The global clutch market for automotive is projected to expand at a CAGR of about 5% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global market is likely to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific and Latin America are expected to be at the forefront of the global demand, with the market in the regions expanding at a CAGR of 4.84% and 4.97%, respectively, during forecast period.
Rise in urbanization and increase in per capita income in different countries have been fueling the demand for vehicles globally. This, in turn, has propelled the usage of passenger cars significantly, which is anticipated to boost the clutch market during the forecast period. Expansion of the clutch market is witnessed due to the increase in demand for dual clutch transmission and automated manual transmission across the globe. Rising demand for fuel-efficient vehicles and better driving experience is propelling the demand for dual clutch transmission and automated manual transmission. This in turn is likely to boost the automotive clutch market during forecast period. Easy availability of finance and rising urbanization in different countries have been fueling the overall vehicle miles driven globally, by approximately 2% to 4% in recent years.
Rise in demand for dual clutch transmission systems is a major trend that is expected to drive the automotive clutch market during the forecast period. The dual clutch transmission segment is estimated to expand at a higher CAGR of 4.75% during the forecast period. It provides better fuel-efficiency,
Faster shifting of gears, as compared to tradition manual and automatic transmission, ensures smooth engagement of gears and easy operating facilities owing to it gaining popularity among consumers across the globe. BorgWarner Inc. started manufacturing dual clutch transmission for Volkswagen Group, and they provided dual clutch transmission for Golf, Passat, the Skoda Octavia and Superb, and Audi’s A3 and Q3.
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In terms of revenue, the passenger vehicle segment accounted for a major share of the market in 2017. Countries such as the U.S., Canada, and the EU witnessed a high percentage of urbanization and possessed stable economic conditions, Growing per capita income and disposable income. These factors drive the passenger vehicle segment of the market in these countries and sub-region.
Asia Pacific is a prominent market for automotive clutch. The report projects the clutch market for automotive in Asia Pacific to expand at a CAGR of 4.84% and reach US$ 6.5 Bn, in terms of revenue, by 2026. Asia Pacific dominated the global clutch market for automotive, accounting for more than half the market, in terms of volume, in 2017. The market in the region is expected to follow the same trend during the forecast period due to the consistent rise in demand for passenger vehicles owing to rapid urbanization, stable economic conditions, and lower interest rate. Europe and Latin America followed Asia Pacific, in terms of share of the clutch market for automotive, in 2017.
Demand for heavy commercial vehicles and light commercial vehicles is anticipated to rise during the forecast period due to rapid industrialization and expansion of the construction industry in Asia Pacific. Rapid industrialization, expansion of logistic and construction industries in Asia Pacific are anticipated to drive the market of heavy commercial and light commercial vehicles in the region.