According to a new market research report "Advanced Gear Shifter System Marketfor Automotive by Technology (Automatic Shifter, Shift-by-Wire), Component (CAN Module, ECU, Solenoid Actuator), Vehicle Type (Light Duty Vehicles, Commercial Vehicles), EV Type, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global market is estimated to grow at a CAGR of 3.64% during the forecast period, to reach USD 13.50 billion by 2025 from an estimated USD 10.51 billion in 2018.
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Factors such as higher disposable income, increasing awareness of the use of x-by-wire technology in a vehicle among vehicle occupants, increasing amount of vehicle electronics, and the adoption of advanced vehicle technologies such as connected vehicles and self-driving vehicles are expected to drive the Advanced Gear Shifter System Market for automotive. The increasing sales of mid-size and luxury vehicles in recent years is driven by the changing preferences and lifestyle of the young population. Increasing demand for vehicles with automatic and semi-automatic transmission and increasing use of e-mobility in regions like Asia Pacific, South America, and the Middle East & Africa are expected to drive the market for advanced gear shifter system for automotive.
South America to be the fastest growing market and Asia Pacific to hold the largest market for advanced gear shifter system for automotive in 2025
South America is projected to be the fastest growing market for advanced gear shifter system for automotive from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production and expansion of leading OEMs and automotive component suppliers. Asia Pacific is projected to be the largest market for advanced gear shifter system for automotive from 2018 to 2025. The market growth in the region can be attributed to factors such as increasing sales of mid-size and luxury vehicles and government initiatives regarding the use of environment-friendly electric vehicles.
Shift-by-wire technology is estimated to hold the largest market share during the forecast period
The shift-by-wire technology is estimated to hold the largest share of the Advanced Gear Shifter System Market for automotive during the forecast period. Extensive use of shift-by-wire technology in luxury and mid-size vehicles is driving the market for shift-by-wire technology. Another factor that is driving the market for shift-by-wire technology is the significant rise in the sales of modern energy-efficient vehicles, particularly in developing countries like China, India, and Brazil.
Solenoid actuator is estimated to hold the largest share of advanced gear shifter system for automotive market by component from 2018 to 2025
The Advanced Gear Shifter System Market for automotive for solenoid actuator is estimated to be the largest since it is used in most of the vehicle shifting mechanisms. Increasing production of vehicles equipped with automatic and semi-automatic transmission is expected to drive the growth of this segment.
Furthermore, the report encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by major players to increase their share in the Advanced Gear Shifter System Market. Some of the major technology vendors include ZF (Germany), Kongsberg (Norway), Dura Automotive (US), Ficosa (Spain), and Stoneridge (US).
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