Posted 2/20/2024, 7:30:00 AM
Automotive Transmission Market to Reach $84 Billion by 2028, Driven by Shift to Automatics and Electric Vehicle Growth
- Automotive transmission market projected to reach $84.2 billion by 2028, growing at a CAGR of 6.2% from 2023-2028
- Shift towards automatic transmissions due to rising consumer preference for convenience and demand for fuel-efficient vehicles
- Increasing adoption of electric and hybrid vehicles requiring specialized transmissions like CVTs and single-speed transmissions
- CVT estimated to be fastest-growing transmission type regarding number of forward gears during forecast period
- Asia Pacific seen as fastest-growing region, driven by China and rising disposable incomes and vehicle production