Automotive Gear Shift System Market

Posted by Abhijeet Bendre on September 9th, 2019

Market Research Future published a research report on Global Automotive Gear Shift System Market. The Global Automotive Gear Shift System Market is expected to witness 6.56% CAGR during the period, 2019 to 2023.

Market Highlights:

Automotive gear shift system refers to a transmission system that uses gear and gear drives to control speed and torque of the vehicle. Automotive gear shift system is usually manual or automatic. Gear shift system gives a controlled application of the power to drive the vehicle system. The massive growing sales of passenger cars will boost the demand for fuel-efficient automotive gear shift system. Growing automotive industry, increased advancement in technologies, and increase in demand for fuel-efficient components will enhance the growth of the market both in terms of value and volume. Increase in the average disposable income and growing purchasing power of the customers will enhance the growth of the market. Addition of electric vehicle segment in the automotive industry will create opportunities in the market for new players. However, the growth of the market is challenged by the high price of the product. The increased trend for the customer satisfaction among manufacturers will make it difficult for them to innovate and develop a better fuel-efficient gear shift system in an automobile.

In terms of region, the global market for the automotive gear shift system is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is projected to hold a significant market revenue share over the forecast period in terms of value followed by North America. Increase in sales of vehicles in countries such as China, Japan, and India, and growing demand for the advanced fuel-efficient components will aid the automotive gear shift system market growth. Furthermore, it is estimated that the sales of automotive gear shift system in China will approximately be double to North America. Increased industrialization, low labor cost, and ease of doing business will further boost the market size of the automotive gear shift system in Asia Pacific. North America will be the second largest market in terms of market revenue owing to the increased use of mechanical components in the vehicle.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact Info:

Company Name: Market Research Future

Email: sales@marketresearchfuture.com

Address: Market Research Future Office No. 528,

Amanora Chambers Magarpatta, Road, Pune, India.,

Phone: +1 646 845 9312