Automotive Transmission Market: Lack of Awareness about Advanced Transmission Holds Back Market Grow
, 20 May 2017
-- Automotive Transmission Market: Lack of Awareness about Advanced Transmission Holds Back Market Growth
Demand for Smoother Driving Experience Fuels Automotive Transmission Market
The growing demand for automatic transmission in entry-level vehicles in developing countries is boosting the global automatic transmission market. The adoption of advanced automotive transmission is witnessing a remarkable uptake as drivers prefer a smooth driving experience on congested roads due to poorly managed traffic. Additionally, the fuel efficiency brought about by technologically-advanced automotive transmission systems is also bolstering the market’s growth. The introduction of 9-speed automatic transmission has completely revolutionized the scenario global automotive transmission market; its impact will continue to be felt in the short term.
According to a research report published by Transparency Market Research, the global automotive transmission market is expected to be worth US$181.8 mn by 2021 growing steadily from US$119.7 mn in 2014, as the market exhibits a CAGR of 5.9% from 2015 to 2021. The growing pressure from governments across the globe to cut down carbon emissions is also prompting consumers to purchase vehicles with improved automotive transmission as they render improved fuel efficiency. The emergence of continuous variable transmission (CVT) will open up new growth avenues for the global market as drivers will prefer the convenience of shifting gears without any jerks or difficult clutch-brake operation. This technology will also reduce the number of times the driver will have to shift gears, thus making it a preferred choice in the near future.
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Asia Pacific Marks its Dominance as Vehicle Sales Show Steep Growth
The report suggests that Asia Pacific has a strong foothold in the automotive transmission market with Japan dominating the luxury car segment, while India presenting a phenomenal scope for growth across all vehicle segments. The Asia Pacific segment is expected to rise at CAGR of 6.6% between 2015 and 2021 with rapid infrastructural developments that require a strong support from all types of vehicles to speed up construction activities.
Additionally, a growing business class across China and India with higher disposable income are also boosting the automotive transmission market in Asia Pacific. This region will make a significant contribution to the passenger car segment as the majority of consumers are opting for advanced transmission that delivers reduced fuel consumption and driving comfort.
This 97-page report gives readers a comprehensive overview of the Automotive Transmission Market. Browse to unlock the hidden opportunities in this market@
Automatic Transmission Poised to be the Technology of Choice
The types of automotive transmission can be divided into manual and automatic. Currently manual transmission dominates the global market; however, automatic is estimated to be the emerging technology during the forecast period. Analysts predict that the automatic transmission segment will expand at a CAGR of 6.9% between 2015 and 2021. Improvements in the driving experience, added comfort, and convenience on congested roads, are fueling the demand for automatic transmission. Moreover, the added benefit of fuel efficiency is expected to tip the scales in favor of automatic automotive transmission in the years ahead.
The growing demand for an automatic transmission in small car segment is yet another reason propelling this type segment. Owing to these reasons, the opportunity in the automatic transmission segment will be worth US$71.2 mn by 2021.
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Submitted by Sandy Researcher, Transparency Market Research on Saturday, 20 May 2017 at 5:35 AM
Category: Enterprise Technology
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