The global Automotive Transmission Market stood at USD 59.9 billion in 2022 and expected to reach USD 80.8 billion by 2027 and grow at a CAGR of 6.2% over the forecast period (2022 – 2027).
The stringent regulations formulated to reduce C02 emissions are likely to change the automotive sector in the US, China, and Japan over the next decade. While automotive OEMs are focused on the electrification of vehicles, consumers are becoming more aware of the impact of vehicular emissions on the environment. Moreover, governments are also taking effective measures such as tax subsidies to promote the adoption of electric vehicles.
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Market Dynamics:
Driver: Growing demand for light weight transmission systems
The introduction of government regulations for safety, carbon emission, and lightweight vehicles is forcing OEMs to use components that will help in an overall weight reduction of the vehicle. There is constant pressure on OEMs to reduce emission levels of the automobiles. Globally, consumers in developed countries, are more inclined towards purchasing modern fuel-efficient, eco-friendly cars with reduced emission levels and enhanced performance. The permissible NOx emissions from a diesel vehicle have dipped ten times through six legislations (Euro 1 to Euro 6), And new emission norms are under development that will be known as Euro 7 likely to be introduced by 2025. Lightweight cars are capable of meeting these requirements. Manufacturers are majorly focusing on weight reduction of various parts of the automobile to further reduce the weight of the entire vehicle.
Opportunity: Increasing adoption of automatic transmissions and development of hybrid drives
The popularity of automatic cars is on the rise due to the wide adoption of AMT. Better fuel efficiency, worsening traffic conditions, and gradual dispelling of misconceptions about automatic cars have contributed to this trend. Automatic transmission delivers gentle and smooth gear changes, and reduced fuel consumption is delivering additional driving comfort. As drivers can concentrate more on the road and less on driving, automatic transmission is a safer option than manual transmission.
Increasing number of electric and hybrid vehicle is also expected to occupy big share of the manual transmission market. Developments in hybrid automatic transmission technologies to achieve top performances may further erode market share. For instance, in 2019, ZF Friedrichshafen AG designed its new generation 8-speed automatic transmission for hybrid drives. This hybrid system enables mild, full, and plug-in hybrid drives to achieve top performances between 24 kW and 160 kW. ZF will begin manufacturing this 8-speed automatic transmission in Saarbrücken, Germany, by 2022, and launch it in China and the US thereafter.
Key Market Players
ZF Friedrichshafen (Germany), MAGNA International (Canada), Aisin Corporation (Japan), Eaton Corporation(Japan), Hyundai Transys(South Korea), Allison transmissions(US), Vitesco Technologies(Germany), Schaeffler AG(Germany), BorgWarner(US), GKN Automotive(UK), and Jatco (Japan) and more.
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