Global Truck Transmission System Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2019--
The truck transmission system market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global truck transmission system market 2019-2023. (Graphic: Business Wire)
The increased use of aluminum in truck transmission systems will be one of the major factors behind the truck transmission system market growth. Commercial vehicles are increasingly deploying energy-efficient materials such as aluminum in the manufacture of automotive components. The deployment of such materials helps improve vehicle dynamics and contributes to environmental sustainability by minimizing carbon emissions. Aluminum is increasingly being used in light truck transmission systems and driveline housing. Aluminum-made transmission systems and driveline housing exhibit superior heat dissipation effects along with good machinability. Moreover, the use of aluminum helps to make the system lightweight and increases its durability and performance.
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As per Technavio, the increased use of high-speed transmission in trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Truck Transmission System Market: Increased Use of High-Speed Transmission in Trucks
The global truck industry is witnessing developments in the field of powertrain, which in turn enhances the overall performance and efficiency of trucks. Vendors are using innovative materials, advanced designs and an increased number of gears for the design and development of the transmission system. As a result, upcoming trucks are equipped with high-speed transmission. For instance, ZF Friedrichshafen AG has announced plans to introduce an 8-speed automatic transmission for use in commercial vehicles by 2020. This advanced automatic transmission system is lighter, quieter, and offers superior performance compared to conventional 6-speed transmissions. Thus, the increased use of high-speed transmission in trucks will drive market growth during the forecast period.
“Other factors such as the rapid adoption of all-electric powertrains, and the emergence of triple-clutch transmission system will have a significant impact on the growth of the truck transmission system market value during the forecast period,” says a senior analyst at Technavio.
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Truck Transmission System Market: Segmentation Analysis
This market research report segments the truck transmission system market by application (light-duty trucks, and medium and heavy-duty trucks) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the truck transmission system market in 2018, followed by APAC, Europe, South America, and MEA respectively. The growth of the truck transmission system market share in North America can be attributed to several factors such as the increase in consumer preference for large utility vehicles, and the continuous focus on international trade and regional trade activities in the region.
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Five Forces Analysis
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PUB: 12/03/2019 01:00 PM/DISC: 12/03/2019 01:00 PM