LONDON--(BUSINESS WIRE)--The commercial vehicle transmission market size is expected to post a CAGR over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rising adoption of electric commercial vehicles is one of the major reasons for the growth of the market. Vehicle manufacturers, government bodies, vehicle solution providers, such as battery manufacturers are increasingly focusing on improving the feasibility and affordability of electric vehicles. Such initiatives are expected to positively impact the adoption of electric vehicles, especially electric trucks. Unlike passenger cars, electric commercial vehicles require more power to haul cargo effectively. This will increase the demand for automatic transmission, thereby fueling the growth of the market during the forecast period.
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As per Technavio, the emergence of 3D printing in truck components 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.
Commercial Vehicle Transmission Market: Emergence of 3D Printing in Truck Components
3D printing or additive manufacturing (AM) has been gaining prominence in the production of truck components over the years. This technology is being used to manufacture engine, transmission, and other automotive parts with some vital 3D-printed components. The 3D printed components in transmission system would reduce the weight of the transmission by about 20%. Thus, the growing trend of 3D printing will drive the growth of the commercial vehicle transmission market during the forecast period.
“Apart from the emergence of 3D printing in truck components, other factors such as the development of 2-speed transmission for electric heavy-duty trucks, and the increasing popularity of 10-speed transmission in commercial vehicles will have a significant impact on the commercial vehicle transmission market growth during the forecast period,” says a senior analyst at Technavio.
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Commercial Vehicle Transmission Market: Segmentation Analysis
This market research report segments the global commercial vehicle transmission market by type (automatic transmission, manual transmission, and automated manual transmission) and by region (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. The market dominance of North America can be attributed to factors such as the high demand for trucks, presence of well-laid road network and infrastructure, and increase in demand for commercial vehicles in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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