As per the market research study by Future Market Insights, the global dual-clutch transmission market valuation is projected to total $ 24 billion in 2021.
Buoyed up with the rising integration of dual-clutch transmissions in passenger and commercial vehicles, the global dual-clutch transmission market is estimated to exhibit a year-on-year (YoY) growth of 6.3% in 2020-2021 recent market research study by Future Market Insights said.
The leading market intelligence and consulting services provider, Future Market Insights, stated that the dual-clutch transmission historically registered a stellar growth at a CAGR of 19% between 2016 and 2020. However, due to the suspension of manufacturing activities across various industries, including automotive, amidst the COVID-19 pandemic and decline in automotive sales across North America and Europe, the market is expected to expand at 6% CAGR till 2031.
The report highlights projected sales growth for the dual-clutch transmission market between 2021 and 2031. Besides, it identifies critical growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Dual-clutch transmission effectively enhances the driving experience as it improves acceleration and offers smooth gear shifting; therefore, they are progressively being used in vehicles across developing economies such as China, South Korea, India, and Brazil. This, coupled with the rising adoption of hybrid vehicles across the globe, will create attractive sales opportunities over the forecast period.
Some of the key players operating in the dual-clutch transmission market include ZF, Getrag, BorgWarner, Eaton, GKN, Magna, Continental and Allison Transmission.
A substantial rise in demand for passenger cars and commercial vehicles has been witnessed in the last few years. Quoting the International Energy Agency, the report said more than 88 million cars were sold globally in the year 2019, out of which 25 million cars were sold in China alone.
Future Market Insights analyst said, 'Increasing demand for green solutions to improve vehicle performance and ascertain higher driving safety with less carbon emission will encourage automotive manufacturers to include dual-clutch transmission systems in vehicles.'
Passenger vehicles are anticipated to dominate the vehicle type segment, exceeding a valuation of $ 4,930 by the end of 2021. The US is expected to lead the North American market, owing to the rising product innovations in the dual-clutch transmission market.
Germany is expected to emerge as a remunerative market for dual-clutch transmission in Europe. On the other hand, the market in India is estimated to register substantial growth, supported by the growing inclination of customers towards hybrid small and medium-sized passenger vehicles.
The increasing demand for passenger cars has made China the most lucrative market in the assessment period.
Growing awareness regarding low carbon footprint technologies is driving the market growth. In addition, surging demand for passenger cars and commercial vehicles worldwide fuels the demand for dual-clutch transmissions. Furthermore, the increasing adoption of hybrid vehicles is accelerating the sales of dual-clutch transmissions.
However, the decline in dual-clutch transmissions in vehicles manufactured and sold across North America and Europe is impeding the market growth. The research agency said that the high cost of dual-clutch transmissions compared to conventional ones is hampering sales in the automotive landscape.
According to Future Market Insights, the manufacturers in the dual-clutch transmission market adopt various inorganic strategies such as strategic collaborations and mergers and acquisitions to gain a competitive edge in the highly dynamic market and cast a wider net on the high-growth segments. For instance, in October 2020, BorgWarner, an American multinational automotive supplier, confirmed acquiring a specialist in electronic products, Delphi Technologies. The acquisition will help the company to strengthen its product portfolio and assist in ongoing product innovations.
In October 2020, Tata Technologies, a company based in India, announced collaborating with GKN Automotive, a multinational manufacturer of driveline components, to open a global centre for e-mobility technology development. The strategy will assist the company in focusing on engineering capabilities for OEMs and product development.
Courtesy: Future Market Insights. NB: Photo is representational; courtesy: Magna.