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Written by varun » Updated on: June 25th, 2024
According to TechSci Research report, “Passenger Car Transmission Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger Car Transmission Market stood at USD 88.5 billion in 2022 and is anticipated to grow with a CAGR of 7.4% in the forecast period, 2024-2028.
The Global Passenger Car Transmission Market has witnessed substantial transformation and adaptation to various industry trends and consumer demands. Transmission systems, a crucial component of passenger cars, have evolved significantly to meet the evolving needs of both manufacturers and consumers.
One of the prominent trends shaping this market is the transition from manual to automatic transmissions. Consumers increasingly favor automatic transmissions for their convenience, especially in urban areas with heavy traffic. As a result, automakers are investing heavily in the development of advanced automatic transmission technologies like continuously variable transmissions (CVTs) and dual-clutch transmissions (DCTs) to enhance fuel efficiency and provide a smoother driving experience.
Another significant driver is the tightening of global emissions regulations. Governments worldwide are imposing strict standards to reduce vehicle emissions and improve fuel efficiency. Transmission systems play a critical role in achieving these goals, as they optimize engine performance and enhance fuel economy. As a result, manufacturers are focusing on innovative transmission technologies to comply with these regulations, driving research and development efforts in the industry.
The rapid growth of electric vehicles (EVs) and hybrid cars is also influencing the passenger car transmission market. EVs often utilize single-speed automatic transmissions or direct-drive systems, eliminating the need for traditional multi-speed transmissions. Hybrid vehicles, on the other hand, require specialized transmission systems to efficiently combine internal combustion engines with electric motors, further diversifying the transmission landscape.
Moreover, advanced driver-assistance systems (ADAS) and autonomous driving technologies are becoming increasingly integrated with transmission systems.
These technologies rely on sophisticated transmissions to optimize vehicle control and safety, contributing to the overall growth and development of the passenger car transmission market. In conclusion, the Global Passenger Car Transmission Market is evolving rapidly in response to changing consumer preferences, stricter emissions regulations, the rise of electric and hybrid vehicles, and the integration of advanced technologies. As automakers continue to innovate and adapt to these trends, the passenger car transmission market is expected to remain dynamic and continue its transformation in the coming years.
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Asia-Pacific: Asia-Pacific stands as the epicenter of automotive production and consumption, with China and India leading the charge. The region's rapid urbanization, expanding middle-class population, and rising disposable incomes have created a significant demand for passenger cars equipped with various transmission types. The preference for automatic transmissions is particularly strong in congested urban areas, contributing to the overall growth of the automatic transmission market in Asia-Pacific. Moreover, this region has become a manufacturing hub for automotive components, including transmissions, serving both domestic and international markets.
In North America, there is a continued preference for automatic transmissions, driven by consumer convenience and the smoother driving experience they offer.
The market features a mix of domestic and international automakers, all striving to meet stringent emissions standards.
The rise of electric and hybrid vehicles in this region has led to the development of specialized automatic transmissions tailored to these eco-friendly powertrains, adding to the market's complexity. The shift towards electric mobility and hybridization is influencing the transmission landscape, reflecting the evolving demands of North American consumers. Europe presents a unique landscape in terms of transmission preferences. While automatic transmissions are gaining ground, manual transmissions still have a strong foothold, particularly in countries with a rich automotive tradition. Europe places a high emphasis on reducing emissions, prompting automakers to invest in advanced transmission technologies that improve fuel efficiency.
High-end automatic transmissions are often featured in luxury and premium car segments, contributing to the market's growth. European automakers are also focusing on developing hybrid and electric vehicles, which require specialized transmission systems to optimize power delivery and fuel efficiency.
Other regions, including Latin America, the Middle East, and Africa, exhibit varying degrees of growth and adoption in the passenger car transmission market. Economic factors, consumer preferences, and infrastructure development play pivotal roles in shaping demand. Some markets in these regions are gradually transitioning towards automatic transmissions due to consumer preferences for convenience and efficiency.
However, manual transmissions still dominate in certain areas due to cost considerations and local driving traditions.
The Global Passenger Car Transmission Market displays regional diversity influenced by factors such as consumer preferences, regulatory environments, and economic conditions. The transition from manual to automatic transmissions and the growing emphasis on fuel efficiency and emissions reduction are common threads, but the pace and extent of these changes vary across regions, reflecting the unique factors that shape each market's dynamics.
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“The Global Passenger Car Transmission Market is poised for continued evolution as it navigates a complex landscape of consumer preferences, stringent emissions regulations, and technological advancements. The shift towards automatic transmissions, driven by convenience and urbanization, is reshaping the market. To meet emission standards, automakers are investing in advanced transmission technologies. Additionally, the growth of electric and hybrid vehicles is introducing new challenges and opportunities, requiring specialized transmission solutions. Overall, this market will remain dynamic, driven by the intersection of consumer demands and regulatory imperatives, paving the way for innovative transmission systems in the future,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Passenger Car Transmission Market, By Vehicle Type (Passenger Cars, LCV, M&HCV), By Fuel Type (Gasoline, Diesel, and Hybrid), By Transmission Type (Manual, Automatic), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Passenger Car Transmission Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Passenger Car Transmission Market.
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1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
5.1. Market Size & Forecast
5.1.1. By Volume & Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type (SUV, Sedan, Hatchback, MUV)
5.2.2. By Fuel Type (Gasoline, Diesel, and Hybrid)
5.2.3. By Transmission Type (Manual, Automatic)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Passenger Car Transmission Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Fuel Type Market Mapping & Opportunity Assessment
5.3.3. By Transmission Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Fuel Type Market Share Analysis
6.2.3. By Transmission Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
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