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Global Advanced Gear Shifter System Market to Grow at a CAGR of 6.50% During 2022-2027, Aided by the Thriving Automotive Sector in Emerging Economies

According to a new report by EMR titled, ‘Global Advanced Gear Shifter System Market Report and Forecast 2022-2027’, the market attained a value of around USD 11.6 billion in 2021. The industry is further expected to grow at a CAGR of 6.50% between 2022 and 2027 to reach USD 16.9 billion by 2027.

The advanced gear shifter system industry is being driven by the thriving automotive sector in emerging economies due to the rising demand for fuel efficient automobiles. Also, the increasing inclination towards automated manual transmission owing to the greater comfort and convenience offered to the driver is also propelling the growth of the market. Moreover, the growing awareness about the faster shift and more accurate care handling achieved by advanced gear shifter system is likely to be a major driving factor for the market growth.

In July 2019, Hyundai Motor Group announced the development of world’s first active shift control for hybrids. This development was aimed towards enhancing the fuel economy and the convenience of driving. This transmission technology will optimise the transmission efficiency by monitoring gear shifts 500 times per second. Furthermore, the growing availability of a wide range of advanced gear shifter solutions by companies including Kongsberg Gruppen ASA and Stoneridge, Inc. (NYSE: SRI) is anticipated to support the market growth in the forecast period.

In terms of region, the Asia Pacific is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The major automotive manufacturing players in emerging economies are witnessing an increased demand for commercial cars, which is expected to provide lucrative growth opportunities to the market in the forecast period. In addition, the rising demand for passenger cars is likely to propel the growth of the global advanced gear shifter system industry.

Market Breakup by Technology, Component, Vehicle Type, and Region:

  • The market is segmented, based on technology, into automatic shifter and shift-by-wire (SBW).
  • Based on component, the market is divided into can module, electronic control unit (ECU), and solenoid actuator, among others.
  • On the basis of vehicle type, the market can be bifurcated into light-duty vehicles (LDV) and commercial vehicles. Among these, the light-duty vehicles (LDV) segment is further divided, based on type, into economy class, mid-size class, and luxury class.
  • By electric vehicle, the market is divided into battery electric vehicle, fuel cell electric vehicle, and plug-in hybrid electric vehicle.
  • Region-wise, the global market for advanced gear shifter system can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for advanced gear shifter system is being driven by the rising application of the system in commercial and passenger vehicles.
  • The growing innovations and rising investments by the market players in the automotive industry especially in emerging economies are anticipated to boost the market growth.
  • The changing consumer preference for automated manual transmission is anticipated to propel the market growth.
  • The market is expected to be further aided by the growing demand for passenger vehicles among consumers, fuelled by the rising global population.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for advanced gear shifter system for the periods of (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the technologies, components, vehicle types, and regions of advanced gear shifter system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global advanced gear shifter system market are ZF Friedrichshafen AG, Kongsberg Automotive Holding ASA, Delta Kogyo Co., Ltd., and Dura Automotive Systems, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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