Automotive Gearbox Market to Perceive Substantial Growth by 2026
An automotive gearbox is a set of gears arranged between the engine and clutch of the vehicle in order to obtain desired torque ratios. The automotive gearbox is located underneath the engine, and is termed as transmission.
Rising consumer preference for smooth ride experience is expected to drive the automotive gearbox market. Luxury and premium vehicles offer 6-speed and 7-speed gearboxes. Gear shifting becomes smooth and thus, enhances the ride due to more number of gears. Therefore, rising demand for luxury and ride comfort is expected to fuel the demand for automotive gearbox. North America and Europe are witnessing high demand for premium and luxury vehicles, which in turn is projected to boost the automotive gearbox market in these regions. Rapid economic development in Latin America and Asia Pacific is surging vehicle sales in these regions. This, in turn, is propelling the demand for automotive gearbox in these regions. Development in infrastructure is fueling the demand for commercial vehicles for freight logistics, which in turn is boosting the automotive gearbox market. The rising sales of passenger vehicles in Asia Pacific is also anticipated to be a major driver for automotive gearbox market in the region. The self-shifting gearbox, or the automatic gearbox, reduces human intervention and hence, is estimated to witness a major demand. Rise in global demand for SUVs and light duty vehicles is also projected to boost the global automotive gearbox market.
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Adoption of technologies such as torque converters is projected to hamper the automotive gearbox market. However, the automotive gearbox is highly cost-effective as compared to the torque converter, consumes less space, and hence, is widely preferred.
The global automotive gearbox market can be segmented based on type, vehicle, electric vehicle type, sales channel, and region. In terms of type, the automotive gearbox market can be bifurcated into manual gearbox and automatic gearbox. The automatic gearbox is further classified into automated manual gearbox, dual clutch gearbox, and others.
Based on vehicle type, the automotive gearbox can be segregated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Rising demand for light commercial vehicle in Asia Pacific, owing to expansion of SME businesses, is anticipated to boost the light commercial vehicle segment of the market in the region
In terms of electric vehicle, the automotive gearbox can be split into hybrid vehicle, plug-in hybrid vehicle, and battery electric vehicle. Increasing demand for electric vehicles is estimated to boost the automotive gearbox market.
In terms of region, the global automotive gearbox market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global market owing to high volume of vehicle production in China, India, and Japan.
Key players operating in global automotive gearbox market include ZF Friedrichshafen, Continental AG, Eaton Corporation, Borg Warner, Magna International Inc., Aisin Seiki Co., Allision Transmission, Schaeffler AG, and Magneti Marelli S.p.A.
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