Automotive Gear Shift System Market Projected to Witness a Single-Digit CAGR During 2018 to 2028
This report provides prognosis and analysis of the automotive gear shift system market. It offers historical data along with forecast data for 2028.
Rockville, MD -- (SBWire) -- 04/19/2019 --In order to dissert the market scenario prevailing across the "automotive gear shift system market" sector, FactMR has evenly presented a new examination titled "Automotive Gear Shift System Market Projected to Witness a Single-Digit CAGR during 2018 to 2028| Key Players are Kongsberg Automotive ASA, SL Corporation, GHSP Inc., Ficosa International, etc.", to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the automotive gear shift system market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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Resurgence in the sales of automobiles during the 2013-2017 period bolstered automotive gear shift system market growth which witnessed a CAGR of 3.7% during the period. Burgeoning demand for automobiles in both developing and developed economies coupled with the growing production of electric vehicles is expected to fuel automotive gear shift system market proliferation which was valued at US$ 22 billion in 2018 and is estimated to witness a steady growth at a CAGR of over 4.5% during 2018-2028. East Asia is expected to retain its position as the largest automotive gear shift system market during the forecast period. Strong automobile sales and availability of affordable labor will continue to drive growth
South Asia is likely to emerge as the fastest growing automotive gear shift system market. Growth will be underpinned by burgeoning automobile sales in emerging economies in India, Thailand, and Indonesia and supported by bullishness in the economies.
The development of automatic gear shift transmission systems is allowing automobile manufacturers to enhance the fuel-efficiency of their vehicles. Compliance with Corporate Average Fuel Economy (CAFÉ) norms coupled with the growing concerns about environmental degradation due to emissions is expected to play a vital role in bolstering the demand for automatic transmission systems which, in turn, is estimated to fuel automotive gear shift system market growth.
Electric vehicles (EVs) are witnessing steady adoption, with many automakers committing to investments in this innovative technology. The growth in EV segment is likely to create significant opportunities for automotive gear shift system manufacturers. Advancements in technology are aiding automotive gear shift system manufacturers in the development of sophisticated gear shifting mechanisms which can adapt autonomously to the driving conditions and provide optimized performance for better fuel economy and vehicle efficiency.
Introduction of novel and improved systems for testing and measuring the performance of automotive gear shift systems is helping manufacturers and end-users analyze and make necessary adjustments. The advanced testing systems are expected to aid in the development of custom gear shifting mechanisms and torque systems which, in turn, can help automobile manufacturers in accommodating the changing consumer needs in addition to complying with new government regulations.
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Some of the leading players operating in the automotive gear shift system market include Kongsberg Automotive ASA, SL Corporation, GHSP, Inc., Ficosa International, S.A., Fuji Kiko Co., Ltd., Leopold Kostal GmbH & Co. KG, Tokai Rika Co., Ltd., Jopp Holding GmbH, and Dura Automotive Systems, LLC.
Automobile companies are focusing on the development of new technologies to enhance the performance of manual transmissions. In addition, the burgeoning demand for lightweight commercial vehicles in evolving mobility and ride-sharing services is likely to be a vital factor bolstering automotive gear shift system market growth. Other gear types in joystick, rotary, and stalk type are estimated to find increasing demand in different vehicles based on their utility. Automotive gear shift system market is expected to generate substantial revenues from both OEMs and aftermarket sales.
The report on automotive gear shift system market is the consequence of a robust and elaborate research methodology employed during the compilation of the report. A two-step process involving primary and secondary researches was conducted to obtain invaluable and actionable insights into the automotive gear shift system market. Primary research was conducted by interviewing seasoned experts from the automotive gear shift system market while a thorough study of company press releases, trade journals, paid sources, and other publications related to the automotive gear shift market formed the basis of the secondary research. Results from both the steps of research were triangulated to create an authentic and accurate forecast of the automotive gear shift system market.
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