Rockville, March 27, 2023 (GLOBE NEWSWIRE) -- As per this latest study by Fact.MR, a provider of market research and competitive intelligence, the global commercial vehicle transmission market is expected to garner US$ 42.5 billion by 2033, expanding at a CAGR of 5.1% from 2023 to 2033.
A transmission is a gearbox used to transfer power from an engine to a drive axle or axles in vehicles. Commercial vehicle gearboxes are crucial because they need to be able to manage the huge torque and horsepower outputs of big diesel engines in addition to the continuous stop-and-go motion of city travel. To withstand the daily wear and tear that comes with trucking or bus operations, they also need to be reliable and strong.
The main purpose of a transmission device is to offer various gear or drive ratios between an automobile's engine and tyres, enabling the car to accelerate rapidly from a stop and maintain engine efficiency across a wide speed range. Powerful engine brakes and simple unlimited gear control are features of automotive transmission systems (AMT).
The key components of a car that influence fuel economy are the standard transmissions, and an AMT system is quite good at giving the driver the appropriate gear at the appropriate moment. A transmission system is made up of a transmission pump, a computer-controlled input shaft, and other parts. Several people use the terms semi-automatic transmission (SAT) or clutchless manual transmission (CMT) to describe automatic manual transmissions (AMT).
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Market expansion can be ascribed to the rising demand for automatic gearboxes in large commercial vehicles and small business cars. Over the projected period, the market is also anticipated to be fueled by the rising demand for hybrid electric vehicles across the world. The regional market that is expected to grow rapidly throughout the forecast period is predicted to be Asia Pacific, followed by Europe and North America.
- March 2021 marked the expansion of Continental AG's engineering offerings across three locations. Three new Continental Engineering Services (CES) branches are launching in Germany, England, and Italy. Their main focus was the integration and creation of cutting-edge driver assistance systems. Customers will receive access to the Continental Group's extensive product portfolio as a result.
Key Takeaways from Market Study
- The global commercial vehicle transmission market amounted to US$ 25.8 billion in 2023.
- Worldwide demand for commercial vehicle transmissions is projected to increase at a CAGR of 5.1% during the forecast period (2023 to 2033).
- The global market is estimated to touch US$ 42.5 billion by the end of 2033.
- Revenue from the sales of manual transmission is expected to expand at a CAGR of 3.4%.
- The market in China is projected to surge ahead at a CAGR of 7.7%.
“Use of automated manual transmission (AMT) systems in heavy- and medium-duty vehicles delivers fuel economy gains, which reduces vehicular pollution levels as well,” says a Fact.MR analyst.
Key Segments of Industry Research
- By Type :
- Manual
- Automatic
- Automated Manual
- By Engine :
- IC Engines
- Electric Engines
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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| Report Attributes | Details |
| Market Size in 2022 | US$ 24.5 Billion |
| Estimated Market Value (2023) | US$ 25.8 Billion |
| Forecasted Market Value (2033) | US$ 42.5 Billion |
| Global Market Growth Rate (2023 to 2033) | 5.1% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Market Competition
Manufacturers of automotive components work very hard to offer inexpensive alternatives without sacrificing the performance of the vehicle. To meet the rising demand for transmission systems across the automotive industry, they are resorting to several expansion strategies. The sector's supplier network is a key success element.
- Aisin Seiki Co., Ltd. is concentrated on unifying production and development capabilities for the manual transmission products of Toyota Motor Corp. under Aisin AI. The companies will be better able to meet global demand and boost the business's reliance on manual systems by combining their skills.
- One company dominating the overall market is Magna International Inc. The business supplies practically all of the major automakers. The company's primary business strategy includes the creation of new products and geographic expansion. It has also signed a key contract in 2019 with the BMW Group to provide transmission systems.
Companies Profiled
- Aisin Seiki Co.
- Allison Transmission, Inc.
- Continental AG
- Eaton Corporation
- JATCO Ltd.
- Knorr-Bremse AG
- Mack Trucks, Inc.
- Magna International, Inc.
- Oerlikon Graziano SpA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global commercial vehicle transmission market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (manual, automatic, automated manual) and engine (IC engines, electric engines), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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