Automotive Transmission Systems MarketSize and Trends

Automotive Transmission System Market Growth Factors

Increasing demand for all types of vehicle is driving the growth of the automotive transmission system market. Moreover, increasing per capita income of individuals in emerging countries such as India and China has led to increase in spending on fuel efficient vehicles which is further boosting the market of transmission systems. According to International Organization of Motor Vehicle Manufacturers statistics (OICA), in 2016, total number of vehicles manufactured was around 94.9 million worldwide, which is expected to fuel the market growth during the forecast period. Automatic and semi-automatic transmission systems used in the vehicle are expected to drive growth of automotive transmission market, as these transmission systems are expected to replace conventional mechanism. Transmission technologies such as dual clutch transmission and continuous variable transmission have a high market potential due to their fuel efficiency.

Passenger car is the fastest growing segment in automotive transmission system market

Among vehicle types, passenger car segment is the fastest growing segment, owing to increasing sales of these vehicles worldwide. According to International Organization of Motor Vehicle Manufacturers, in 2016, around 70 million units of passenger car were sold worldwide. Growing passenger cars per thousand inhabitants over the past few years have reached to 182 per thousand inhabitants in 2015 from 178 in 2014, which is major factor fuelling growth of passenger cars. These factors are expected to drive growth of the automotive transmission systems market during the forecast period.