Light Commercial Vehicles Transmission Market to Grow with a CAGR of 5.76% Globally through to 2028
Growing Demand for Light Commercial
Vehicles (LCVs), Stringent Emissions Regulations and Fuel Efficiency
Requirements and Advancements in Transmission Technology are factors driving
the Global Light Commercial Vehicles Transmission market in the forecast period
2024-2028.
According to TechSci Research report, “Global Light
Commercial Vehicles Transmission Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Light
Commercial Vehicles Transmission Market stood at USD 20 billion in 2022 and is
anticipated to grow with a CAGR of 5.76% in the forecast period, 2024-2028. The Global Light Commercial
Vehicles (LCVs) Transmission Market is undergoing a transformative evolution
characterized by several key trends and challenges. One prominent trend is the
increasing shift towards automatic transmissions over manual counterparts,
driven by urbanization, last-mile delivery services, and consumer preferences
for a smoother driving experience. Advanced transmission technologies,
including continuously variable transmissions (CVTs), dual-clutch transmissions
(DCTs), and automated manual transmissions (AMTs), are gaining prominence,
offering improved fuel efficiency and performance. The industry is also
experiencing a significant push towards electrification and hybridization, as
governments tighten emissions regulations and consumers prioritize eco-friendly
options, requiring specialized transmissions for electric and hybrid LCVs.
Concurrently, the pursuit of enhanced fuel efficiency and reduced emissions is
driving continuous innovation in transmission design, with higher gear counts,
start-stop systems, and friction-reducing materials playing pivotal roles.
Furthermore, the integration of advanced driver assistance systems (ADAS) and
connectivity features is reshaping LCV transmissions to support seamless
interaction with these technologies. The LCV transmission market faces
challenges such as the evolving regulatory landscape, the short product
lifecycle necessitating continuous innovation, and the need to balance cost
pressures while maintaining quality. However, it remains agile and
forward-thinking, responding to the dynamic demands of the automotive industry
while embracing sustainability and efficiency. As electrification,
connectivity, and automation continue to shape the automotive landscape, the
global LCV transmission market is poised to play a critical role in defining
the future of light commercial vehicles.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Light
Commercial Vehicles Transmission Market.”
The Global Light Commercial Vehicles (LCVs)
Transmission Market is currently undergoing a significant transformation,
shaped by various trends and challenges that are reshaping the automotive
industry landscape. As the demand for LCVs continues to grow, driven by factors
such as increased urbanization, last-mile delivery services, and evolving
consumer preferences, the transmission market for these vehicles is
experiencing notable changes.
One of the most notable trends in the LCV transmission
market is the increasing preference for automatic transmissions over manual
ones. This shift reflects the changing dynamics of urban environments, where
stop-and-go traffic is commonplace. Automatic transmissions provide a smoother
and more convenient driving experience, making them an ideal choice for city
driving. Consequently, many automakers are making automatic transmissions the
standard option in their LCV models to cater to the preferences of both
individual consumers and commercial fleet operators. This trend is also driven
by the rising popularity of last-mile delivery services, where efficiency and
ease of operation are paramount.
In addition to the preference for automatic
transmissions, the market is witnessing the adoption of advanced transmission
technologies designed to enhance fuel efficiency and overall performance.
Continuously Variable Transmissions (CVTs) are gaining prominence due to their
ability to provide an infinite number of gear ratios, resulting in smoother
acceleration and improved fuel efficiency. CVTs are particularly suitable for
LCVs used in urban environments, where optimizing power delivery in stop-and-go
traffic is crucial. Dual-Clutch Transmissions (DCTs) are also making their
mark, offering rapid gear changes and excellent fuel efficiency. These
transmissions, which use two separate clutches to enable seamless shifts, are
favored by drivers seeking a sportier driving experience. Automated Manual
Transmissions (AMTs) are yet another category of transmissions gaining traction
in the LCV market. AMTs combine the convenience of an automatic transmission
with the efficiency of a manual one, allowing drivers to choose between manual
shifting and automatic operation. These transmissions are particularly popular
in regions where manual transmissions have historically dominated, providing an
efficient solution for commercial LCVs.
Furthermore, the global trend towards electrification
and hybridization in the automotive industry is significantly impacting the LCV
transmission market. With governments around the world implementing stringent
emissions regulations and consumers increasingly concerned about environmental
issues, there is a growing demand for electric and hybrid LCVs. Electric LCVs
(eLCVs) often feature specialized transmissions, such as single-speed
gearboxes, optimized for electric powertrains.
Major companies operating in Global Light
Commercial Vehicles Transmission Market are:
- Allison Transmission, Inc.
- ZF Friedrichshafen AG
- Aisin Corporation
- Continental AG
- Magna International Inc
- BorgWarner Inc.
- Jatco Ltd.
- Schaeffler Group
- Eaton Corporation plc
- Vitesco Technologies Group AG
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“The global
light commercial vehicles (LCV) transmission market is experiencing significant
growth due to several key factors. Increasing urbanization and the expansion of
e-commerce have led to higher demand for LCVs, driving the need for advanced
transmission systems. Moreover, stringent emissions regulations are pushing
manufacturers to develop more efficient and eco-friendly transmission
technologies. The rise of electric and hybrid LCVs has further spurred
innovation in transmission systems to optimize power delivery and fuel
efficiency. Additionally, consumer preferences for automatic transmissions over
manual ones are reshaping the market landscape. As a result, market players are
investing heavily in research and development to produce technologically
advanced, durable, and fuel-efficient transmission solutions to meet the
evolving demands of the global LCV market. This growth is expected to continue
in the coming years, creating lucrative opportunities for industry stakeholders.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Light
Commercial Vehicles Transmission Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Type (Automatic, Manual, Dual Clutch),
By Fuel Type (Petrol, Diesel, CNG), By Gear Type (5-6, 7-8, 9-10), By Region,
By Competition, 2018-2028”, has evaluated the future growth
potential of Global Light Commercial Vehicles 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 Light Commercial Vehicles Transmission Market.
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