Automotive transmission gears are an integral part of vehicles that transfer power from engine to wheels. Advantages of transmission gears include smooth transfer of power for enhanced driving experience and improved fuel efficiency. The global automotive transmission gears market is estimated to be valued at US$ 32,909.19 Mn in 2024. The market is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of automatic transmission vehicles has accelerated the growth of automotive transmission gears market. As per statistics, the share of automatics in new car sales increased from less than 30% in 2010 to more than 60% in 2020 in key regions such as North America and Europe. Automatic transmission provides comfort of driving without any manual gear shifts. Also, their improved fuel efficiency compared to older automatics is appealing many consumers. This rising shift towards automatic vehicles from manuals has significantly driven the demand for advanced transmission gears globally. Advancements in automatic transmission technologies focusing on compact size and high torque capabilities are further expected to support the positive trend in automotive transmission gears market during the forecast period.
Segment Analysis
The global automotive transmission gears market is dominated by manual transmission gears sub-segment. Manual transmission system provides better traction and control over vehicles. Unlike automatic transmission, it allows drivers to select gears as per the driving conditions which enhances fuel efficiency. Further, it is considered as a more affordable option as compared to automatic transmission, which has widened its consumer base, particularly in developing economies.
Key Takeaways
The Global Automotive Transmission Gears Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The global Automotive Transmission Gears Market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Regional analysis shows that Asia Pacific region is expected to retain its dominance position over the forecast period. Factors such as rising disposable income, growing middle-class population and increasing automotive production in countries such as China and India are projected to drive the demand for automotive transmission gears in the region.
Key players operating 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.
Key players operating in the automotive transmission gears market are focusing on new product launches catering to different transmission applications. For instance, Novartis AG launched new family of transmission gears suitable for both manual and automatic transmissions. While Gilead Sciences, Inc. offers wide portfolio of transmission gears namely constant mesh gears, helical gears, and spur gears. Castle Creek Biosciences, Inc specializes in manufacturing heavy duty transmission gears for commercial vehicles.
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https://www.newsanalyticspro.com/automotive-transmission-gears-market-size-share-growth-outlook-2023/
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