Global Automotive Transmission Market Report and Forecast 2024-2032

Global Automotive Transmission Market Outlook

The global automotive transmission market size reached approximately USD 138.91 billion in 2023. The market is further projected to grow at a CAGR of 6.3% between 2024 and 2032, reaching a value of USD 239.38 billion by 2032.

Key Trends in the Market

Automotive transmission refers to devices that provide different gear ratios between driver wheels and the engine and are present in the power train of the motor vehicle. The transmission allows the vehicle to accelerate through its gear ranges and move forward.

• The growing popularity of fuel-efficient vehicles due to their ability to offer various advantages including cost efficiency and smaller carbon footprint are boosting the requirement for automatic transmissions aiding the automotive transmission market growth. Automatic transmissions have a better gear ratio, allowing them to utilise less fuel while driving at lower speeds.

• The increasing adoption of manual transmissions across commercial vehicles is supporting the market expansion. The requirement for commercial vehicles is rising due to improved road infrastructure and rapid industrialisation and urbanisation.

• Technological advancements in the manufacturing processes of automotive transmission are offering lucrative growth opportunities to the market. The rising adoption of Dutch clutch transmission technologies, among others over automatic and manual systems due to growing preference for fuel efficient vehicles is also aiding the market expansion.

Global Automotive Transmission Market Analysis

On the basis of transmission type, the market is divided into manual transmission, automatic transmission, continuously variable transmission (CVT), and semi-automatic transmission, among others. Based on fuel type, the market is segregated into petrol, diesel, and CNG.

On the basis of vehicle type, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on region, the automotive transmission market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by Vehicle Type

Passenger vehicles are anticipated to account for a significant automotive transmission market share owing to the rising requirement for mobility due to ever increasing distances between educational institutions, hospitals, work, leisure and shopping facilities, and home. The increased reliance on passenger vehicles for adequate participation in economic and social life by individuals with disabilities and elderly is boosting the requirement for automotive transmissions. Availability of passenger vehicles with novel features and styles is further supporting the market growth.

Market Share by Region

The Asia Pacific is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing demand for fuel efficient vehicles from the region due to rising fuel prices and growing environmental consciousness. Adoption of stringent regulations in various countries across the region are encouraging automotive companies to utilise efficient transmission systems, supporting the market expansion. The automotive transmission market demand is also increasing due to rising vehicle ownership in countries including India, South Korea, and China, due to rising disposable incomes.

Competitive Landscape

Magna International Inc. is a leading motor vehicle manufacturing company, producing automotive components, systems, modules, and assemblies for Ford, Mercedes, BMW, General Motors, Tesla, and Toyota, among others. The company was founded in 1957 and is headquartered in Ontario, Canada.

Aisin Corporation, headquartered in Aichi, Japan, is one of the leading manufacturers of body and chassis, engines, and drivetrains. The company also offers life and amenity products, welfare products, and cogeneration and heat exchange systems, among others.

BorgWarner Inc. is known for delivering sustainable and innovative mobility solutions and are dedicated towards delivering successful electrical innovations, including fuel efficient combustion technology. The company was founded in 1928 and is headquartered in Michigan, United States.

Other automotive transmission market key players include Continental AG, Eaton Corporation plc, Schaeffler AG, ZF Friedrichshafen AG, Allison Transmission, Inc., JATCO Ltd., Dana Incorporated, and Aichi Machine Industry Co., Ltd., among others.

Key Highlights of the Report