What Is The Overview Of The Global Automotive Gear Shifter Market?
An automotive gear shifter is a component used by the driver to change gears in a vehicle's transmission system. It allows the selection of different gear ratios, facilitating the control of speed and torque for the wheels. Gear shifters can be manual, requiring the driver to manually select gears, or automatic, where gear changes are managed by the vehicle's transmission system.
Automotive Gear Shifter Global Market Report 2024 provides data on the global automotive gear shifter market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Automotive Gear Shifter market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Automotive Gear Shifter?
The automotive gear shifter market has seen strong growth, expanding from $11.33 billion in 2023 to $12.07 billion in 2024 at a CAGR of 6.5%. This growth is driven by increased global vehicle production, adoption of advanced automatic and dual-clutch transmission systems, rising demand for luxury and high-performance vehicles, strict emission norms promoting efficient systems, and consumer preference for comfort. The market is expected to reach $15.60 billion in 2028 at a CAGR of 6.6%, fueled by the adoption of electric vehicles, autonomous driving technologies, increased disposable incomes, post-pandemic recovery in automotive production, and regulatory advancements. Key trends include haptic feedback gear shifters, shift-by-wire technology, compact designs, and integration with ADAS.
What Factors Are Driving Growth In The Automotive Gear Shifter Market?
The increasing demand for luxury vehicles is expected to boost the growth of the automotive gear shifter market. Luxury vehicles, known for their superior comfort, performance, and advanced features, are in higher demand due to rising disposable incomes, technological advancements, and a preference for premium features. Automotive gear shifters in these vehicles enhance driving comfort and performance. For example, Porsche AG reported delivering 80,767 cars in Q1 and 320,221 cars over the past 12 months in January 2023, marking a 15% increase in deliveries. In Europe, 36,574 vehicles were delivered, up by 23% from the previous year. Thus, the growing demand for luxury vehicles is driving the growth of the automotive gear shifter market.
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What Are The Main Segments Of The Global Automotive Gear Shifter Market?
The automotive gear shifter market covered in this report is segmented –
1) By Component Type: Electronic Control Unit (ECU), Controller Area Network (CAN) Model, Solenoid Actuator
2) By Product Type: Manual Transmission, Automatic Transmission, Continuously Variable Transmission, Other Product Types
3) By Technology Type: Shift By Wire, Automatic Shifter
4) By Fuel System: Diesel, Petrol, Gasoline
5) By Applications: Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle
What Emerging Trends Are Influencing The Growth Of The Automotive Gear Shifter Market?
Major companies in the automotive gear shifter market are focusing on developing advanced functionalities such as touchscreen gear-shifting mechanisms to gain a competitive edge. A touchscreen gear-shifting mechanism allows gear selection to be controlled entirely through a touchscreen interface, eliminating the need for traditional physical gear selector levers. For instance, in April 2021, Tesla Inc., a US-based automotive company, introduced a touchscreen gear shifter for the Model S and Model X cars. Unlike traditional gear selector levers, these models use a touchscreen controller for shifting gears. Drivers use a sliding selector icon on the touchscreen to choose between Drive (D) or Reverse (R), with Neutral (N) accessible through a shortcut menu. The automotive gear shifter market is projected to reach $Y billion in 2023, $Z billion in 2024, and $AA billion in 2028.
What Is The Largest Region In The Automotive Gear Shifter Market?
Asia-Pacific was the largest region in the automotive gear shifter market in 2023. The regions covered in the automotive gear shifter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
