The commercial vehicle transmission oil pump and transmission system market size is projected to reach US$ 51,443.23 million by 2031 from US$ 32,793.17 million in 2023. The market is expected to register a CAGR of 5.8% during 2023–2031. The increasing demand for the electric transmission oil pumps with increased sale of the commercial vehicles across the globe is driving the trend in the market.
The commercial vehicle transmission oil pump and transmission system market is expected to witness significant growth in the coming years attributing to increasing demand for commercial vehicles from developing nations and growing trend of AMT transmission in commercial vehicles. Innovations and technological advancements are key stones of the US economy. The country retains technology supremacy in the various component of automobiles. This presents a significant opportunity for the commercial vehicle transmission oil pumps and transmission systems manufacturers to produce advanced technology commercial vehicles.
Automotive is one of the key sectors driving the economy of Middle East with an increasing number of vehicles production. Saudi Arabia has one of the world’s largest vehicle population ratio. Saudi Arabia, the UAE, and Kuwait lead the gulf countries in terms of automobile on the road. The per capita income of these countries is high. Hence, the region is one of the ideal markets for the automotive sector due to the strong purchasing power of consumers
Transmission system ensures a smooth and comfortable drive by transferring the maximum amount of power from an engine to the wheels via gearbox. The majority of low- and mid-range vehicles now use semi-automatic and automatic transmission systems. The mobility and fuel efficiency of a car can be considerably influenced by an automated transmission system, depending on the electrical technology utilized in the transmission and the design of the transmission system. Automatic gearboxes or dual pedal technology is available in various configurations, such as Automatic Transmission (AT), Automated-Manual Transmission (AMT), Continuously Variable Transmission (CVT), Dual-Clutch Transmission (DCT), Direct Shift Gearbox (DSG), and Tiptronic Transmission. The shift from manual to automatic transmissions is driven by an increased desire for comfort and safety. Automatic gearboxes are comfortable, safe, environment friendly, and cost effective. They also provide a superior driving experience. A driver does not need to handle the clutch with an automatic transmission, which is quite convenient, especially in urban stop-and-go traffic. Autonomous parking assistants, for example, make daily living accessible and are a precursor to utterly automated driving.
Transmission for electric vehicles is utilized to transfer mechanical power from an electric traction motor to the wheels. Most of the electric cars are equipped with single-speed transmissions, which are sufficient for efficient operation in today's world. However, several vehicle types benefit from the usage of a multi-speed transmission. Furthermore, many of the major manufacturers in the EV transmission market are developing multi-speed transmission sailing operations and load shifting capabilities for electric vehicles to launch them shortly. To follow government rules regarding emission limits and future fuel usage, the development of electric vehicles is gaining traction at a rapid pace. Apart from the traction motor, the transmission or gearbox in the drive system is another critical component in an electric vehicle's power performance. Electric vehicles require enough power to overcome road load when driving.
Key segments that contributed to the derivation of the commercial vehicle transmission oil pump and transmission system market analysis are offering, oil pump product type, transmission system type, vehicle type, powertrain type and geography.
The geographic scope of the commercial vehicle transmission oil pump and transmission system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The governments of various countries in Asia Pacific are focusing on the manufacturing of automobiles in their respective countries. For instance, through Made in China 2025, the government of China is supporting local companies to compete with foreign automakers. Furthermore, initiatives by the government of India, such as Automotive Mission Plan 2016-26, are supporting the country’s growing automotive manufacturing industry. Therefore, theses government initiatives would boost the growth of the automotive sector in the region, which would subsequently drive the commercial vehicle transmission oil pump and transmission system market during the forecast period.
The regional trends and factors influencing the Commercial Vehicle Transmission Oil Pump and Transmission System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Commercial Vehicle Transmission Oil Pump and Transmission System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 32,793.17 million |
| Market Size by 2031 | US$ 51,443.23 million |
| Global CAGR (2023 - 2031) | 5.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Commercial Vehicle Transmission Oil Pump and Transmission System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Commercial Vehicle Transmission Oil Pump and Transmission System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The commercial vehicle transmission oil pump and transmission system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Commercial Vehicle Transmission Oil Pump and Transmission System Market are listed below:
The “Commercial Vehicle Transmission Oil Pump and Transmission System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific is expected to dominate the commercial vehicle transmission oil pump and transmission system market in 2023.
The increasing demand for automatic and semi-automatic transmission system drives the market growth.
The increasing demand for the electric transmission oil pumps with increased sale of the commercial vehicles across the globe drives the market growth
Allison Transmission Holding INC, BorgWarner Inc., Qijiang Gear Transmission Co., Ltd., Daimler AG, Eaton Group, Mack Trucks, ScaniaSinotruk (Hong Kong) Limited, Shaanxi Fast Auto Drive Co. Ltd., Volvo AG are among the major companies operating in the commercial vehicle transmission oil pump and transmission system market.
The commercial vehicle transmission oil pump and transmission system market size is projected to reach US$ 51,443.23 million by 2031 from US$ 32,793.17 million in 2023.
The market is expected to register a CAGR of 5.8% during 2023–2031.