Automotive Gear Shift System Market to Reach US$ 43.5 Billion at 4.8% CAGR by 2033: Fact.MR Study
FACT.MR
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FACT.MR
Companies specializing in automotive gear shift systems are dedicated to developing cutting-edge solutions aimed at enhancing vehicle efficiency and minimizing gear-shifting durations for drivers.
Rockville , Oct. 24, 2023 (GLOBE NEWSWIRE) -- The global Automotive Gear Shift System Market accounts for US$ 27.1 billion in value in 2023 and is forecasted to reach US$ 43.5 billion by the end of 2033. This study by Fact.MR, a market research and competitive intelligence provider, suggests that rising sales of electric and hybrid vehicles will present new opportunities for automotive gear shift system companies in the years ahead.
Burgeoning demand for vehicles in emerging as well as developed countries is projected to be a key prospect driving shipments of automotive gear shift systems over the coming years. Implementation of stringent vehicle emission norms and increasing adoption of advanced technologies in vehicles are also forecasted to augment automotive gear shift system sales across the study period and beyond. China, India, Germany, Brazil, and the United States are slated to be prime markets for automotive gear shift system vendors going forward.
Key Segments of Automotive Gear Shift System Industry Research Report
By Gear Type
By Transmission Type
By Vehicle Type
By Sales Channel
Stick
Shift-by-Wire
Mechanical Linkage
Joystick
Rotary
Stalk
Push Button
Manual
Automatic
Passenger
Compact
Midsized
Luxury
SUVs
Commercial
LCVs
HCVs
OEMs
Aftermarket
Automotive gear shift system manufacturers are focusing on product innovation and investing heavily in R&D to adopt new technologies and make the gear shift process smoother and more intuitive.
In February 2020, Hyundai and Kia, renowned automotive giants from South Korea, announced that they had developed a new Information and Communication Technology (ICT) connect gear shift system. The new system is capable of automatically changing gears based on traffic ahead and was a world first when it was announced.
Key Takeaways from Market Study
The global automotive gear shift system market stands at a valuation of US$ 27.1 billion in 2023.
Demand for automotive gear shift systems is projected to rise at a CAGR of 4.8% from 2023 to 2033.
The market is forecasted to attain a value of US$ 43.5 billion by 2033-end.
Increasing automotive production, growing sales of vehicles, rising popularity of electric vehicles, and advancements in automotive transmission technology are slated to be prime growth drivers.
Surging prices of raw materials and high costs of advanced automotive gear shift systems are projected to be major challenges for market growth in the future.
Demand for automotive gear shift systems in China is forecasted to rise at 4.1% CAGR over the next ten years.
Asia Pacific accounts for more than 30% share of the global market in 2023.
In 2023, automotive gear shift system sales via OEMs hold a share of 60% of the global market.
“Creating gear shift systems for electric vehicles will be the key for companies to stay relevant in the era of vehicle electrification,” says a Fact.MR analyst
Winning Strategy
Automotive gear shift system manufacturers are focusing on streamlining their manufacturing processes to reduce the costs of end products and improve their sales potential. Companies are also opting for various strategies such as mergers, collaborations, and partnerships to fast-track product innovation and gain a competitive advantage over other market players.
Automotive gear shift system manufacturers are dedicated to pioneering novel technologies that enhance vehicle efficiency and minimize gear-shifting durations for drivers.
In 2019, Hyundai, a prominent automotive manufacturer headquartered in South Korea, unveiled the world's inaugural Active Shift Control (ASC) transmission technology for hybrid vehicles. This innovative system can enhance transmission efficiency through constant monitoring of gear shifts at a rapid rate of 500 times per second, resulting in quicker shift times.
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive gear shift system market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on gear type (stick, rotary stalk, push button, joystick), transmission type (aluminum, automatic), vehicle type (passenger, commercial), and sales channel (OEMs, aftermarket), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and Middle East & Africa).
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About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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