The transmission system of an automobile delivers power to the engine. It consists of numerous transmission components such as gears, shafts, and other parts that work together to allow the device to move. There are two types of transmission systems for motor vehicles: automatic transmission and manual transmission. Gear ratios change automatically as the car moves in an automatic gearbox, while manual transmission gear ratios must be changed manually. The market for automobile transmission systems is developing in tandem with the growing demand for vehicles.
Factors Affecting Market Growth in Automotive Transmission Systems
The Automotive Transmission Systems Market is expanding due to the rising demand for various types of vehicles. Furthermore, rising per capita income in emerging nations such as India and China has resulted in increased spending on fuel-efficient automobiles, boosting the demand for transmission systems even more. According to estimates from the International Organization of Motor Vehicle Manufacturers (OICA), the total number of cars built worldwide in 2016 was roughly 94.9 million, which is likely to drive market expansion throughout the forecast period. The use of automated and semi-automatic transmission systems in vehicles is likely to propel the growth of the automotive transmission industry, as these transmission systems are expected to replace traditional mechanisms. Due to their fuel efficiency, transmission technologies like dual-clutch transmission and continuously variable transmission have large market potential.
In the automobile transmission system industry, passenger cars are the fastest expanding sector.
The passenger car market is the fastest-growing among vehicle types, owing to increased sales of these cars around the world. In 2016, about 70 million passenger cars were sold worldwide, according to the International Organization of Motor Vehicle Manufacturers. Over the last few years, the number of passenger automobiles per thousand people has increased to 182 per thousand people in 2015, up from 178 in 2014. This is a primary element driving passenger car growth. During the projected period, these factors are expected to propel the automobile transmission systems market forward.
Insights into the Automotive Transmission Systems Market by Region:
The automotive transmission system market is divided into five regions: North America, Europe, Asia Pacific, the Middle East, and Africa. Due to rising disposable income among the region's population, Asia Pacific is the fastest-growing market for automotive transmissions, resulting in increased sales of vehicles and related equipment.
Background on the Automotive Transmission Systems Market:
Getrag Corporate Group, Aisin Seiki Co., ZF Friedrichshafen AG, Jatco Ltd., General Motors, GKN PLC, Magna Powertrain, Eaton Corporation, Honda Transmission Manufacturing of America Inc., and Allison Transmission Inc. are some of the major competitors in the automobile transmission systems market.
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