Commercial Vehicle Transmission Oil Pump and Transmission System Market Scope 2031
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.
Commercial Vehicle Transmission Oil Pump and Transmission System Market Analysis
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.
Commercial Vehicle Transmission Oil Pump and Transmission System Market Overview
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
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Commercial Vehicle Transmission Oil Pump and Transmission System Market: Strategic Insights
Market Size Value in US$ 29,302.0 Million in 2021 Market Size Value by US$ 44,394.08 Million by 2028 Growth rate CAGR of 6.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Commercial Vehicle Transmission Oil Pump and Transmission System Market: Strategic Insights
| Market Size Value in | US$ 29,302.0 Million in 2021 |
| Market Size Value by | US$ 44,394.08 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Commercial Vehicle Transmission Oil Pump and Transmission System Market Drivers and Opportunities
Increasing Demand for Automatic and Semi-Automatic Transmission System
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 System for Electric Commercial Vehicle
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.
Commercial Vehicle Transmission Oil Pump and Transmission System Market Report Segmentation Analysis
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.
- Based on offering, the market is divided into transmission oil pump and transmission system. Among this transmission system has a larger share in 2023, owing to increasing advancement of the transmission systems.
- Depending upon the oil pump product type, the market is divided into fixed displacement pump and variable displacement pump. Among these, fixed displacement pump has a larger share in 2023.
- Based on oil pump type, the market is divided into vane type, gear type, and rotor type.
- Depending upon the transmission system type, the market is divided into manual transmission, automatic transmission, and automated manual transmission. Among these, automatic transmission has a largest share in 2023.
- Based on vehicle type, the market is divided into MCV and HCV. Based on MCV, the market is divided into class III and class VI. Depending upon the HCV, the market is divided into Class VII to Class VIII. Among these, HCV has largest share in 2023.
- Depending upon the powertrain type, the global market is divided into internal combustion engine, electric, and hybrid. Among these, internal combustion engine has a largest share in 2023. This is owing to increasing commercial vehicles sale across the globe.
Commercial Vehicle Transmission Oil Pump and Transmission System Market Share Analysis by 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.
Commercial Vehicle Transmission Oil Pump and Transmission System Market Report Scope
Commercial Vehicle Transmission Oil Pump and Transmission System Market News and Recent Developments
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:
- Nidec Power Train Systems Corporation (the “Company”) announced today that it has successfully developed a new electric oil pump for automotive CVT (continuously variable transmission) systems. This latest product is used to supply oil pressure to the CVT system of a vehicle in the idling-stop mode, and support a car’s engine-driven mechanical oil pump. In an active attempt to reduce their vehicles’ CO2 emissions, individual car manufacturers are shifting toward producing electric and hybrid vehicles and other eco-friendly cars installed with an idling-stop function (Source: Company Website, August 2023)
Commercial Vehicle Transmission Oil Pump and Transmission System Market Report Coverage and Deliverables
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:
- Commercial vehicle transmission oil pump and transmission system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Commercial vehicle transmission oil pump and transmission system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Commercial vehicle transmission oil pump and transmission system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Commercial Vehicle Transmission Oil Pump and Transmission System market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering , Oil Pump Product Type , Oil Pump Type , Transmission System Type , Vehicle Type , and Powertrain Type and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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