Global automotive transmission market is predicted to accrue approximately USD 304.5 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The report predicts that substantial increase in demand for commercial and passenger vehicles, and the boom in the automobile industry promotes the automotive transmission market growth. Also, the growing demand for comfortable and luxury vehicles, especially across developing economies, is propelling the adoption of automotive transmission. The emergence of strict government regulations pertaining to carbon emissions has prompted market players to launch highly efficient automotive transmission systems. Novel developing markets, evolving customer demographics, and stringent regulatory outlook would offer breathtaking market growth opportunities over the ensuing years.
According to the findings of the newest study, the diesel fuel type market segment dominated the worldwide market in the year 2017. In terms of regional contribution, Asia-Pacific fetched the biggest share of the worldwide market, in the year 2017.
The industry analysis of the automotive transmission market included in the report takes into account Porter's five forces which are bargaining power of the supplier, bargaining power of the buyer, the degree of competition, the threat of substitute, and the threat of new entrant.
The geographical outlook of the global automotive transmission market is elaborated below:
• The Asia Pacific emerged as the leading global contributor amassing the biggest market share in the year 2017.
• The regional governments in the Asia Pacific have introduced strict norms pertaining to vehicular emissions, due to surging environmental concerns, thereby boosting the market growth in the region.
• The automotive transmission systems are slated to be in high demand across the Asia Pacific belt over the projected time period, on account of growing automobile demand, flourishing automobile industry, and technological enhancements.
• The surging economic growth and burgeoning demand from nations like India & China would augment the implementation of automotive transmission in the APAC region.
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Other key findings of the report indicate that the expansion of top global players in the APAC nations to leverage the market potential of the region would further boost industry growth. Additionally, the surging penetration of EVs in the region is anticipated to escalate the adoption of automotive transmission in the upcoming years. The report cites that Asia-Pacific leads the global EV market due to the growing vehicle population and the implementation of strong vehicular emission standards of the European Union and the U.S. by the Asia-Pacific nations. Furthermore, the concerns pertaining to elevating pollution levels have fast-tracked the implementation of EVs in the region, thereby promoting the growth of the automotive transmission market.
The competitive snapshot of the automotive transmission market features leading players like GKN PLC, BorgWarner Inc., Aisin Seiki Co., Ltd., ZF Friedrichshafen AG, Jatco Ltd, Schaeffler AG, Continental AG, Eaton Corporation PLC, Allison Transmission Inc., and Magna International. The study also unveils the company profiles of these market majors along with significant insights pertaining to their financials, overview, product benchmarking, and recent developments. These organizations invest a significant amount of fiscal and other resources to enhance their foothold in the global market by launching new products and collaborating with other known names in the industry.