Commercial Vehicle Transmission Market
Commercial Vehicle Transmission Market Analysis, By Type (Manual, Automatic, Automated Manual), By Engine (IC Engines, Electric Engines), and By Region – Global Market Insights 2023 to 2033
Analysis of Commercial Vehicle Transmission Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Commercial Vehicle Transmission Market Outlook (2023 to 2033)
The global commercial vehicle transmission market is valued at US$ 25.8 billion in 2023 and is forecasted to reach US$ 42.5 billion by 2033, expanding at a CAGR of 5.1% from 2023 to 2033.
A transmission device provides different gear or drive ratios between the engine and tires of an automobile with the primary objective of allowing the vehicle to accelerate quickly from a stop and retain engine efficiency across a wide speed range. Automotive transmission systems (AMT) provide powerful engine brakes and straightforward infinite gear control.
Standard transmission systems are the main parts of an automobile that affect fuel economy, and an AMT system is quite good at providing the driver with the right gear at the right time. A hydraulic system, a computer-controlled input shaft, a transmission pump, and other components make up a transmission system. automatic manual transmission (AMT) is often referred to as semi-automatic transmission (SAT) or clutch-less manual transmission (CMT).
Continuously variable transmission (CVT) offers unlimited gear ratios, improving driving comfort and maximizing fuel efficiency. One of the most recent developments in automatic automobiles is the clutchless manual transmission.
With the rising desire for a better driving experience regarding smoother gear shifting and more vehicle acceleration, the global market for commercial vehicle transmissions is predicted to expand significantly during the forecast period. The use of cutting-edge technologies and global sustainable economic development are a couple of the key drivers of market expansion. Also, it is projected that in the near future, demand for automatic transmissions will rise due to increased automobile manufacturing across the world.
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Report Attributes |
Details |
Market Size in 2022 |
US$ 24.5 Billion |
Estimated Market Value (2023) |
US$ 25.8 Billion |
Forecasted Market Value (2033) |
US$ 42.5 Billion |
Global Market Growth Rate (2023 to 2033) |
5.1% CAGR |
China Market Growth Rate (2023 to 2023) |
7.7% CAGR |
Companies Profiled |
|
What are the Key Factors Driving Commercial Vehicle Transmission Market Growth?
“Rising Demand for Light Transmission Systems and Fuel-Efficient Vehicles”
Government rules for safety, carbon emissions, and lightweight automobiles have forced OEMs to utilize parts that will help reduce the vehicle's overall weight. Manufacturers are under constant pressure to lower the pollution emissions of vehicles.
Worldwide, especially people in industrialized countries, are more likely to choose new, fuel-efficient, environment-friendly vehicles with improved performance and lower pollution levels.
To further lower the weight of the vehicle, manufacturers are primarily working on lightening up different components, including transmission systems.
“Introduction of 3D Printing in Truck Components”
The expansion of the market will be fueled by the introduction of 3D printing in commercial truck transmissions. Additive manufacturing (AM), which functions similarly to a laser printer, is frequently called 3D printing. Yet, fast prototyping and AM both make use of 3D printing. The process involves printing successive layers directly on top of one another to create a solid item.
Using digital model data from a 3D model or electronic data sources, such as an additive manufacturing file, items of any shape or geometry can be manufactured with AM (AMF). As a result, unlike traditional machining, which removes material from stock, additive manufacturing (AM) constructs a 3D object from a computer-aided design (CAD) model or AMF file by adding material gradually layer by layer.
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What Market Challenges Do Commercial Vehicle Transmission Manufacturers Face?
“High Cost and Convoluted Manufacturing Process”
Automatic transmission systems are typically expensive and have a complex production process. These systems, which are employed in automobiles, are adjusted in accordance with a vehicle’s platform and backed by numerous sensors due to expanding technical advancements.
These features raise the cost of these systems, which, in turn, is slowing down product acceptance and limiting the expansion of the market.
Variations in the prices of raw materials could reduce market competition. Although expensive, weight-reducing alloys and lightweight materials are crucial for the creation of effective and portable transmissions.
The high cost of raw materials, which results in the high cost of transmission systems, is one of the main obstacles facing manufacturers. This is primarily because, especially in emerging countries, more people chose cost-effective vehicles over performance.
Country-wise Insights
Why are Commercial Vehicle Transmission Manufacturers Eyeing India, Japan, and China?
“Increased Vehicle Production Capacity by Manufacturers”
Asia Pacific is projected to lead the global market during the forecast period. China is predicted to have a big impact on the expansion of the regional market. The market in China is predicted to expand at a CAGR of 7.7% over the forecast period.
Demand for vehicle transmission systems is anticipated to increase significantly over the next few years as a result of increased vehicle production in China, Japan, and India, and rising manufacturers' concentration on increasing their production capacity.
Which are the Opportunities in the United States Market?
“Stringent Emission Regulations and Presence of International Players”
North America is anticipated to be a key regional market with high prospects during the projected period. The market for automotive transmissions is expanding rapidly as a result of the increased demand for aftermarket transmission systems in the region. The presence of international automakers such as General Motors, Tesla, and Ford, all of whom are renowned for producing some of the most dependable vehicles, is a major factor driving the North American truck transmission market.
Rapidly increasing demand for automatic manual transmissions (AMT) is being witnessed in the United States. Market expansion is anticipated to be supported by technologically advanced manufacturing hubs in the country. The market in the United States is projected to expand at a healthy CAGR of 6% during the forecast period.
Both manual vehicle transmission and automotive automatic transmission production facilities are abundant in the country, which has resulted in the substantial penetration of these systems. The market has expanded in part because of the country's vast fleet of automobiles and strict emission laws.
- To meet the rising demand in North America, ZF announced in February 2021 a US$ 200 million investment in the production of commercial vehicle gearboxes. ZF started producing its PowerLine 8-speed automatic transmission in Gray Court, South Carolina, in 2023, adding 500 new jobs.
What is the Growth Outlook for the Market in Germany & Italy?
“Technological Advancements and Dual-Clutch Transmission Systems”
The adoption of cutting-edge technologies such as continuously variable transmissions and dual-clutch transmissions is particularly high in Germany. The country's emphasis on reducing emissions and fuel consumption has also influenced the adoption of these systems.
With several factories producing both manual and automatic vehicle transmissions, Germany and Italy are the two main markets for vehicle transmission systems in Europe. The market in Germany is expected to expand at a CAGR of 3.7% during the anticipated timeframe.
- A new 8-speed automatic transmission was created by German automatic transmission supplier ZF. The company's primary goal was to increase fuel efficiency through the use of lightweight technology.
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Category-wise Insights
Which Type of Engine Will Account for Higher Deployment of Commercial Vehicle Transmission Systems?
“IC Engines to Lead Commercial Vehicle Transmission Market Growth”
Based on engine type, the market has been divided into IC engines and electric engines. Because there are more and more vehicles on the road with IC engines, it has become a dominant segment in the global market. As such, the internal combustion (IC) engine sector will rule the world market for commercial vehicle transmissions.
Internal combustion (IC) engines and hybrid electric vehicles are now paired together to increase fuel efficiency. To increase the variety of plug-in electric vehicles, these engines are also combined with plug-in hybrid electric powertrains. Over the coming years, these benefits should present lucrative growth prospects for the target market from the internal combustion engine industry.
Why is the Popularity of AMT So High?
“Rising Use of AMT in Commercial Vehicles and Heavy-Duty Vehicles”
The global market is dominated by automated manual transmissions due to the growing use of these systems in both light and large commercial vehicles.
Commercial vehicles use automated manual transmissions (AMTs) as a sort of drive-train technology to improve fuel economy and lower harmful emissions. It is an effective method of driving cars that combines electronic controls and variable valve timing to shift gears without a clutch. AMT systems are more effective than regular car transmission technologies since they are built for heavy-duty transmissions with long running times.
Competitive Landscape
Some of the key players in the commercial vehicle transmission market are Schaeffler AG, ZF Friedrichshafen AG, JATCO Ltd., Hyundai Transys Inc., and Magna International Inc. Transmission system producers are motivated to provide affordable resolutions without negotiating on the vehicle's efficiency.
Dealers are emphasizing globalization and developing products that comply with pollution standards. Because of this, manufacturers are concentrating on creating new technologies while dealers are collaborating with local partners to reduce manufacturing costs and provide the market with efficient technology.
New intelligent transmissions are being designed as an integration inside commercial vehicles, and WABCO is a component of that. By automated, optimized gear shifting, intelligent automation frees drivers from continual clutch and shift operations and provides additional advantages such as better fuel efficiency, longer component lifetimes, and higher safety.
- Dana revealed a brand-new electronic transmission and electronic clutch for off-road vehicles in February 2019.
- In May 2022, Magna started manufacturing a new 7-speed mild hybrid dual-clutch transversal transmission for the BMW Group. On the BMW Group platform, Magna is the exclusive provider of mild hybrid transmission for all front-transverse uses. Internal combustion engine CO2 emissions are greatly reduced by this moderate hybrid gearbox method.
Know thy Competitors
Competitive landscape highlights only certain players
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Key Segments of Industry Research
-
By Type :
- Manual
- Automatic
- Automated Manual
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By Engine :
- IC Engines
- Electric Engines
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By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
- FAQs -
What is the size of the commercial vehicle transmission market?
The global commercial vehicle transmission market is valued at US$ 25.7 billion in 2023.
What is the expected CAGR for the market over the decade?
Global demand for commercial vehicle transmission systems is expected to rise at a CAGR of 5.1% from 2023 to 2033.
What is the estimated market size for commercial vehicle transmissions by 2033?
The market for commercial vehicle transmissions is anticipated to reach US$ 42.5 billion by 2033.
What is the anticipated CAGR for manual transmission systems?
Demand for manual transmission systems is expected to increase at 3.4% CAGR through 2033.
Who are the leading manufacturers of commercial vehicle transmission systems?
Aisin Seiki Co., Allison Transmission, Inc., Continental AG, Eaton Corporation, JATCO Ltd., Knorr-Bremse AG, Mack Trucks, Inc., Magna International, Inc., Oerlikon Graziano SpA are key companies in the commercial vehicle transmission market.