The global Automotive Transmission Market is anticipated to reach around USD 304.5 billion by 2026 according to a new research published by Polaris Market Research. The diesel fuel type dominated the global market in 2017. In 2017, Asia-Pacific accounted for the majority share in the global automotive transmission market.
The significant increase in demand for passenger and commercial vehicles, and growth in global automotive industry boosts the demand for automotive transmission in the coming years. The demand for luxury and comfortable vehicles has increased significantly, especially from the emerging economies driving the automotive transmission market growth. Consumers prefer comfortable and enhanced driving experience, which boosts the automotive transmission market. The introduction of stringent government regulations regarding carbon emissions has encouraged market players to launch efficient automotive transmission systems. New emerging markets, emerging consumer demographics, and stringent government regulations would provide growth opportunities for this market in the coming years.
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In 2017, Asia-Pacific accounted for the highest share in the global automotive transmission market. The governments in the region have introduced stringent regulations regarding vehicular emissions owing to environmental concerns. The growing demand for automobiles in the region, established automotive industry, and technological advancements would accelerate the demand for automotive transmission systems during the forecast period. The increasing economic growth, and increasing demand from countries such as China and India to further increase the adoption of automotive transmissions in the region. Expansion of global players into these countries to tap market potential boosts the market growth. The high penetration of electric vehicles in the region promotes the adoption of automotive transmissions in the coming years. Asia-Pacific dominates the electric vehicle market due to the increasing population of vehicles and adoption of vehicular emission standards of the U.S. and European Union by Asia-Pacific countries. Moreover, concerns about rising pollution levels have accelerated the adoption of electric vehicles market in this region, thereby supporting the growth of the automotive transmission market.
The companies operating in the market include Magna International, Allison Transmission Inc., Eaton Corporation PLC, Continental AG, Schaeffler AG, Jatco Ltd, ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., BorgWarner Inc., and GKN PLC. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.