Rising Demand for Innovative and Fuel-efficient Automotive Transmission Technology Keeps Key Players on Cutting Edge of Innovation
Automotive transmission systems help in enhancing the driving experience by improving gear shifting, acceleration, and fuel efficiency in comparison with conventional manual transmission systems. The rising demand for fuel-efficient vehicles is one of the primary factors driving the demand for automotive transmission systems. In addition, technological advancements in this field are expected to encourage the growth of the global automotive transmission market in the coming years. As per a research study by Transparency Market Research (TMR), the global market for automotive transmission was worth US$119.7 mn in 2014 and is estimated to reach a value of US$181.8 mn by the end of 2021. The market is anticipated to witness steady growth, exhibiting a 5.90% CAGR between 2015 and 2021.
In this blog, TMR addresses several questions related to the potential opportunities and growth prospects in the global automotive transmission market. In addition, latest trends and innovations have also been highlighted.
Q.Is automatic transmission being considered as an emerging technology?
Among the two types of automotive transmission, namely manual and automatic, the manual segment leads the market at present. However, the emergence of automatic transmission technology has changed the scenario of the overall automotive industry. As per the research study, the automatic transmission segment is expected to register a healthy growth rate in the next few years, thanks to the benefits of fuel efficiency it offers. In addition, technological innovations in automatic transmission such as multidisc separation of brakes, automatic idle shift system, and optimized cooling are expected to encourage the growth of the automatic transmission segment in the near future.
Q. What primary factors are expected to drive the demand for innovative automotive transmission technology?
The rising demand for low-carbon-footprint technologies and increasing popularity of hybrid vehicles are some of the key factors estimated to fuel the growth of the global automotive transmission market in the next few years. Furthermore, the emergence of continuously variable transmission (CVT) for enhanced fuel efficiency and low carbon emission is generating lucrative opportunities for the key players. Moreover, a growing business class across emerging economies with rising disposable incomes is fuelling the automotive transmission market across the globe.
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Q. What are the strategies adopted by the key players to bolster their revenues?
Continental AG, ZF Friedrichshafen, and Allison Transmission are among the leading players in the global automotive transmission market. They are focusing on research and development activities to offer a broad range of innovative and cutting edge automotive transmission systems. Furthermore, new product developments, including 8HP 8-speed transmissions, 9-speed automatic transmission, Vector Drive, and Electric Axle Drive by ZF Friedrichshafen are expected to encourage the growth of the market in the near future.