Clutch Market Expected to Reach US$ 12 Bn, Globally, by 2026
According to a new market report published by Transparency Market Research “Clutch Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”, the global clutch market for automotive is expected to reach US$ 12 Bn by 2026, expanding at a CAGR of 4.82%, during the forecast period.
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.
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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.
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.