Automotive transmission gears help transfer power from the engine to drive the wheels of the vehicle. Different types of gears such as spur, helical, Bevel gears are used in transmission systems depending on the vehicle type. Automotive transmission gears efficiently distribute torque from the engine to the wheels for smooth driving. The growing demand for fuel-efficient vehicles due to stringent emission norms has necessitated the use of automatic and dual-clutch transmission systems having multiple gears for optimized performance.
The global Automotive Transmission Gears Market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing demand for fuel-efficient vehicles presents a major opportunity for the automotive transmission gears market. Stringent emission norms worldwide have compelled automakers to focus on developing more efficient automatic and dual-clutch transmission systems. Dual-clutch transmissions featuring wet clutches and multiple gear ratios help improve fuel efficiency over conventional automatic transmissions. They enable optimized torque transmission and faster gear shifts for better performance. The growing sales of automatic transmission vehicles, especially in developing nations will continue augmenting the demand for advanced gears used in next-gen transmission technologies. Automotive transmission gear manufacturers are anticipated to benefit from collaborating with OEMs for developing innovative solutions catering to the evolving requirements of the automotive industry.
Porter's Analysis
Threat of new entrants: The threat is moderate as the automotive industry requires huge capital investment to set up a manufacturing plant and R&D facilities. However, emerging countries provide low-cost opportunities.
Bargaining power of buyers: The bargaining power of OEMs is high as they negotiate lower costs and have influence over specifications. However, the demand for fuel-efficient cars increases the need for advanced transmission technologies.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of substitute materials and technologies. Innovation and customization help suppliers in sustaining their position.
Threat of new substitutes: The threat is low as transmission systems play a crucial role in engine performance. However, electric vehicles pose a long-term threat through their direct-drive configuration.
Competitive rivalry: The competition is high among major players to gain market share through new product launches, mergers & acquisitions, and expansion in emerging regions.
SWOT Analysis
Strength: Innovation in transmission technologies helps improve fuel economy and performance. The demand for dual-clutch and continuously variable transmissions is increasing.
Weakness: High research costs and commodity price fluctuations increase production costs. Infrastructure challenges exist in marketing products globally.
Opportunity: Growth potential exists in developing automatic transmissions for commercial vehicles and off-highway applications. Adoption of electric vehicles will open new opportunities.
Threats: Stringent emission norms increase compliance pressures. Trade barriers and geopolitical tensions pose supply chain risks.
Key Takeaways
The Global Automotive Transmission Gears Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The global Automotive Transmission Gears Market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific dominates with the largest market share currently and is expected to remain the fastest growing region during the forecast period. China, India, and Japan are the major automotive manufacturing hubs and witnessed increasing vehicle production and sales in recent years.
Key players: Key players operating in the automotive transmission gears market are Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage Cell Therapeutics, Inc., Transgene SA, Cellectis, ImmunityBio, Inc., Sorrento Therapeutics, bluebird bio, Inc., Arcellx, Sana Biotechnology, Inc., Biodesix, Inc, and Laurus Labs. These players are focusing on new product launches, partnerships, and expanding their regional presence to strengthen their market position.
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