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Automotive Transmission Systems Market Size 2024-2028

The automotive transmission systems market size is forecast to increase by USD 53.2 billion at a CAGR of 6.08% between 2023 and 2028.

The market is experiencing significant growth due to the increasing adoption of automatic transmissions in vehicles. This trend is driven by the convenience and improved fuel efficiency that automatic transmissions offer. Additionally, the development of auto-shift manual transmission systems with adaptive transmission control is gaining traction, providing a middle ground between manual and automatic transmissions. 
The industrial sector's shift towards carbon neutrality and stringent environmental regulations are also driving the demand for more efficient and less harmful emissions boiler technologies, such as those fueled by natural gas, biomass, and hydrogen. However, challenges persist in the form of erratic gear shifts resulting in whining and grinding noise due to wear and tear. Manufacturers are investing in research and development to address these issues and improve the overall performance and durability of transmission systems. The market is expected to continue its growth trajectory, driven by these trends and the ongoing demand for advanced and efficient transmission systems.

What will be the Size of the Automotive Transmission Systems Market During the Forecast Period?

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The market is experiencing significant dynamics and trends shaped by various factors. Increasing carbon emissions concerns and the push towards renewable energy sources are driving the demand for more efficient transmission systems. Industrial facilities in multiple industries, including food and beverage, petrochemical, power, and oil and gas, are investing in advanced transmission systems to reduce their environmental footprint and comply with stringent laws.
However, these investments come with heavy expenses, including installation costs, labor costs, and miscellaneous expenses. Moreover, inflation and volatile oil prices can impact the market's growth. Downtime due to damaged boilers and other maintenance issues can also result in significant losses. Despite these challenges, the market is expected to grow as industries continue to seek ways to optimize their operations and reduce harmful emissions.

How is this Automotive Transmission Systems Industry segmented and which is the largest segment?

The automotive transmission systems industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Vehicle Type

  Passenger
  Commercial


Type

  Manual
  Automatic


Fuel Type

  Diesel
  Gasoline
  Alternate Fuel


Transmission Type

  Automatic Transmission
  Automated Manual Transmission
  Dual-Clutch Transmission
  Continuously Variable Transmission
  Manual Transmission


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany


  North America

    Canada
    US


  South America



  Middle East and Africa

By Vehicle Type Insights

The passenger segment is estimated to witness significant growth during the forecast period.

The passenger segment of the market is projected to expand at a consistent rate due to the increasing consumer preference for automobiles equipped with advanced transmission systems. Automated gearboxes, including CVTs and DCTs, offer advantages such as enhanced fuel efficiency and seamless gear shifts, making them increasingly popular. The passenger cars segment has historically accounted for a significant share of global automobile sales in terms of volume. This trend is driven by the rapid pace of urbanization and the increasing disposable income of consumers. Superior fuel efficiency and smoother gear shifts provided by automated transmission systems are particularly appealing in bumper-to-bumper traffic conditions, leading to their widespread adoption in the passenger car market. The transition towards cleaner and more efficient energy sources, such as renewables and biofuels, is also expected to influence the market, with a growing focus on reducing carbon emissions and promoting industrial sustainability. Industrial facilities, including those in the petrochemical, power, and primary metal industries, are also major consumers of steam generating boilers, which are integral to the operation of these industries.

Moreover, the efficiency and running costs of steam generating boilers, including water-tube, hot water, and oil fired boilers, are critical factors influencing their adoption. The installation, labor, and miscellaneous expenses, along with downtime due to damaged boilers and heavy expenses related to electricity bills, closure of industries, and commercial spaces, are import

Since its introduction in 2015, the Bentley Bentayga has grown to become the company’s most produced passenger car. Specifically, in 2023, the company manufactured ***** Bentayga model vehicles, the highest production level registered for one vehicle model that year.

The Bentayga is a SUV crossover, which was initially fitted with a petrol run engine, but has since become available with a diesel and hybrid motor as well. Bentley Motors originated as a British luxury car brand in 1910 and has been owned by German Volkswagen Group since 1998.

Financial performance bounces back

Bentley Motors has visibly struggled in recent years to maintain its sales output. Despite the launch of the Bentayga initially fueling worldwide sales, by 2018 this figure had declined to similar levels recorded in 2012, before bouncing back in 2019. Similarly, revenues generated by the luxury brand recorded a dip in 2018, but have since bounced back to nearly *** billion euros in 2022—Bentley's most successful financial year since 2009. The luxury brand partly relies on its models' wide range of customization options to drive sales and revenue growth.

Bentayga Hybrid destination market

The greatest share of hybrid run Bentayga models were sold to Europe and markets outside Asia-Pacific, North and South America, at **** percent in 2018. This was followed by Asia-Pacific, accounting for **** percent of sales. Bentley Motors is also committed to becoming fully carbon-neutral by 2030, and has been increasing the number of hybrid options it provides for its vehicles. However, as of 2023, the luxury brand was yet to tap into the booming fully electric vehicle market, unlike some of its luxury competitors. Plans for an all-electric Bentley car could see it reach the United States market by 2026.

This statistic represents adjusted emission levels for light-duty vehicles sold as 2017, 2018, 2019, 2020, and 2021 model year vehicles in the United States, by vehicle type. MY 2021 SUV cars on U.S. roads produced about 282 grams of carbon dioxide per mile. Adjusted carbon dioxide emission values reflect real world estimates. In August 2021, the Biden administration set the goal for 50 percent of the new U.S. vehicles to be electric by 2030 while also tightening pollution standards for cars and trucks in an effort to reduce emissions.