Automotive Transmission Market Growth Outlook Through 2024-2033

Overview and Scope

An automotive transmission, also known as a gearbox, is a critical component of a vehicle’s drivetrain. It is responsible for transferring the power generated by the engine to the wheels, enabling the vehicle to move. The transmission adjusts the torque and speed from the engine to match the driving conditions and the driver’s inputs, ensuring optimal performance and efficiency. It regulates the power flow from the engine to the wheels, allowing the vehicle to operate efficiently at different speeds and loads.

Sizing and Forecast

The automotive transmission market size has grown strongly in recent years. It will grow from $123.35 billion in 2023 to $131.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in global automobile production, increasing consumer preference for automatic transmissions, government regulations on fuel efficiency and emissions, rising disposable incomes and improved living standards and rising investments in research and development for transmission innovations.

The automotive transmission market size is expected to seestrong growth in the next few years. It will grow to $171.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to continued innovation in electric vehicle (EV) transmissions, growing demand for fuel-efficient and low-emission vehicles, expansion of automotive industries in emerging markets, increased adoption of advanced driver-assistance systems (adas) and government incentives for the development of green technologies. Major trends in the forecast period include shift towards hybrid and fully electric vehicle transmissions, development of lightweight and compact transmission systems, integration of smart and connected transmission technologies, enhanced focus on transmission durability and performance and technological advancements in transmission systems.

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Segmentation & Regional Insights

The automotive transmission market covered in this report is segmented –

1) By Transmission Type: Manual Transmission, Intelligent Manual Transmission (IMT), Automated Manual Transmission (AMT), Automatic Transmission (AT), Dual-clutch Transmission, Other Transmission Types
2) By Engine: Internal Combustion (IC) Engine, Electric Engine
3) By Fuel Type: Gasoline, Diesel, Other Fuel Types
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle

Europe was the largest region in the automotive transmission market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing demand for electric and hybrid vehicles is expected to propel the growth of the automotive transmission market going forward. Electric and hybrid vehicles are automobiles that utilize electric propulsion systems, either exclusively or in combination with conventional internal combustion engines, to reduce emissions and increase fuel efficiency. There is a rising demand for electric and hybrid vehicles due to factors such as rising environmental awareness, government incentives, and advancements in battery technology. Automotive transmission systems are used in electric and hybrid vehicles to manage power distribution between electric motors, batteries, and internal combustion engines to optimize efficiency and performance. For instance, in April 2023, according to The International Energy Agency (IEA), a Europe-based autonomous intergovernmental organization, global electric car sales experienced a notable surge of 3.5 million units in 2023 compared to 2022, representing a substantial 35% year-on-year increase. Therefore, the increasing demand for electric and hybrid vehicles is driving the growth of the automotive transmission market.

Key Industry Players

Major companies operating in the automotive transmission market are Volkswagen, Toyota Motor Corporation, Ford Motor Company, General Motors Co., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Caterpillar Inc., ZF Friedrichshafen AG, Magna International Inc., Aisin Corporation, Chang’an Automobile Co. Ltd., BorgWarner Inc., American Axle & Manufacturing Inc., FAW Group Corp. Ltd., CLAAS, Allison Transmission Holdings Inc., Kalyani Technoforge Limited, TREMEC Corporation, Link Engineering Company, JATCO Ltd., Solero Technologies LLC, IMS Global Gear Machining LLC, Avtec Limited, Shanghai Automotive Transmission Co. Ltd., Hyundai Kefico Corporation, Colotti Trasmissioni, Gimec Trasmissioni S.r.l.

The automotive transmission market report table of contents includes:

1. Executive Summary
2. Automotive Transmission Market Characteristics
3. Automotive Transmission Market Trends And Strategies
4. Automotive Transmission Market – Macro Economic Scenario
5. Global Automotive Transmission Market Size and Growth
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32. Global Automotive Transmission Market Competitive Benchmarking
33. Global Automotive Transmission Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Transmission Market
35. Automotive Transmission Market Future Outlook and Potential Analysis
36. Appendix