July 24, 2024

The Global Automotive Transmission Gears Market Is Propelled By Increasing Demand For Efficient Transmission System In Vehicles

Automotive transmission gears are an integral component in vehicles for ensuring smooth transfer of power from the engine to the wheels in an efficient manner. Automotive transmission gears cater to various vehicle designs and come in various configurations depending on the engine specifications and vehicle type. Growing use of automatic transmission systems in passenger cars & utility vehicles coupled with rising need for high fuel efficiency and reduced emissions is fueling demand for technologically advanced transmission gears.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for efficient transmission system in vehicles is one of the key trends propelling growth of the automotive transmission gears market. Technological advancements in gear designing and manufacturing has enabled development of stronger, durable and lightweight transmission gears with optimized fuel efficiency. Further, growing stringent regulations regarding vehicular emissions is also fueling demand for advanced transmission gears incorporated with technologies such as fuel efficiency boosting dual-clutch transmission systems. Automakers are extensively focusing on incorporating cutting-edge transmission technologies in their vehicles in order to comply with emission norms as well as cater to dynamic consumer demand for high performing vehicles. This rising focus on transmission innovation is expected to drive market growth of automotive transmission gears over the forecast period.

SWOT Analysis

Strength: Automotive transmission gears have a strong demand due to the rising automotive production across the globe. They are essential components for vehicle transmission which enhances the vehicle performance.

Weakness: High R&D costs associated with the development of advanced transmission systems act as a barrier for new players. Faulty gears can reduce fuel efficiency and damage other transmission components.

Opportunity: Growing demand for electric and hybrid vehicles offers opportunities for manufacturers to develop new transmission technologies suitable for alternative fuel vehicles. Increasing vehicle miles traveled increases the aftermarket sales of transmission gears.

Threats: Strict emission norms push automakers to use more efficient automatic transmission reducing the demand for manual transmission gears. Shared mobility services reduce the overall vehicle sales impacting the transmission gear market.

Key Takeaways

The Global Automotive Transmission Gears Market Share is expected to witness high growth over the forecast period owing to rising vehicle production and sales globally. 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: Asia Pacific dominates the global market and is expected to continue its dominance during the forecast period. China, India, and Japan are major markets in the region attributed to the strong presence of automotive production bases. Europe remains the second largest region supported by the adoption of advanced transmission systems in vehicles.

Key players analysis: 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. These players are focusing on new product launches, partnerships, mergers, and acquisitions to strengthen their position in the market.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it