The CAGR (Compound Annual Growth Rate) for this market is estimated to be around 12% over the forecast period (2021-2028). The automotive gear shift system market is witnessing remarkable growth. The gear system is an integral component of the vehicle gear transmission system. It helps in increasing and reducing the speed of a vehicle. The global automotive gear shift system market revenue was valued at USD billion in 2020.
The rapid technological advancements in the automotive industry are increasing the performance of vehicles. The use of electrical components and wire systems in gear shifters will make shifting easy and smooth. There has been a surge in demand for vehicles around the globe with the increasing purchasing power of people. The demand for automotive gear shift systems is also increasing as the market demand for vehicles is directly related to the market demand of it. Eco-friendly innovations such as Electric cars will assume a significant market share in the near future. The global market value of automotive gear shift system is expected to hit USD by the end of the current forecast period in 2028.
Covid 19 had a profound impact on every market and the automotive gear shift market is not an exception. The automobile industry as a whole had to deal with many problems. The most significant one was the fall in demand for vehicles owing to travel restrictions. With less production of vehicles, the automotive gear shift market also suffered a huge loss.
The other setback was in the improper functioning of supply chains. This led to a decline in production rate and also in the estimated growth rate. However, the rise in demand for electric vehicles during the period brought a positive growth rate. Moreover, the automotive gear shift industry is showing vigorous growth after the loosening of restrictions.
The market for automotive gear shift system market is dominated by different global giants. The key global players are:-
The automobile industry is an ever-growing industry. With a rise in demand for transportation and passenger vehicles, the Automotive gear shift market value is also increasing. The other major factor responsible for the market growth is advancements in automobile technology. The new and more efficient technologies within the gear shifting market such as electronic gear shift systems are also increasing the demand.
An improved gear shift system can increase the fuel economy of a vehicle. Therefore, to overcome rising air pollution levels and to save costs on rising fuel prices, advanced gear systems will play an important role. Moreover, the market demand is also being influenced by stringent government norms on the use of conventional vehicles with low fuel efficiency. The increased adoption rate of the electric vehicle is too causing growth in the automotive gear shift system market.
The high cost of raw materials and metal alloys needed for manufacturing gears and drives is the major growth hindering factor. Moreover, the repairing cost for an automatic gear shift system is exceptionally high and requires skilled labor too.
The Automotive gear shift system is a mechanism consisting of gears and drives to control the speed and torque of a vehicle. This system is available in both manual and automatic forms. The manual shifting system works on a clutch pedal mechanism where a driver himself has to do the shifting. Whereas the automatic shifting system relies upon fluid pressure to lock and unlock planetary gears to shift it into different gear ratios. Moreover, newer technologies such as electronic gear shift systems bring huge changes to the market.
Automotive gear shift systems are very necessary for obtaining better control of a moving vehicle. Rapid technological advancements are bringing new methods and models to the gear shift system. Although manual transmission systems still occupy a large market share automatic systems are slowly seeping into the market. Newer technology such as wire gear system does effective transition between gears using electricity which can potentially replace the manual system in future. The automatic system offers several advantages such as reduced driving labor, high efficiency, and less use of space. On the other hand, the manual transmission system is cost-effective and their repairing is also very easy.
This report aims to provide an in-depth analysis of the automotive gear shift system market. The specific objectives of this market report are:
Segmentation of the global gear shift system market, by System Type
Automatic gear shift transmission system is increasing its market share. The increasing technological advancements within this segment are attracting more customers. The Automatic gear shift system enhances user comfort by providing smooth gear transition which in turn reduces the labor of the driver. Moreover, it also enhances the fuel economy of vehicles.
However, manual transmission system still occupies a large market share. This dominance is due to its prevalence in conventional vehicles and its easy repairing ability.
Segmentation of the global gear shift system market, by Application
Among different applications, the light commercial vehicle segment is leading the market. These vehicles are cost-friendly vehicles that can perform a wide range of tasks. However, the Passenger Vehicle segment is increasing its market share at a faster rate owing to the surge in demand for budget-friendly cars.
Segmentation of the global automotive gear shift system market, by fuel system
Petrol occupies about 50 percent of the global market share. Petrol is cleaner than other fuels and also gives greater efficiency. Thus, the market for
The Asia Pacific is the largest regional market. A high population with rising disposable income of people is generating demand in this region. Moreover, this region is witnessing rapid economic growth which is also a growth contributing factor. The development of the automobile industry in China, India, Japan, and South Korea is too increasing the demand.
Europe is the second-largest regional market for an automotive gear shift system. Increasing sales of passenger vehicles having eco-friendly qualities are the major demand-generating factor here. Moreover, the well-established automobile manufacturing industry in Germany, France, etc. has been able to meet the market demands.
The North American market is showing steady growth. There is a rise in demand for vehicles having modern features. The high disposable income of people and want for luxurious and semi luxurious cars are too boosting the automotive gear shift system market. Additionally, there is also a rise in the rate of electric vehicles adoption in this region.
This report will be beneficial for every stakeholder of the cardiopulmonary exercise testing market. It will help in decision making for those directly connected with the industry such as:
This report provides an extensive analysis of the automotive gear shift system market in terms of current value and future forecasts. We have also identified the problems and prospects of the given market.
Moreover, technological analysis of the product will help in knowing the product better and in decision making. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the automotive gear shift system market.
|Market Size||2030 : Significant Value|
|CAGR||6.56% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System Type, Fuel Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Allison Transmission (U.S.), Aisin Seiki Co., Ltd. (Japan), GETRAG (Germany), ZF Friedrichshafen AG (Germany), and GKN PLC (U.K.). ZF Friedrichshafen AG (Germany), Eaton Corporation PLC (Republic of Ireland), Continental AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), and JATCO Ltd. (Japan)|
|Key Market Opportunities||
|Key Market Drivers||Increasing adoption of advancing technologies is presumed|
Frequently Asked Questions (FAQ) :
Increasing adoption of advancing technologies is presumed to drive the growth of the automotive gear shift system market.
The automotive gear shift system market is anticipated to augment at 6.56% CAGR.
The segments based on system type are automatic system and manual system.
High cost of raw materials can pose challenge to market participants.
Allison Transmission (U.S.), GETRAG (Germany), Aisin Seiki Co., Ltd. (Japan), ZF Friedrichshafen AG (Germany), GKN PLC (U.K.), Eaton Corporation PLC (Republic of Ireland), ZF Friedrichshafen AG (Germany), Continental AG (Germany), BorgWarner Inc. (U.S.), Magna International Inc. (Canada), and JATCO Ltd. (Japan) are the key players of the automotive gear shift system market.