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com