Automotive Gear Shift System Market – Key Insights

• 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.

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• 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.

What are the Vital Factors Driving the Growth of Automotive Gear Shift System Market?

• 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.

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• 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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• Advancements in additive manufacturing and powdered metallurgy are likely to fuel automotive gear shift system market growth with the combination providing manufacturers with an efficient and cost-effective technique for the production of complex components used in gear shifting mechanisms in substantially lesser time than other conventional modes of manufacturing.

What are the Challenges which Need to be Addressed by Stakeholders in the Automotive Gear Shift System Market?

• Surge in the prices of non-ferrous raw materials and their alloys continue to be a longstanding challenge for gear shift system market. Increasing regulatory pressure to streamline mining processes to substantially reduce the harmful impacts of the procedure on the environment is a key cause expected to create a significant surge in the prices of raw materials.
• Demand for lightweight and durable alternatives to conventional materials in electric vehicles will entail migration to new systems and technologies, and pose challenges to the existing status-quo.
• Consumers in China and India – two of the prominent markets for automotive industry – are extremely cost-sensitive and expect quality features at affordable costs. Gear shift system manufacturers are under increasing pressure to offer competitively-priced products without compromising on the quality in these lucrative markets.