The global automotive gear shift systems market is expected to grow by 1.14 million units during 2020-2024, progressing at a CAGR of about 1% during the forecast period. The report identifies the rising penetration of shift-by-wire technology as a key factor driving growth. The outbreak of the COVID-19 pandemic has left a negative impact on the growth of the market. However, market growth is expected to recover and gain traction with the rising sales of passenger cars and EVs over the forecast period.
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Technavio has announced its latest market research report titled Global Automotive Gear Shift Systems Market 2020-2024 (Graphic: Business Wire)
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a negative impact on the automotive gear shift systems market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
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Frequently Asked Questions:
Based on segmentation by Type, which is the leading segment in the market?
The automotive transmission system segment will lead the market during the forecast period.
What are the major trends in the market?
The replacement of mechanical components with electronic components is considered a major trend in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of about 1% during 2020-2024.
Who are the top players in the market?
DURA Automotive Systems, Eissmann Automotive Deutschland GmbH, Fuji Kiko Co. Ltd., GHSP, Jopp Holding GmbH, Kongsberg Automotive ASA, KÜSTER Holding GmbH, Panasonic Corp., Silatech Srl, and ZF Friedrichshafen AG are the top players in the market.
What is the key market driver?
The market will be driven by the rising penetration of shift-by-wire technology.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. DURA Automotive Systems, Eissmann Automotive Deutschland GmbH, Fuji Kiko Co. Ltd., GHSP, Jopp Holding GmbH, Kongsberg Automotive ASA, KÜSTER Holding GmbH, Panasonic Corp., Silatech Srl, and ZF Friedrichshafen AG are some of the major market participants. The rising penetration of shift-by-wire systems will offer immense growth opportunities for market vendors. In a bid to help players strengthen their market foothold, this automotive gear shift systems market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
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