Transmission Control System Market to Reach $58.61 Bn, Globally, by 2026 at 6.3% CAGR: Allied Market Research
Surge in demand for automatic transmission in vehicles and growth in trend of autonomous vehicles propel the growth of the global transmission control system market
PORTLAND, Oregon, April 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Transmission Control System Market by Installation (Integrated and Stand-alone) and Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global transmission control system industry garnered $36.30 billion in 2018, and is expected to generate $58.61 billion by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
Prime determinants of growth
Increase in demand for automatic transmission in vehicles and rise in trend of autonomous vehicles drive the growth of the global transmission control system market. However, high cost of transmission control system restrains the market growth. On the other hand, production of active shift control transmission is expected to create new opportunities in the market.
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The integrated segment to continue its lead position during the forecast period
Based on installation, the integrated segment held more than half of the total share of the global transmission control system market in 2018, and is expected to continue its lead position during the forecast period. This is due to electronic set and electrical components such as transmission control unit, sensors, solenoids, and hydraulic valve body are integrated into a single module which makes it the largest segment in installation. However, the stand-alone segment would witness the highest CAGR of 7.1% from 2019 to 2026, as it is inexpensive and easy-to -use, and offers benefits such as reliability and high performance.
The passenger vehicle segment maintains its lead in terms of revenue by 2026
Based on vehicle type, the passenger vehicle segment held the largest market share of the global transmission control system market in 2018, accounting for nearly two-third of the total share, and will maintain its leadership position in terms of revenue throughout the forecast period. Rise in infrastructural development has fueled the adoption of passenger cars, and propelled the growth of the segment. However, the electric vehicle segment is estimated to register the fastest CAGR of 14.9% from 2019 to 2026. Increase in demand for fuel efficient vehicle and government initiatives for adoption of electric vehicle makes this segment the fastest growing.
Asia-Pacific to grow at the fastest rate
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue, contributing to more than two-fifths of the global transmission control system market in 2018, and is estimated to continue its dominant share during the forecast period. In addition, the region is estimated to witness the highest CAGR of 7.6% from 2019 to 2026. Rising population, government policies for emission control and increase in demand for Automobiles, augmented the growth of the region.
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Leading market players
- EATON
- Infineon Technologies AG
- Robert Bosch GMBH
- ZF Friedrichshafen AG
- Delphi Technologies
- DENSO Corporation
- Dana Limited
- Allison Transmission Inc.
- Borgwarner Inc.
- Continental AG
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