Originally published on Technavio:Automotive Clutch Market Analysis: APAC, North America, Europe, South America, Middle East, and Africa - US, China, Japan, UK, France - Size and Forecast 2024-2028
The projected growth of the Automotive Clutch Market is USD 4.49 billion, with a Compound Annual Growth Rate (CAGR) of 5.78% from 2023 to 2028. This accelerated growth is attributed to factors such as increasing disposable incomes, evolving consumer preferences toward advanced vehicles, growing demand for clutch repair and replacement services, and the rising popularity of lightweight and compact clutch designs. The report offers market size, historical data spanning from 2018-2022, and future projections in terms of value in USD billion for each segment.
Our researchers analyzed the data with 2023 as the base year, along with key drivers, trends, and challenges. A comprehensive analysis of drivers will aid companies in refining their marketing strategies to gain a competitive advantage.
Key Market Driver
The key factors propelling market growth are rising disposable incomes and evolving consumer preferences toward advanced vehicles. Advanced transmission technologies offer benefits such as improved fuel efficiency, smoother gear shifts, and enhanced driving comfort, aligning with the preferences of discerning consumers seeking superior performance and convenience. Changing consumer preferences toward advanced vehicles reflect a broader shift in the automotive industry toward electrification, connectivity, and autonomous driving.
In response to changing consumer preferences and increasing disposable incomes, automotive manufacturers and suppliers are investing in research and development to innovate and enhance technologies. This includes the development of lightweight and compact designs, integration of advanced materials, and implementation of smart transmission control systems to meet evolving market demands. These factors are expected to drive market growth during the forecast period.
Key Market Trends
The primary trend shaping the market is the increasing demand for automated manual transmissions (AMTs) and dual-clutch transmissions (DCTs). AMTs and DCTs offer advantages such as improved fuel efficiency, smoother gear shifts, and enhanced driving comfort over traditional manual transmissions. As consumers seek vehicles with advanced transmission technologies providing the convenience of automatic transmissions while retaining fuel efficiency and performance benefits, the adoption of AMTs and DCTs continues to rise.
One prominent market player catering to the growing demand for AMTs and DCTs is BorgWarner Inc., specializing in providing advanced transmission solutions for various vehicles. Therefore, the growing advantages offered by AMTs and DCTs are expected to drive market expansion during the forecast period.
Major Market Challenge
Stringent regulatory requirements to meet durability and reliability standards pose a challenge affecting market growth. Governments worldwide impose regulations to ensure that automotive components meet rigorous durability and reliability standards to enhance vehicle safety, performance, and longevity. Compliance with these regulatory requirements necessitates extensive testing, documentation, and certification processes, which can be time-consuming and costly for manufacturers.
Additionally, differing regulatory frameworks across regions create complexities for manufacturers operating in multiple markets, requiring them to adapt their products and processes to meet varied standards effectively. Hence, these factors are expected to hamper market growth during the forecast period.
Market Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Automotive Clutch Market Share by Geography
Customer Landscape
AISIN CORP.: The company offers automotive clutches such as the NVR (Noise Vibration Reduction) Clutch system that has been adopted into the automotive industry as Original Equipment.
The market research and growth report also include detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analyses of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Quantitative analysis categorizes companies as dominant, leading, strong, tentative, and weak.
Automotive Clutch Market Size
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The OEM segment was the largest segment and was valued at USD 7.92 billion in 2018. A prominent player offering in the OEM segment is ZF Friedrichshafen AG, a leading supplier that delivers innovative solutions to OEMs globally, emphasizing performance and efficiency. Similarly, Schaeffler AG, renowned for its precision-engineered components, offers a comprehensive range. Through strategic partnerships and robust distribution networks, these OEMs play a pivotal role in supplying to meet the demands of the global market. Therefore, the market will witness growth during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region holds significant influence in the market due to its burgeoning automotive industry, rapid urbanization, and increasing demand for passenger and commercial vehicles. Countries such as China, Japan, India, and South Korea are key contributors to the APAC market.
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The market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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