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The Automotive Clutch Market size is forecast to increase by USD 4.49 billion, at a CAGR of 5.78% between 2023 and 2028. The accelerated growth of the market is due to various factors, including rising disposable incomes and changing consumer preferences toward advanced vehicles, the rising demand for clutch repair and replacement services, and the increasing demand for lightweight and compact clutch design. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising disposable incomes and changing consumer preferences toward advanced vehicles are the key factors driving market growth. Advanced transmission technologies inculcated offer benefits such as improved fuel efficiency, smoother gear shifts, and enhanced driving comfort, aligning with the preferences of discerning consumers seeking superior performance and convenience. Moreover, changing consumer preferences toward advanced vehicles reflect a broader shift in the automotive industry toward electrification, connectivity, and autonomous driving.
Further, in response to the changing consumer preferences and increasing disposable incomes, automotive manufacturers and suppliers are investing in research and development to innovate and enhance technologies. This includes the development of lightweight and compact designs, integration of advanced materials, and implementation of smart transmission control systems to meet the evolving demands of the market. Thus, such factors will drive the market during the forecast period.
Increasing demand for automated manual transmissions (AMTs) and dual-clutch transmissions (DCTs) is the primary trend shaping market. AMTs and DCTs offer several advantages over traditional manual transmissions, including improved fuel efficiency, smoother gear shifts, and enhanced driving comfort. As consumers seek vehicles with advanced transmission technologies that provide the convenience of automatic transmissions while retaining the fuel efficiency and performance benefits of manual transmissions, the adoption of AMTs and DCTs continues to rise.
Moreover, one prominent market player catering to the growing demand for AMTs and DCTs is BorgWarner Inc., specializing in providing advanced transmission solutions, including for a wide range of vehicles such as passengers and commercial vehicles. Therefore, the growing advantages, such as improved fuel efficiency, smooth gear shifts, and others offered by AMTs and DCTs, can drive the expansion of the market during the forecast period.
Stringent regulatory requirements to meet durability and reliability standards is a challenge that affects market growth. Governments worldwide impose regulations to ensure that automotive components meet rigorous durability and reliability standards to enhance vehicle safety, performance, and longevity. For example, in the European Union (EU), such systems must comply with regulations outlined in the European Commission's directives on vehicle safety and emissions. Similarly, in the United States, the National Highway Traffic Safety Administration (NHTSA) establishes safety standards for automotive components through Federal Motor Vehicle Safety Standards (FMVSS).
Consequently, complying with these regulatory requirements necessitates extensive testing, documentation, and certification processes, which can be time-consuming and costly for manufacturers. Additionally, differing regulatory frameworks across regions create complexities for manufacturers operating in multiple markets, requiring them to adapt their products and processes to meet varied standards effectively. Therefore, the above-mentioned factors are expected to hamper the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Channel
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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