Automotive Gearbox Market
GMI Research report projects that the automotive gearbox market growth looks promising over the coming years. The market is projected to expand at an annual rate of 4.6% during the forecast period. The growing demand for a smooth driving experience and the ongoing technological innovations in the automobile sector will bolster the automotive gearbox market growth.
Automotive Gearbox Market Dynamics
The growth in the automotive gearbox market is attributed to the accelerating supply of passenger vehicles. For example, according to OICA, passenger cars sales in 2020 touched 53.5 million globally. Moreover, infrastructural development in emerging nations such as Latin America and the Asia Pacific has contributed to the demand for transportation, freight logistics, traveling, which has raised the automotive gearbox market share. As per the International Organization of Motor Vehicle Manufacturers (OICA), the supply of commercial vehicles was 24.3 million in 2020.
The increasing inclination among consumers towards comfortable rides is another major factor steering the market growth. Luxurious and exclusive vehicles such as Mercedes-Benz, BMW, and Audi provides 6-speed and 7-speed gearboxes to offer a comfortable ride with more fuel effectiveness.
However, the rising demand for electric vehicle due to the economical emission norms requires negligible use of gears. The number of gears is less than fewer transmission systems, differentials, and near elimination of gearboxes. Thus, these are some factors likely to restrain the automotive gearbox market size.
Speed Gears Segment Drivers
Based on the Speed Gears, the 6 to 8 gears segment is likely to seize a remarkable share in the overall market. As per the automotive gearbox market research, prominent automotive manufacturers have switched to 6 to 8 gears from less than 5. Manufacturers such as Volkswagen and Skoda have adopted for more speed gears because of their better performance and fuel economy. Such factors will bolster the market growth.
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