How Is The Global Continuously Variable Transmission Market Defined?
Continuously variable transmission is an automotive transmission technology that enables seamless gear ratio adjustments, offering smoother acceleration and improved fuel efficiency compared to traditional automatic transmissions. It is operated without fixed gears, using a system of pulleys and belts to maintain optimal engine performance across various driving conditions.
Continuously Variable Transmission Global Market Report 2024 provides data on the global continuously variable transmission market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The continuously variable transmission market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Continuously Variable Transmission Market Size And Annual Growth Rates?
The continuously variable transmission market has seen robust growth, rising from $20.14 billion in 2023 to $21.20 billion in 2024 at a CAGR of 5.3%. This growth has been fueled by increased sales of luxury vehicles, rising demand for fuel efficiency, and a surge in utility and passenger vehicle demand, alongside growing safety and comfort concerns. The market is anticipated to grow to $26.30 billion by 2028 at a CAGR of 5.5%. Future drivers include increased automobile production, demand for eco-friendly vehicles, expansion of local manufacturers, greater environmental awareness, and rising sales of both commercial and passenger cars. Emerging trends encompass advancements in transmission technologies, integration with hybrid and electric vehicles, adoption in luxury vehicles, and the incorporation of start-stop systems and assistance technologies.
Which Key Drivers Are Propelling The Continuously Variable Transmission Market's Growth?
The rising production of automobiles is expected to fuel the growth of the continuously variable transmission market. The production of automobiles involves various stages, from design and engineering to assembly and distribution. Factors such as technological advancements, increasing demand for electric vehicles, and improvements in automation and global supply chains contribute to the automotive industry's growth. Continuously variable transmissions are crucial in enhancing vehicle performance, fuel efficiency, and driving comfort across different vehicle types and conditions. For instance, in 2023, the International Organization of Automobile Manufacturers reported a rise in global motor vehicle production from 84.83 million in 2022 to 93.55 million in 2023. This increase in automobile production is expected to boost the continuously variable transmission market.
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What Are The Key Segments Within The Global Continuously Variable Transmission Market?
The continuously variable transmission market covered in this report is segmented –
1) By Type: Belt-Chain Drive Continuously Variable Transmission, Planetary Continuously Variable Transmission
2) By Capacity: Up To 1.5 L, 1.5 L To 3.0 L, Above 3.0 L
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicles
4) By End-Use: Original Equipment Manufacturer, Aftermarket
How Are New Trends Impacting The Size Of The Continuously Variable Transmission Market?
Companies in the continuously variable transmission industry are developing cutting-edge products such as automatic transmissions to enhance vehicle performance and comply with strict emission standards. These systems automate gear ratio changes, eliminating manual gear shifts. For example, in June 2021, JATCO Ltd., a Japan-based company, introduced the Jatco CVT-X JF022E for medium to large FWD vehicles. This next-generation transmission uses advanced adaptive control algorithms for seamless gear adjustments based on real-time driving conditions, ensuring optimal power delivery and fuel efficiency. Its robust design caters to both traditional internal combustion engines and hybrid powertrains.
Which Region Drives The Highest Growth In The Continuously Variable Transmission Market?
Asia-Pacific was the largest region in the continuously variable transmission market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the continuously variable transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
