SAN FRANCISCO, August 3, 2016 /PRNewswire/ --
The global automotive transmission market size is expected to reach USD 259.1 million by 2024 according to a new report by Grand View Research, Inc. Increasing emission standards worldwide is one of the key reasons driving the growth of automotive transmission market. Gasoline engines emit toxic gasses and particles that are hazardous to the environment. Rising pollution and global warming effect has led to the implementation of various government regulation relating to vehicular emissions. Such guidelines have enforced the component suppliers to produce high-efficiency environment-friendly transmission systems for domestic and international markets.
Further, growing adoption for Automatic Manual Transmission (AMT) in the automotive industry is expected to fuel the demand over the forecast period. AMT is more efficient than other transmission systems and is easy to manufacture at low cost. Increasing adoption of AMT across compact cars segment is anticipated to grow further over the next few years.
Growing prominence for electrified transmissions among automotive manufacturers is expected to witness increasing penetration across regions including Europe and North America. Rising focus on hybrid vehicles and their positive impact on fuel economy and emissions in these regions will contribute to the adoption of the transmission systems.
Browse full research report with TOC on "Automotive Transmission Market Analysis By Transmission Type (Manual and Automatic), By Fuel Type (Gasoline, and Diesel), By Vehicle Type (Passenger Cars, LCVs, ICVs, HCVs, Off-road, Construction, Defense and Farm Tractors) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/automotive-transmission-market
Further key findings from the report suggest:
- Automatic segment is anticipated to grow at CAGR of over 8.0% from 2016 to 2024. Advancements in the automotive industry and improvement in transmissions are leading to a shift towards automatic transmission segment. Automatic transmissions are easier to operate, efficient and accurate. Improvements in the function and fuel economy of automatic transmissions is essentially hampering the growth of manual transmission in the U.S.
- Diesel fuel type segment is expected to witness substantial growth at a CAGR of over 7.6% from 2016 to 2024. Growing demand for diesel engines is due to the high compression ratio, which allows better efficiency compared to gasoline engines. Moreover, these engines are prominently used in the SUVs segment cars across the world.
- Passenger cars segmented dominated the industry in 2015, which is expected to grow at a CAGR of nearly 8.0% over the forecast period. Rising demand for luxury vehicles with advanced features such as improved fuel economy and high efficiency owing to the rising disposable income of the countries such as India is anticipated to drive the demand. Off-road vehicle such as ATVs, Hummer vehicles, Monster trucks, Jeep vehicles and four-wheel drive systems are gaining popularity and is expected to drive the market over the next eight years.
- Stringent guidelines across the globe are anticipated to regulate the automotive transmission market over the future. Asia Pacific dominated the industry in 2015 and is expected to remain the same by 2024. Increasing automotive sales especially in countries such as Japan, India, China and South Korea is projected to favorably impact the market over the forecast period.
- Key industry participants include Aisin Seiki Co., Ltd., Allison Transmission Inc., BorgWarner Inc., Continental AG, Eaton Corporation PLC, Getrag, GKN PLC, Magna International Inc., Jatco Ltd., and ZF Friedrichshafen AG. Automotive manufacturers in the industry are investing immensely in its R&D operations to match the changing technological demands across the industry.
Request for sample of this research report: http://www.grandviewresearch.com/industry-analysis/automotive-transmission-market/request
Grand View Research has segmented the global automotive transmission market on the basis of transmission type, fuel type, vehicle type and region:
- Automotive Transmission Type Outlook (Revenue, USD Million, 2014 - 2024)
- Automotive Transmission Fuel Type Outlook (Revenue, USD Million, 2014 - 2024)
- Automotive Transmission Vehicle Type Outlook (Revenue, USD Million, 2014 - 2024)
- Passenger cars
- Farm Tractors
- Automotive Transmission Regional Outlook (USD Million, 2014 - 2024)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
SOURCE Grand View Research, Inc.