Global Automotive Gear Shift Systems Market | APAC to Notice Faster Growth and Occupy 59% Market Share | Technavio
NEW YORK, May 24, 2021 /PRNewswire/ -- The automotive gear shift systems market is projected to grow by 21.59 million units, registering a CAGR of over 5% during 2021-2025. Technavio's report on the automotive gear shift systems market covers the market outlook and growth prospects during the forecast period.
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Technavio's research study provides comprehensive information on the factors affecting the growth of the automotive gear shift systems market across the following regions.
- APAC
- Europe
- North America
- South America
- MEA
Automotive Gear Shift Systems Market in APAC:
"APAC occupied about 59% of the market share in 2020 and the region is offering significant growth opportunities for market vendors. Increasing income levels and the growth of the middle class in emerging economies will present significant opportunities for market vendors," says a senior analyst at Technavio.
The implementation of stringent emission norms and the rising sales of passenger cars and commercial vehicles will be crucial in driving the growth of the market in APAC. The revenue contribution to the market in APAC will be maximum from countries such as China, India, South Korea, and Japan.
Automotive Gear Shift Systems Market in Europe:
"The market observing increased competition across all vehicle segments among automobile manufacturers such as BMW AG (BMW), AUDI AG (AUDI), and Daimler AG (Daimler). This coupled with rising stringency of regulations is necessitating the need for fuel-efficient technologies, which is creating a high demand for optimal drive technologies such automotive gear shift systems in the region," says a senior analyst at Technavio.
The market is expected to register a 4.74% CAGR in Europe during 2021-2025. Factors such as technological advances in automotive components, electrification of mechanical components, and the incorporation of enhanced ride and handling technologies will be crucial in driving the automotive gear shift systems market growth in Europe. The revenue contribution to the market in Europe will be maximum from Germany.
Automotive Gear Shift Systems Market in North America:
"The high preference for self-owned vehicles is increasing the sales of passenger vehicles in North America. Also, the emergence of Mexico as a major automobile manufacturing hub is creating several growth opportunities in the region," says a senior analyst at Technavio.
The market is expected to register a 4.43% CAGR in North America during the forecast period. The low cost of fuel, low interest rates, availability of credit, low unemployment rates, improvements in the labor market, and the growth of vehicle leasing are fostering the growth of the automotive gear shift systems market in North America. The US is the major market for automotive gear shift systems in the region.
Know about the major factors impacting the growth of the market across other regions by downloading our free sample report:
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The global automotive gear shift systems market is driven by the following factors:
- Use of automatic transmission vehicles
- Increased adoption of electronics in modern vehicles
- Increased preference for fuel-efficiency
Based on the transmission type, the report segments the automotive gear shift systems market by automatic transmission and manual transmission.
The automatic transmission segment registered maximum growth in the market in 2020. The segment is driven by the increasing demand for vehicles with automatic transmission systems from developing countries. Also, the development of multiple variants of automatic transmission gear shift systems is expected to contribute to the growth of the segment during the forecast period.
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Top vendors highlighted in the Automotive Gear Shift Systems Market Report:
The report offers insights on key products offered and business strategies adopted by major vendors including,
- DURA Automotive Systems
- Eissmann Automotive Deutschland GmbH
- Fuji Kiko Co. Ltd.
- GHSP
- Jopp Holding GmbH
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