Automotive Gear Shift System Market Growth Opportunity 2022, Future Trends, Industry Share, Size, Strategy Analysis, Development Status, Leading Players with Regional Forecast 2030
Research Reports
Mar 29, 2022
Market Synopsis
As per the research by Market Research Future Reports (MRFR), the Global Automotive Gear Shift System Market is projected to thrive at a CAGR of 12% during the forecast period. The primary factor driving the global automotive gear shift system market 2022 is the development of technologies. The advancement of technologies plays a vital role in transforming the components. The increasing demand for fuel-efficient components, the expanding automotive industry are the most significant drivers for the automotive gear shift system market.
Besides, the launch of electric vehicles has additionally propelled the market. Research and development for an efficient system further play an essential role in propelling the global market revenue. This technology provides a better experience to the consumers by offering a smoother transition between gears. Hence, it is estimated to increase the demand and augment the market.
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Moreover, the increasing preference of electronic gear shift systems to manual gear shift systems has enhanced the demand for advanced systems. Also, the rising concern towards the green environment has plays contributed to the expansion of the market. On the other hand, the procurement of raw materials is the biggest hurdle that inhibits the growth of the automotive gear shift system market.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide a COVID-19 impact analysis with the report.
Key Players
The forefront players of the global automotive gear shift system are Aisin Seiki Co., Ltd. (Japan), Allison Transmission (U.S.), GETRAG (Germany), GKN PLC (U.K.), ZF Friedrichshafen AG (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Eaton Corporation PLC (Republic of Ireland), Magna International Inc. (Canada), JATCO Ltd. (Japan) and BorgWarner Inc. (U.S.).
Market Dynamics
The rising demand for automotive gear is due to the rise of the automotive industry. Automotive gear helps give an automobile a smooth start and enables the outer wheel to rotate faster than the inner wheel for safer turns. Smooth gear shifting improves the driving experience, as well as the increasing demand for low-carbon-footprint technologies drive the growth of the global automotive gear industry. In addition, increasing disposable income and vehicle ownership fuel market growth.
It is expected that lightweight and highly durable aluminum and composite gears will become more common during the forecast period. Emphasis on high-quality products and changing consumer lifestyles, and increasing spending power, promote the growth of the automotive gear industry.
However, the high cost of the advanced gear system compared to the conventional gear system is an obstacle to the growth of the automotive gear industry.
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Market Segmentation
The global automotive gear shift system market can be classified on the basis of the fuel system, type, application, and region.
On the basis of the fuel system, the global automotive gear shift system market can be classified into diesel, petrol, and gasoline.
On the basis of type, the global automotive gear shift system market can be classified into a manual system and automatic system.
On the basis of application, the global automotive gear shift system market can be classified into light commercial vehicles, passenger cars, and heavy commercial vehicles.
On the basis of region, the global automotive gear shift system market can be classified into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Regional Analysis
A geographical analysis of North America, Europe, Asia Pacific, and Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC region is estimated to dominate the global market during the review period. The region is likely to dominate the market in terms of volume and value. The factor leading to the market expansion is increased demand for passenger vehicles and increased sales of vehicles. The market is likely to propel at a fast pace during the forecast period. The emerging economies like China, India, and Japan play a significant role in the regional expansion of the market. As per the research, the second place is attained by the European market. The market is likely to achieve the second position in terms of market share owing to the stringent government regulations to the vehicle transmission.
However, due to the outbreak of the pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of the worldwide lockdown.
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