Automotive transmission gears play a vital role in automobiles as it transmits power from the engine to the wheels. Constant and smooth power delivery is ensured by various gear sets in automatic transmissions. Growing demand for automatic transmission vehicles especially in developing nations is a major factor augmenting the demand for automotive transmission gears. The global Automotive Transmission Gears Market is estimated to be valued at US$ 28567 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The shift towards automatic transmissions has significantly accelerated the demand for advanced transmission gears over the recent past. Automatic transmissions provide ease of driving and enhanced riding comfort compared to manual transmissions. Driven by growing demand from price sensitive consumers in developing countries, automakers are focusing on developing affordable automatic transmission systems. This is encouraging wider adoption of automatics and fuelling the need for advanced transmission gear sets among automakers. Technological innovations aimed at lightweight and efficient gear designs are further enhancing performance and fuel economy of automatic vehicles. The emergence of new transmission types such as continuously variable transmission and dual-clutch transmission is also expanding the scope of automotive transmission gears market.
Segment Analysis
The global automotive transmission gears market is dominated by the automatic transmission segment. Over the forecast period of 2023-2030, the automatic transmission segment is expected to gain more prominence due to increasing consumer preference for convenience and enhanced driving experience offered by automatic vehicles across the world. Growing sales of automatic vehicles especially in developing nations will propel the demand for automatic transmission gears.
Key Takeaways
The Global Automotive Transmission Gears Market Size is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: Asia Pacific region holds the largest share in the global automotive transmission gears market in 2023. It is estimated to witness highest CAGR during the forecast period owing to rapid growth of the automotive industry and increasing demand for passenger vehicles in emerging nations such as India and China. North America and Europe are also anticipated to offer lucrative opportunities for market players during the next seven years.
Key players operating in the automotive transmission gears market are Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage Cell Therapeutics, Inc., Transgene SA, Cellectis, ImmunityBio, Inc., Sorrento Therapeutics, bluebird bio, Inc., Arcellx, Sana Biotechnology, Inc., Biodesix, Inc, and Laurus Labs. Novartis AG and Gilead Sciences Inc capture largest market share in 2024.
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https://www.newsstatix.com/automotive-transmission-gears-market-size-share-growth-outlook-2023/
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