Market Overview:
According to our latest market study on “Dual Clutch Transmission Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle Type, Propulsion, Vehicle Segment, Forward Gears, and Geography,” the market is expected to grow from US$ 12,576.10 million in 2021 to reach US$ 20,372.75 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
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The global dual clutch transmission market is segmented into five major regions— North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by Europe and North America. The demand for dual clutch transmission is increasing at a prime growth rate for SUVs. The rising demand for SUVs globally is boosting the growth of the dual clutch transmission market. The popularity of SUVs continues to grow in almost every market in the world. As the global marketplace declines following trade tensions and a slowdown in the Chinese market, car manufacturers look for new ways to expand their market. The shifting interest of customers from sedans or hatchbacks to SUVs started around seven years ago and is still growing strong. The increasing preference of consumers for SUVs is forcing vehicle manufacturers to focus on integrating advanced dual clutch transmission in vehicles. China counted for almost 46% of SUV global sales in 2020, and sales increased by 27%. This corresponds with a drop in consumer spending capabilities. There were some significant changes in the Chinese SUV market. For instance, General Motors succumbed as the top-selling brand with the famous Buick and Boojum models, as sales fell by 9%, dropping them to third place. Geely now occupies the top position. The new SUVs from Lynk&Co and Volvo XC60 and some Geely models boosted sales from 678,800 units in 2017 to 943,000 units in 2018. Other major manufacturers include Hyundai-Kia and VW Group.
The global dual clutch transmission market is segmented based on vehicle type, propulsion, vehicle segment, and forward gears. Based on vehicle type, the market is segmented into passenger cars and commercial vehicle. In terms of propulsion, the market is bifurcated into ICE and hybrid. Based on vehicle segment, the market is categorized into A/B, C, D, E and above, and SUV. Based on forward gears, the market is segmented into 6, 7, and 8 and above. In terms of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, and the Rest of APAC), Middle East & Africa (South Africa and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).
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Impact of COVID-19 Pandemic on Dual Clutch Transmission Market
Since the majority of the countries are exercising lockdowns, the demand for dual clutch transmission is decreasing at a prominent rate. This is because the key dual clutch transmission purchasing countries have been restricting their investment in these components and are utilizing a fair percentage of their budget to combat COVID-19. The temporary shutdown of manufacturing facilities is also showcasing a negative trend in the dual clutch transmission market. The continuity of the COVID-19 spread would be severely dangerous for dual clutch transmission market players.
The automotive industry is among the victims of COVID-19. Since the start of 2020, this industry has been reflecting a declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing shattering experiences. The automotive industry requires a significant number of human laborers. On the contrary, as the COVID-19 virus is spreading through human involvement, the sector cannot function properly. The declining trend in the automotive industry is reflecting a negative impact on the dual clutch transmission market.
Magna International Inc., Schaeffler Technologies AG & Co. KG, BorgWarner Inc., Daimler AG, Volkswagen AG, ZF Friedrichshafen AG, OC Oerlikon Management AG, Ricardo, Renault Group, and Hyundai Transys are among the major companies operating in the dual clutch transmission market.
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