Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Automotive Clutch Plate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Vehicle Type (Passenger Car, LCV, M&HCV), By Demand Category (OEM, Aftermarket), By Type, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global automotive clutch plate market is anticipated to witness a growth rate of 6.24% to reach USD 7,708.45 million by 2028.
Companies Mentioned
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Valeo S.A.
- Eaton Corporation plc
- F.C.C. Co., Ltd.
- Schaeffler AG
- Aisin Corporation
- EXEDY Corporation
- JATCO Ltd.
- NSK Ltd.
The growing automotive industry, high demand for automatic transmission vehicles, and ongoing advancements in clutch technology are the key factors driving the growth of the global automotive clutch plate market.
An automotive clutch is a mechanical device that transfers energy from the engine and is essential in shifting gears in a vehicle. The purpose of it is to keep the driver's ride smooth by preventing the buildup of gear-to-gear friction. The automobile clutch uses a gearbox to engage and disengage the engine at various speeds.
The components used in the automotive clutch are the flywheel, clutch disk, pilot bushing, crankshaft, throw-out bearing, and pressure plate. Clutches are used in both automatic and manual automobiles. An automatic transmission automobile consists of multiple clutches, while a manual transmission automobile consists of a single clutch.
Increased Vehicle Production and Sales Drive the Market Growth
Total global vehicle production in the year 2021 reached 80.5 million, a rise of 3.39% over 2020. Also, in the United States, the production of vehicles increased by 3.92% to reach nearly 9.2 million. In China, even after the lockdown was extended in 2021, the production of vehicles increased by 3.40% 2021.
The rise in the expenditure capacity of consumers and the increasing preference of consumers for private vehicle ownership are driving the sales of automobiles across the globe. Vehicle sales are anticipated to increase due to the surge in demand for continuous automobile advancement through high-end investments in R&D. Global automotive clutch plate market is expanding at a faster rate due to the shifting consumer preference for automobiles with the automated, semi-automatic transmission over manual transmissions for better driving experiences.
Rapid urbanization, industrialization, and improved road infrastructure are boosting the development of the logistics industry worldwide. In addition to this, the flourishing e-commerce industry and the growth of construction, mining, and other prominent industries contribute to the high demand for commercial vehicles. Commercial vehicles are witnessing huge sales around the globe to fulfill growing consumer needs. The launch of advanced and high-performing cars and the rapid shift towards automatic transmission vehicles are expected to propel the growth of the global automotive clutch plate market for the next five years.
Advancements in Technology Support the Market Growth
Market players are making efforts and investments in research activities to find innovative solutions and upgrade the existing infrastructure for better performing and advanced clutch in automobiles. The high demand for advanced features and technology in passenger cars attracts customers.
The ever-growing demand for automatic transmission in vehicles due to the increased comfort, convenience, and ease of driving vehicles through heavy traffic conditions creates massive potential for the global automotive clutch plate market. The introduction of superior, advanced, and automatic vehicles by automobile manufacturers to lure youth into purchasing the vehicles is accelerating the adoption of automatic transmission in automobiles, which further increases the demand for clutch plates.
Rise in Adoption of Battery Electric Vehicles Hinders the Market Growth
The automotive industry is witnessing the transformation from conventional fuel vehicles to electric vehicles due to growing environmental concerns among consumers and fluctuations in crude oil prices. Battery electric vehicles do not require transmission systems as they incorporate electric motors to run electric vehicles.
Favorable government policies and stringent emission norms support the sales and production of electric vehicles. The introduction of advanced high-performance electric vehicles and the development of charging infrastructure bolster the sales of electric vehicles, which is expected to restrain the growth of the global automotive clutch plate market in the forecast period.
Report Scope:
In this report, global automotive clutch plate market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Automotive Clutch Plate Market, By Vehicle Type:
- Passenger Car
- LCV
- M&HCV
Automotive Clutch Plate Market, By Demand Category:
- OEM
- Aftermarket
Automotive Clutch Plate Market, By Type:
- Less than 9 inches
- 9.1 to 10 inches
- 10.1 to 11 inches
- More than 11 inches
For more information about this report visit https://www.researchandmarkets.com/r/471462
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