Meticulous Research®—a leading global market research company, published a research report titled, ‘Automotive Transmission Market by Type (Manual Transmission, Automated Manual Transmission, and Semi-automated Manual Transmission), Engine Type (Petrol Engine and Diesel Engine), Vehicle Type, Sales Channel, and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the global automotive transmission market is expected to reach $146.2 billion by 2031, at a CAGR of 5.4% from 2024–2031. The growth of the automotive transmission market is driven by increasing advancements in automotive transmission technology and stringent regulatory standards and emission norms. However, the complexity of transmission systems and fluctuations in raw material prices may restrain market growth.
Furthermore, the rising focus on lightweight and highly efficient materials among automakers, coupled with the integration of AI and machine learning with automotive transmission systems, is expected to create market growth opportunities. However, supply chain disruptions pose a significant challenge to the market’s growth.
The global automotive transmission market is segmented into type (manual transmission, automated manual transmission {automatic transmission, continuously variable transmission, and dual-clutch transmission}, and semi-automated manual transmission), engine type (petrol engine and diesel engine), vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles {trucks and buses}, and sales channel (original equipment manufacturers and aftermarket). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the global automotive transmission market is segmented into manual transmission, automated manual transmission, and semi-automated manual transmission. Furthermore, the automated manual transmission segment is sub-segmented into automatic transmission, continuously variable transmission, and dual-clutch transmission. In 2024, the manual transmission segment is expected to account for the largest share of 48.0% of the global automotive transmission market. This segment's large market share can be attributed to the higher fuel efficiency offered by manual transmissions compared to automatic alternatives. With growing concerns regarding fuel economy and environmental sustainability, some consumers opt for manual transmissions to optimize fuel efficiency and reduce their carbon footprint. This trend is particularly pronounced in regions with high fuel prices or a strong emphasis on environmental consciousness, potentially driving market growth in these areas. Moreover, manual transmissions are generally simpler in design and have fewer components compared to automatic transmissions. This simplicity often translates to lower maintenance and repair costs over the lifespan of the vehicle.
However, the automated manual transmission segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the benefits offered by automated transmissions, which combine the convenience of automatic transmissions with the engagement and control of manual transmissions. Furthermore, various key players are launching various automated manual transmissions, contributing to the market’s growth. For instance, in February 2024, ZF Friedrichshafen AG (Germany) announced the launch of the first PowerLine 8-speed automatic transmissions at its South Carolina manufacturing facility. As part of a USD 200 million investment unveiled in 2021, the company aims to increase production to 200,000 transmissions per year by 2025 to meet demand from US commercial vehicle manufacturers. Additionally, in January 2024, Tata Motors (India) launched the first-ever CNG cars equipped with automatic manual transmission (AMT) technology.
Based on engine type, the global automotive transmission market is segmented into petrol engines and diesel engines. In 2024, the petrol engines segment is expected to account for the larger share of 56.0% of the global automotive transmission market. This segment's growth can be attributed to the compatibility of different types of automated transmissions, such as automatic transmissions and continuously variable transmissions (CVTs), with petrol engines. Automated transmissions play a crucial role in enhancing the performance of petrol engines by optimizing gear shifts for maximum power delivery and fuel efficiency. Moreover, features like dual-clutch transmissions (DCTs) offer quick gear changes, thereby improving acceleration and overall driving dynamics. These performance benefits are particularly appealing to enthusiasts and drivers who prioritize responsive and engaging driving experiences. These factors drive the demand for petrol engine vehicles equipped with automated transmissions.
Moreover, the petrol engines segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the global automotive transmission market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Furthermore, the heavy commercial vehicles segment is sub-segmented into trucks and buses. In 2024, the passenger cars segment is expected to account for the largest share of 47.0% of the global automotive transmission market. The large market share of this segment can be attributed to the ongoing advancements in the automotive industry, which is experiencing rapid technological progress, particularly in transmission systems. Emerging transmission technologies like continuously variable transmissions (CVTs), dual-clutch transmissions (DCTs), and automatic transmissions are gaining prominence in passenger cars due to their higher efficiency, performance, and comfort over traditional manual transmissions. Furthermore, passenger cars constitute the largest segment of the automotive market in terms of both production and sales volume. As a result, the demand for transmissions for passenger cars is significantly higher than that of other vehicle segments, such as commercial vehicles or off-road vehicles.
Moreover, the passenger cars segment is projected to register the highest CAGR during the forecast period.
Based on sales channel, the global automotive transmission market is segmented into original equipment manufacturers and aftermarket. In 2024, the original equipment manufacturers segment is expected to account for the larger share of 85.0% of the global automotive transmission market. The large market share of this segment can be attributed to increased expansion efforts by original equipment manufacturers (OEMs) by targeting emerging markets and diversifying their geographic footprint in the automated transmission market. These efforts involve adapting transmission offerings to align with regional preferences, regulatory environments, and infrastructure conditions. Moreover, OEMs may establish local manufacturing facilities, distribution networks, and marketing strategies to effectively penetrate new markets. Additionally, OEMs frequently collaborate with transmission component suppliers and technology companies to integrate cutting-edge features into their vehicles. Such partnerships enable OEMs to access specialized expertise, reduce development costs, and expedite time-to-market for new transmission technologies.
Moreover, the original equipment manufacturers segment is projected to register the highest CAGR during the forecast period.
Based on geography, the automotive transmission market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 41.0% of the global automotive transmission market. The Asia-Pacific region is undergoing rapid urbanization and economic growth, rising disposable incomes, and expanding middle-class populations. These factors contribute to increased vehicle ownership and replacement cycles, driving demand for both passenger and commercial vehicles. The growth in the vehicle market is increasing the demand for automotive transmissions.
Furthermore, in Asia-Pacific countries, there is a growing preference for automatic transmissions due to factors such as increasing traffic congestion in urban areas, the convenience of driving in stop-and-go traffic, and a desire for smoother driving experiences. This trend is driving demand for automatic transmission systems in passenger vehicles, particularly in larger cities. Stringent regulations across Asia-Pacific have also incentivized companies to adopt more efficient transmission systems. Additionally, the increasing automotive sales, especially in countries like China, India, Japan, and South Korea, are anticipated to positively impact the growth of the automotive transmission market in Asia-Pacific during the forecast period. Additionally, various market players are launching initiatives to drive market development. For instance, in September 2023, Aisin Corporation (Japan) showcased a range of electrification technologies and innovations at the 2023 Detroit Auto Show. These include advanced axles for enhanced energy efficiency, a 1-motor Hybrid Transmission, and a 2-motor Hybrid System for improved performance.
Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 7.0% during the forecast period.
Key Players
The key players operating in the global automotive transmission market include ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), Continental AG (Germany), Eaton Corporation plc (U.S.), Allison Transmission Holdings, Inc. (U.S.), Marelli Holdings Co., Ltd. (Japan), AISIN Group (Japan), Bonfiglioli S.P.A (China), Hyundai Transys Inc. (South Korea), Musashi Seimitsu Industry Co., Ltd. (Japan), Schaeffler AG (Germany), Vietesco Technologies Group AG (Germany), GKN plc (U.K.), and KATE LLC (Russia).
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