Global Automotive Gear Shift System Market Size, Share, Forecast Report, 2020-2027
Automotive gear shift system is a metal lever attached to shift assembly framework and are used to change gears. Gear shift system is used to accelerate and decelerate the vehicle. Gear shift system is widely used in automotive and have basically two types, namely manual system and automatic system. The manual gearshift system requires a clutch pedal whereas an automatic gear shift system or a semi-automatic, does not use the gearshift system clutch pedal.
The global automotive gear shift system market has seen remarkable growth; expected to expand with the CAGR of ~6.56%. In the automotive industry, advancement of technologies plays a vital role in transforming the components. The rising use of electronic gear shift system instead of manual gear shift system is one of the major transformations, which enhances the demand for advanced systems. In many regions, strict government vehicle standards for the new vehicle is expected to enhance the growth during the forecast period. Manufacturers use more fuel and emission efficient components in vehicles to follow government guidelines. Research and development for better automotive gear shift systems may play a significant role in enhancing the global market revenue. Growing automotive industry, increased advancement in technologies, and increase in demand for fuel-efficient components are the major drivers for the automotive gear shift system market. Introduction of electric vehicles in the market will create new opportunities in the market and further boost the growth of the market. However, the high cost of the raw material is the major challenge for the automotive gear shift system market.
Global automotive gear shift system market is segmented on the basis of type, fuel system, application, and region. On the basis of type, the market has been segmented into automatic system and manual system. On the basis of fuel system, the market has been segmented into petrol, diesel, and gasoline. On the basis of application, the market has been segmented into passenger cars, light commercial vehicle, and heavy commercial vehicle.
Geographically, the global automotive gear shift system market has been divided into four major regions of North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to dominate the market during the forecast period in terms of value and volume. Increased sales of vehicles and demand for passenger vehicles will enhance the market revenue during the forecast period for Asia pacific. Europe will be the second highest in terms of market share due to stringent government regulations regarding the vehicle transmission. .
The prominent players in the automotive gear shift system market include Allison Transmission (U.S.), Aisin Seiki Co., Ltd. (Japan), GETRAG (Germany), ZF Friedrichshafen AG (Germany), and GKN PLC (U.K.). ZF Friedrichshafen AG (Germany), Eaton Corporation PLC (Republic of Ireland), Continental AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), and JATCO Ltd. (Japan) are among other important players.