Automotive Automatic Transmission Market is Projected to Reach US$ 122.81 Billion at a CAGR of 3.6% by 2034 | Fact.MR Report
Rockville, MD, Sept. 04, 2024 (GLOBE NEWSWIRE) -- According to a recently updated report by Fact.MR, the global automotive automatic transmission market is projected to reach a size of US$ 76.11 billion in 2024 and further expand at a CAGR of 3.6% between 2024 and 2034.
Automatic transmissions have been there for ages but have become more popular in the automotive industry of late as a result of advances in technology that have improved their performance and fuel efficiency. Government policies encouraging lighter, more fuel-efficient vehicles and the use of automatic transmissions with hybrid and electric drivetrains are serving to further accelerate this market trend. Increasing use of hybrid drives presents many opportunities due to government incentives, environmental concerns, and the potential for significant fuel savings and performance improvements.
The auto industry has a promising future due to emerging markets and possible synergies between automated transmissions and autonomous driving systems. Over the next ten years, the market is expected to be driven by increasing adoption of Dual Clutch Transmission (DCT) and Continuously Variable Transmission (CVT) technologies over manual variants as a result of a shift in consumer demand for more performance-oriented, fuel-efficient vehicles.
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Key Takeaways from the Market Study:
- The global market for automotive automatic transmissions is projected to expand at a CAGR of 3.6% through 2034.
- The market has been forecasted to reach a value of US$ 122.81 billion by 2034.
- The United States is forecasted to reach a market value of US$ 17 billion in 2024.
- China is set to occupy a market share of 55.6% in the East Asia market in 2024.
- Revenue from automotive automatic transmissions in Japan is estimated to reach US$ 6.71 billion in 2024.
- The market in North America is forecasted to expand at a CAGR of 6% from 2024 to 2034.
“The United States will be one of the leading markets for automatic transmission vehicles over the next ten years,” says a Fact.MR analyst.
Leading Players Driving Innovation in Automotive Automatic Transmission Market:
Honda Motor Co., Ltd.; Generac Holdings Inc.; Yamaha Motor Co. Ltd.; Hyundai Motor Company; Champion Power Equipment Inc.; Wuxi Kipor Power Co. Ltd.; Toshiba Corporation; Lifan Industry (Group) Co., Ltd; Briggs & Stratton Corporation; Subaru Corporation; Ryobi Limited; Aisin Corporation; ZF Friedrichshafen AG; Magna Iternational Inc.; JATCO Ltd.; Borgwarner Inc.; Eaton Corporation; Allison Transmissions; Vitesco Technologies; Schaeffler AG; GKN Automotive.
Rising Vehicle Sales Complementing Automatic Transmission Market Expansion:
Due to the rising demand for passenger cars in both developed and developing countries, the passenger car segment is expected to hold a significant market share for automotive transmissions. The market is expected to exhibit robust growth in both the light and heavy commercial vehicle segments because of the increasing urban vehicle demand, which will drive up transportation, mining, and logistics activities, and invariably complement the target market growth.
Automotive Automatic Transmission Industry News:
- Yamaha Motor Co., Ltd. declared in April 2021 that it had created an electric motor that achieved the highest class in output density for the industry. The intended application for this unit is in hyper-EV models and other high-output mobility products.
- Magna started manufacturing a new 7-speed, mild hybrid dual-clutch transverse transmission for the BMW Group in May 2022. Magna is the sole provider of mild hybrid transmissions for all front-transverse applications on the BMW Group platform. The CO2 emissions from an internal combustion engine are significantly reduced by this mild hybrid gearbox technology.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automotive automatic transmission market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the automotive automatic transmission market based on type (automatic transmission/torque converter, automatic manual transmission, continuous variable transmission, dual-clutch transmission), fuel type (gasoline [petrol], diesel, hybrid), vehicle type (passenger vehicles, commercial vehicles), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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