LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global continuously variable transmission (CVT) market for two-wheelers is expected to grow at a CAGR of about 11% during the forecast period.
This research report titled ‘Global CVT Market for Two-Wheelers 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the bottom-up approach where the volume of the vehicles equipped with CVT has been taken into consideration.
In 2015, the market share of CVT vehicles was 33% of the total two-wheeler segment in APAC. There has been a growing trend in such regions, where the year-on-year growth in the sales of CVT vehicle segment is much higher than the sales of the motorcycle segment. In India, the year-on-year growth in the sales of CVT vehicle segment was approximately 20% whereas the YOY growth in the sales of motorcycle segment was around 3.5% only in 2015, which clearly signifies the growing trend of the increasing popularity of the CVT in two-wheelers in APAC.
The global CVT market fir two-wheelers is divided into three geographical segments:
In 2015, APAC constituted for close to 92% of the overall market, which will grow to over 94% by 2020 due to the increased popularity of CVT vehicles for comfort, versatility, contemporary features, and style quotient.
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Technavio’s automotive analysts categorize the global CVT market for two-wheelers market into three major segments by cubic capacity. They are:
Global CVT market for two-wheelers in mid-capacity segment
In 2015, the global CVT market for two-wheelers in the mid-capacity segment reached a volume of 13.91 million units and will reach a volume of 23.31 million units in 2020, growing at a CAGR of 10.88%.
In 2015, the mid-capacity segment in CVT in two-wheelers constituted 85.27% of the global CVT market for two-wheelers, which will come down marginally to 84.85% by 2020. CVT technology is less expensive than conventional transmissions, which uses a gearbox since CVTs are built with fewer parts compared with the conventional transmissions.
According to Praveen Kumar, a lead powertrain analyst from Technavio, “The mid-capacity segment is popular in APAC as it provides better riding experience with low maintenance cost, fuel economy benefits, and easy handling in busy traffic conditions. Moreover, it is gearless and provides ease to carry luggage. The low sticker price has made it more popular than motorcycles.”
Global CVT market for two-wheelers in low-capacity segment
|The global CVT market for two-wheelers in the low capacity segment reached a volume of 1.84 million units in 2015 and will reach 2.97 million units in 2020, growing at a CAGR of 10.05%.|
The reason for the growing popularity of CVT in two-wheelers is that the cost of traveling in public transport is rising at a rapid rate. Moreover, two-wheelers provide easy parking in congested city roads. Getting a driving license for a vehicle with engine capacity less than 50 cc is also easier in some countries of Europe. The other benefits of owning a low-engine capacity vehicle are that it is economical and fuel efficient with low-maintenance costs.
“APAC is a major contributor in terms of volume in the low-capacity segment. The penetration of the low-capacity segment is maximum in EMEA, as 37.6% of CVT-equipped vehicles were in the low-capacity segment in 2015. EU legislations have set emission binding targets for the automotive industry,” says Praveen.
Global CVT market for two-wheelers in high-capacity segment
|In 2015, the global CVT market for two-wheelers in the high-capacity segment reached a volume of 0.56 million units and will reach a volume of 1.19 million units growing at a CAGR of 16.27%.|
The volume of the high-capacity CVT vehicles is low since consumers prefer low- and mid-capacity vehicles as it is easier to handle light vehicles in traffic and can be parked easily in congested city roads. In addition, low-capacity CVT-equipped vehicles can be maneuvered comfortably in the narrow streets of the city.
However, there has been a change in the trend as CVT-equipped vehicles have now become more trendy and contemporary. Hence, the popularity of CVT-equipped vehicles among youths has gone up and along with it the demand for CVT-equipped vehicles with high cubic capacity. It is expected that more OEMs will manufacture high-capacity vehicles in the coming years.
The top vendors highlighted by Technavio’s research analysts in this report are:
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