Automotive Transmission Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 2032
The automotive transmission systems market is estimated to reach US$ 80.8 Bn and grow at a CAGR of 6.2% in the forthcoming years from 2022 to 2032. Stringent government regulations to reduce the emissions of CO2 across the automotive sector are estimated to drive revenue generation opportunities in the automotive transmission systems market. Further, the adoption of e-vehicles by global consumers is also likely to boost growth opportunities in the industry.
Global consumers are gaining awareness related to the impacts of the emission of vehicular on the environment. Governments are taking various measures for the promotion of electric vehicle adoption.
The pandemic has resulted in decreased sales of vehicles across the globe. But, in the post-pandemic era, the industry manufacturers are predicted to take different initiatives to increase the sale of solutions in the automotive transmission systems market.
The introduction of various government regulations related to lightweight vehicles, carbon emission, and safety is predicted to stimulate OEM application for the reduction of weight of the vehicles. Further, OEMs are under constant pressure to reduce the level of automobile emissions. Customers from developed regions are inclined to purchase eco-friendly cars that come with enhanced performance and reduced emission levels. These modern vehicles are fuel-efficient and thus serve as an economic option for consumers.
On the flip side, the dilemma encountered by the automotive industry between cost reduction and technological innovation is likely to limit expansion opportunities in the automotive transmission systems market.
The automotive transmission systems market players are adopting different strategies, for instance, collaborations, agreements, acquisitions & mergers, novel product launches, and many more to develop novel growth opportunities.
The key players dealing in the automotive transmission systems market include:
North America, Asia Pacific, and Europe are the key regions that are likely to serve as the prominent regions in the automotive transmission systems market based on geography. Changing consumer trends and increasing vehicle production are projected to serve as vital factors to bolster growth avenues in the regions. Further, growing demand for vehicles around the world is also predicted to contribute to market growth.
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