The advanced gear shifter system market for automotive is projected to grow at a CAGR of 7.91% during the forecast period, to reach USD 17.8 billion by 2025 from an estimated USD 10.5 billion in 2018.
South America to be the fastest growing market and Asia Pacific to hold the largest market for advanced gear shifter system in 2025
South America is projected to be the fastest growing market for automotive advanced shifter from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production and expansion of leading OEMs and automotive component suppliers. Asia Pacific is projected to be the largest market for automotive advanced shifter from 2018 to 2025. The market growth in the region can be attributed to factors such as increasing sales of mid-size and luxury vehicles and government initiatives regarding the use of environment-friendly electric vehicles.
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Increasing sales of vehicle equipped with the automatic and automated-manual transmission market to drive the market for Shift-by-wire technology
The advanced gear shifter system market for shift-by-wire technology segment is estimated to be the largest during the forecast period. It is followed by the automatic shifter. Extensive use of shift-by-wire technology in luxury and mid-size vehicle is driving the market for shift-by-wire technology. Another factor that is driving the market for shift-by-wire technology is the significant rise in the sales of modern green vehicles in developing countries like China, India and Brazil.
Solenoid actuator component segment for advanced gear shifter system is estimated to be the largest segment by current rating from 2018 to 2025
The advanced gear shifter system market for solenoid actuator is estimated to be the largest since it is used in most of the vehicle shifting mechanism. Increasing vehicle production equipped with automatic and semi-automatic transmission is likely to drive the growth of this segment.
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Key Market Players
The advanced gear shifter system market is dominated by a few globally established players such as ZF (Germany), Kongsberg (Norway), Dura Automotive (US), Ficosa (Spain), and Stoneridge (US).
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