The global automatic transmission market is expected to expand at a steady CAGR of 3.95% over the period between 2020 and 2027. Apprehensions of the people to shift from manually-controlled gear systems to automatic transmission systems in vehicles is responsible for the slow rate of market growth. The total volume of revenues within the global automatic transmission market is set to touch US$ 90 Bn by 2027. Based on the model of cars, use of automatic transmission systems in passenger cars is expected to increase.
The growth of the global automatic transmission market relies on advancements in vehicle manufacturing. The automobile industry has exhibited a splendid display of innovation and forward thinking over the past decade. The commendable growth trajectory of this industry is reflective of its seriousness in filling the market gaps. Furthermore, the automobile industry has taken it upon itself to serve premium utility to the end-users. Therefore, investments in automobile manufacturing shall trickle down to the global automatic transmission market. The contemporary scenario is plush with opportunities for growth across the automobile industry. The paying capacity of the masses has increased, and this trend has helped the automobile industry in fostering greater innovation.
Need for Enhanced Vehicle Performance
The performance index of the automobile industry largely relies on the level of utility served by new vehicles. This factor has led the market vendors to manufacture gearless cars that run on automatic transmission. Henceforth, the total volume of revenues within the global automatic transmission market is expected to rise by leaps and bounds. The growing complexity of manufacturing processes in the automobile industry has called for standardisation in the industry. Therefore, automobile vendors prefer to use automatic transmission systems that are easy to integrate with cars. The archetypes used for manufacturing automatic transmission systems have improved in recent times. This is an important contributor to the growth of the global automatic transmission market.
Testing of Automatic Transmission Systems
Tata has been testing the waters for automatic transmission vehicles in several regions. As the company invests in conducting trial runs, the global automatic transmission market shall touch new landmarks of growth and maturity. Furthermore, automatic transmission vehicles are equipped with a multitude of infotainment features that help in marketing the vehicles. Therefore, the global automatic transmission market is set to attract increased demand in the years to follow. Maruti Suzuki revealed in December 2019 that it has sold a total of 0,6 million cars with automatic transmission. The figure is suggestive of the high magnitude of sales across the global automatic transmission market.
Key Players
Key companies operating in the global automatic transmission market are expected to gain advantage from new research & development in collaboration with other global vehicle manufacturers. Major players operating in the global automatic transmission market include AISIN SEIKI Co., Ltd., Allison Transmission Inc., BorgWarner Inc., Eaton, JATCO Ltd. Magneti Marelli S.p.A, Voith GmbH & Co. KGaA, ZF Friedrichshafen AG, Magna International Inc., Schaeffler Technologies AG & Co. KG, EXEDY Corporation, GKN PLC, and WABCO.
The global automatic transmission system can be segmented on the basis of:
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