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Continuously Variable Transmission (CVT) Market Trends 2024: Growth Drivers, Segmentation, and Key Insights
Continuously Variable Transmission (CVT) Market Trends
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According to The Business Research Company's, The continuously variable transmission market size has grown strongly in recent years. It will grow from $20.14 billion in 2023 to $21.20 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increase in sales of luxury vehicles, increasing demand for better fuel efficiency, increase in the demand for utility vehicles, increase in sales of luxury vehicles, and increasing comfort and safety concerns.
The continuously variable transmission market size is expected to see strong growth in the next few years. It will grow to $26.30 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the growing production of automobiles, growing demand for eco-friendly vehicles, a growing number of local manufacturers, rising awareness regarding environmental pollution, and rising sales of commercial and passenger cars. Major trends in the forecast period include technological advancements, integration of assistance systems, adoption in luxury vehicles, start-stop systems, integration with hybrid and electric vehicles, and transmission device technologies.
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Market Drivers and Trends:
The growing production of automobiles is expected to propel the growth of the continuously variable transmission market going forward. The production of automobiles refers to the manufacturing process of vehicles, encompassing design, engineering, assembly, and quality assurance to create finished automobiles for distribution and sale. The production of automobiles is attributed to technological advancements in manufacturing processes and materials, increasing demand for electric vehicles, improvements in automation and robotics, and the globalization of supply chains. Continuously variable transmission plays a crucial role in automotive production by offering significant advantages in fuel efficiency, driving comfort, and adaptability across various vehicle types and driving conditions. Its integration into modern vehicles reflects ongoing efforts to enhance performance while meeting environmental and consumer demands. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, global motor vehicle production increased from 84.83 million in 2022 to 93.55 million in 2023. Therefore, the growing production of automobiles is driving the growth of the continuously variable transmission market.
Major companies operating in the continuously variable transmission market focus on developing innovative products, such as automatic transmissions, to improve overall vehicle performance and meet stringent emission standards. Automatic transmissions are vehicle transmission systems that automatically change the gear ratio as the vehicle moves, eliminating the need for the driver to shift gears manually. For instance, in June 2021, JATCO Ltd., a Japan-based automatic transmission company, introduced the Jatco CVT-X JF022E, a new continuously variable transmission (CVT) for medium to large forward-facing (FWD) vehicles. This next-generation transmission system boasts several unique features to enhance performance, efficiency, and the driving experience. The Jatco CVT-X incorporates advanced adaptive control algorithms that seamlessly adjust gear ratios based on real-time driving conditions, ensuring optimal power delivery and fuel efficiency across various driving scenarios. Its robust design includes enhanced durability and reliability, catering to conventional internal combustion engines and hybrid powertrains.
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Major Key Players of the Market:
Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Kia Motors, Renault S.A., ZF Friedrichshafen AG, Aisin Corporation, Mazda Motor Corporation, Subaru Corporation, Geely Automobile, Nidec-Shimpo Corporation, Chery Automobile Co. Ltd., BorgWarner Inc., Peugeot S.A., Endurance Technologies Limited, Team Industries Inc., IAV GmbH, JATCO Ltd., Steyr Motors GmbH, Gaokin Industry Co. Ltd., Wanliyang Co. Ltd.
Continuously Variable Transmission Market 2024 Key Insights:
• The continuously variable transmission market size is expected to see strong growth in the next few years. It will grow to $26.30 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Impact of Automotive Production Growth on the Continuously Variable Transmission Market
• Advancements in Continuously Variable Transmission (CVT) Technology
• Asia-Pacific was the largest region in the continuously variable transmission market in 2023
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