The global automotive transmission market is anticipated to grow significantly during the forecast period, owning to growing demand for better experience in driving in relation to smoother gear shifting and higher acceleration in vehicles. The usage of advanced technologies and sustainable economic development across the world are the few factors for the growth in the market. Furthermore, rising automotive production globally is anticipated to increase the demand for automotive transmission in the near future.
On the basis of vehicle type, the automotive transmission market is categorized into passenger car, light commercial vehicle (LCV), and medium and heavy commercial vehicle (M&HCV). The passenger car category holds the largest share in the market as compared to other categories, owing to the growing sales of passenger car around the world.
Geographically, Asia-Pacific (APAC) is the largest market for automotive transmission systems. China leads the regional market, with India and Japan making substantial contributions to the market growth. In 2017, car production in China stood at 24.96 million units, the highest among all countries, globally. This is driven by the growing demand for personal transportation vehicles and improving standard of living in the country. Also, rapid urbanization, coupled with improving per capita income, in other developing economies of the region, such as India and Thailand, is also supporting the growth of the automotive transmission market in the APAC region.
Rapid technological advancement in vehicles taking place all over the world along with increase in disposable income of consumers in developing economies is the major factor for the growth of the automotive transmission market. The consumers seeking greater comfort and luxury is another driving force for the growth of the market. High traffic and increasing vehicle congestion in urban areas are giving rise to a shift in the consumers’ preference toward advanced automotive transmission systems that would ensure a smooth driving experience.
Some of the key players operating in the global automotive transmission market are DENSO Corporation, Continental AG, Robert Bosch GmbH, Aisin Seiki Co. Ltd., Johnson Controls Inc., Magna International Inc., Faurecia S.A., Hyundai Mobis Co. Ltd, ZF Friedrichshafen AG, Yazaki Corp., Lear Corp., Delphi Automotive PLC, TRW Automotive Holdings Corp., BASF SE, Valeo SA, Sumitomo Electric Industries, Toyota Boshoku Corp., JTEKT Corp., and Hitachi Automotive Systems.