Automotive Transmission Market Outlook
According to the report by Expert Market Research (EMR), the global automotive transmission market size reached a value of USD 138.91 billion in 2023. Aided by the relentless pursuit of efficiency, performance, and sustainability within the automotive sector, the market is projected to further grow at a CAGR of 6.3% between 2024 and 2032 to reach a value of USD 239.38 billion by 2032.
Automotive transmissions are integral to the operation of vehicles, controlling the power generated by the engine to the wheels. The evolution from manual to automatic transmissions marked the initial phase of innovation, focusing on enhancing the driving experience and fuel efficiency. Today, the market encompasses a broad spectrum of technologies, including Continuously Variable Transmission (CVT), Dual-Clutch Transmission (DCT), and the emerging Electric Vehicle (EV) transmissions, each tailored to meet diverse performance criteria and environmental standards.
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As per the automotive transmission market analysis, the shift towards automatic transmissions has been significant in regions across the world with high traffic congestion, where the convenience of automatic gear shifting offers a substantial advantage. Meanwhile, CVT and DCT systems are lauded for their ability to provide smoother acceleration and higher fuel efficiency, aligning with the global demand for greener automotive solutions.
The advent of electric vehicles has also contributed to the automotive transmission market share. EVs typically require fewer gears, with many models utilising single-speed transmissions designed to handle the instant torque characteristics of electric motors. This shift presents both challenges and opportunities for transmission manufacturers, as the demand for traditional transmission systems may decline, while the need for innovative EV transmission solutions rises.
Sustainability and environmental regulations are key drivers of the automotive transmission market growth. Governments worldwide are imposing stricter emissions standards, compelling automakers to develop transmissions that can reduce fuel consumption and CO2 emissions. This regulatory landscape has catalysed research and development efforts, leading to the introduction of lightweight materials, advanced lubricants, and intelligent control systems that enhance transmission efficiency and reduce environmental impact.
The integration of digital technologies is posing a positive impact on the automotive transmission market expansion. The use of sensors, artificial intelligence (AI), and machine learning in transmission systems enables real-time monitoring and adaptive control, optimising performance based on driving conditions and patterns. This digital transformation not only improves vehicle efficiency and safety but also provides a foundation for the development of autonomous vehicles, where transmission management plays a critical role in vehicle dynamics and safety.
There is an increasing focus on sustainability within organisations in the world, influenced by consumer preference for sustainable brands. As per the automotive transmission market outlook, BPM plays a pivotal role here by enabling companies to analyse and optimise their supply chain processes for waste reduction, establish end-of-life recycling processes, and ensure compliance with environmental, social, and governance objectives. The rise of low-code and no-code platforms is accelerating BPM adoption by simplifying process optimisation and enabling both technical and non-technical users to contribute to BPM initiatives. This trend democratises process management, fostering a collaborative environment and making it easier for organisations to adapt and innovate.
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The Asia Pacific region dominates the automotive transmission market, attributed to the presence of major automobile manufacturers and a growing automotive sales market, particularly in China, India, Japan, and South Korea. North America and Europe are also significant markets, with a growing focus on electrified transmissions and hybrid vehicles, which are positively impacting fuel economy and emissions.
Automotive Transmission Market Segmentation
The market can be divided based on transmission type, fuel type, vehicle type, and region.
Market Breakup by Transmission Type
- Manual Transmission
- Automatic Transmission
- Continuously Variable Transmission (CVT)
- Semi-Automatic Transmission
- Others
Market Breakup by Fuel Type
- Petrol
- Diesel
- CNG
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive transmission market. Some of the major players explored in the report by Expert Market Research are as follows:
- Magna International Inc.
- Aisin Corporation
- BorgWarner Inc.
- Continental AG
- Eaton Corporation plc
- Schaeffler AG
- ZF Friedrichshafen AG
- Allison Transmission, Inc.
- JATCO Ltd.
- Dana Incorporated
- Aichi Machine Industry Co., Ltd.
- Others
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