In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSAllison Transmission Inc. - announced that Isuzu has introduced its new medium-duty FVR 18.5T truck featuring the Allison 3000 Series 6-speed fully automatic transmission in Taiwan.
ZF Friedrichshafen AG - unveiled EcoLife CoachLine, the second generation of its proven six-speed automatic transmission suitable for coach applications, whether operating in a city, inter-city, or even a challenging, steep mountain track.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 60 Billion |
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Forecast Year Market Size (2033) |
~ USD 98 Billion |
The global automotive transmission market is estimated to garner a revenue of ~USD 98 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 60 billion in the year 2022. The growth of the market can primarily be attributed to the growing demand for vehicles worldwide. For instance, more than 82.5 million vehicles were sold worldwide in 2021.
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Automotive transmission is what moves the power from the engine to the wheels. Transmissions are necessary for any motor vehicle in order to prevent the engine from destroying itself. Most car engines would shake themselves to pieces or overheat without a gearbox system. Furthermore, any car without a transmission would be unable to harness the engine’s speed, capping its maximum velocity. With rising sales of vehicles as well as cars, the demand for automotive transmission is on the rise amongst car users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive transmission market during the forecast period. For instance, nearly 2 million total cars sold were in China in 2020.
Growth Drivers
Rising Demand for Gearboxes - a transmission allows you to harness your vehicle’s engine energy when necessary. By applying proper gear as per the need of speed, the transmission allows you to benefit from more of your car's power, rotating the wheels more slowly or quickly. The rising sales of gearboxes are expected to boost the automotive transmission market in the projected period. It was found that the sales volume of gearboxes and their parts for motor cars, tractors, and other motor vehicles, in 2018, amounted to more than 7 million sold items in the United Kingdom.
Increasing Number of Wheels – for instance, there are an estimated 37 billion wheels worldwide as of October 2022.
Upsurge in the Production of Light Vehicles – for instance, it is projected that ~99 million light vehicles will be produced worldwide by 2025.
Growing Volume of Autonomous Vehicles – which are expected to account for around 12% of global car registrations by 2030.
Rising Production of Truck Trailers – which was found to reach over 1 million units around the world in 2021.
The global automotive transmission market is segmented and analyzed for demand and supply by engine type segment into internal combustion engines (ICE) and electric engines. Amongst these segments, the electric engines segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing fleet of electric vehicles along with the surge in the sales of electric cars worldwide. For instance, the electric car fleet is expected to become more than 300 million in 2030 with electric cars accounting for 60% of new car sales.
Regionally, the global automotive transmission market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the large production volume of control parts for automobiles manufactured in the region, and a growing value of drive, transmission, and control parts of automatic transmission systems manufactured. For instance, in 2020, the overall production value of the automatic transmission system with many of its parts in Japan amounted to over USD 19 billion.
The global automotive transmission market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive transmission market includes the following segments:
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By Type |
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By Engine Type |
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By Vehicle Type |
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FREQUENTLY ASKED QUESTIONS
Upsurge in the sales of vehicles as well as rising number of wheels along with surge in the demand for autonomous vehicles are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Requires huge investment as the cost of various components required in a transmission system is high are some of the factors estimated to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Allison Transmission, Inc., ZF Friedrichshafen AG, Eaton Corporation plc, Aisin Corporation, Borgwarner Inc., Magna International Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, engine type, vehicle type, and by region.
The electric engines segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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