New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Commercial Vehicle Transmission Oil Pump and Transmission System Market: Key Insights
According to our new research study on “Commercial Vehicle Transmission Oil Pump and Transmission System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Oil Pump Product Type, Oil pump type, Transmission System Type, Vehicle Type, Powertrain Type, and Geography,” the Commercial Vehicle Transmission Oil Pump and Transmission System Market is projected to reach US$ 44,394.08 million by 2028 from US$ 28,654.99 million in 2020; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
Commercial Vehicle Transmission Oil Pump and Transmission System Market: Competitive Landscape and Key Developments
Allison Transmission Holding INC; BorgWarner Inc.; Qijiang Gear Transmission Co., Ltd.; Daimler AG; Eaton Group; Mack Trucks; Scania; Sinotruk (Hong Kong) Limited; Shaanxi Fast Auto Drive Co. Ltd.; Volvo AG; Voith GmbH & Co. KGaA; ZF Friedrichshafen AG; Zhejiang Wanliyang Co., Ltd.; and Hyundai Transys are among the key market players in the global commercial vehicle transmission oil pump and transmission system market. The leading companies are focusing on the expansion and diversification of their market presence and acquisition of a new customer base, thereby tapping prevailing business opportunities.
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In June 2021, BorgWarner acquired 89.08% of AKASOL’s outstanding shares following the completion of the tender offer. The acquisition will further strengthen BorgWarner’s commercial vehicle and industrial electrification capabilities, which positions the company to capitalize on what it believes to be a fast-growing battery pack market.
The growth of the commercial vehicle transmission oil pump and transmission system market in APAC is attributed to the increase in sales of commercial vehicles. This is due to the presence of major automotive parts manufacturing industries across China, India, and Japan. Further, the increase in demand for fuel-efficient commercial vehicles, along with the enactment of stringent vehicle emission norms in the region, is boosting the growth of the market. China holds the largest share in the market due to the high production of automobile components, low costs of labor, and presence of local and key market players in the country.
The recent COVID-19 pandemic has severely impacted the growth of the commercial vehicle transmission oil pump and transmission system market. The pandemic created numerous challenges for the automobile sector stakeholders. The players operating in the automotive industry have undertaken several initiatives to overcome the supply chain disruptions caused by the pandemic. The imposition of lockdown by respective governments has resulted in slower production of automobiles, which, in turn, has hindered the production of commercial vehicle transmission oil pump and transmission systems. However, with the introduction of the COVID-19 vaccine in the APAC, the impact on the supply chain is currently minimal due to the resumption of automobile companies’ operations in various countries of APAC. Thus, the region is set to lead the post-pandemic growth of the commercial vehicle transmission oil pump and transmission system market.
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The transmission system ensures a smooth and comfortable drive by transferring the maximum amount of power from an engine to the wheels via the gearbox. The majority of low- and mid-range vehicles now use semi-automatic and automatic transmission systems. The mobility and fuel efficiency of a car can be considerably influenced by an automated transmission system, depending on the electrical technology utilized in the transmission and the design of the transmission system. Automatic gearboxes or dual pedal technology is available in various configurations such as automatic transmission (AT), automated-manual transmission (AMT), continuously variable transmission (CVT), dual-clutch transmission (DCT), direct shift gearbox (DSG), and Tiptronic transmission. The shift from manual to automatic transmissions is driven by an increased desire for comfort and safety. Automatic gearboxes are comfortable, safe, environment friendly, and cost-effective. They also provide a superior driving experience. A driver does not need to handle the clutch with an automatic transmission, which is quite convenient, especially in urban stop-and-go traffic.
Stringent Government Standards Associated with Carbon Emission to Propel Commercial Vehicle Transmission Oil Pump and Transmission System Market Growth:
The market is expected to grow, owing to technological improvements and the evolution of transmission systems to suit performance needs across various vehicle types, such as HCVs and passenger vehicles. Advanced techniques, such as automated manual transmission (AMT), are used by automotive OEMs to minimize fuel consumption and CO2 emissions while preserving performance. The Environmental Protection Agency (EPA) and the Nationwide Highway Traffic Safety Administration (NHTSA) worked together to create a national program for greenhouse gas emissions (GHG) and fuel efficiency requirements for light-duty automobiles (passenger cars and trucks). Phase 1 covered model years 2012 to 2016, while Phase 2 covered model years 2017 to 2025. Moreover, the increase in regulations on CO2 emissions continues to be the fundamental driver of automobile technology advancements. The need for greenhouse gas-neutral powertrains drives the development of electrified systems and the search for feasible options for alternative, low-carbon fuels.
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Commercial Vehicle Transmission Oil Pump and Transmission System Market: Offering Overview
In terms of offering, the global commercial vehicle transmission oil pump and transmission system market is bifurcated into transmission oil pump and transmission system. The transmission oil pump is one of the most vital parts of the vehicle as it controls the overall displacement process of the vehicle. Displacement is the volume of fluid moved by the pump during each cycle. The transmission oil pump forces automatic transmission fluid (ATF) to supply fluid or oil to the hydraulic actuator with the valve body of the vehicle. In addition, the pump allows other components in the transmission to function properly. The pump is designed to attain the highest oil pump efficiency and help to curb CO2 emissions and reduce carbon footprint.
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