Market Size of Automotive Transmission Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Transmission Market Analysis
The Automotive Transmission Market was valued at USD 180.3 billion in 2021 and USD 257.3 billion in 2027 and is expected to register a CAGR of ~6% during the forecast period (2022 - 2027).
The COVID-19 pandemic led the majority of businesses globally to collapse in the year 2020, owing to the compulsory suspension of manufacturing and production operations, which impacted key manufacturing companies globally. This is also had a negative impact on the automotive transmission market. However, increased vehicle demand has been observed in past recent months, enabling the rise of the automotive transmission market after the outbreak of COVID-19.
Rapid technical improvements in automobile transmission production, as well as customers' rising preference for a pleasant driving experience, will boost demand for the automotive transmission market throughout the projected period. Furthermore, lightweight transmission systems lower the weight of the vehicle in proportion, ensuring that it meets severe pollution and fuel efficiency standards. The widespread adoption of AMT, with the increasing popularity of autonomous vehicles. This tendency has been helped by improved fuel economy, increasing traffic circumstances, and the progressive elimination of myths regarding automated vehicles. The automatic transmission provides easy and smooth gear changes, and lower fuel consumption adds to driving comfort.
Raw material price variations might make the market less competitive. Weight-reducing alloys and lightweight materials are costly, but they are important in the development of efficient and lightweight transmissions. One of the primary constraints for manufacturers is the high cost of raw materials, which leads to the high cost of transmission systems. This is primarily due to consumers' preference for cost-effectiveness vehicle above performance majorly in the emerging regions.
Asia-Pacific is expected to dominate worldwide automotive transmission industry owing to increased production of passenger cars and light commercial vehicles in the region's growing economies, . Many OEMs are willing to establish manufacturing facilities in this region, particularly in rising markets like as China and India. During the projection period, North America is predicted to be the second biggest market.
