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Albany, New York, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market research report that talks about the global automotive clutch market and its overall market dynamics. According to the research report, the automotive clutch market is foretold to achieve an overall valuation of US$12 Bn by the end of 2026. The market growth is projected to be achieved with the help of CAGR of 4.82% over the course of the given forecast period 2018 to 2026.
Asia Pacific to Dominate Automotive Clutch Market Due to Rapid Economic Development in Emerging Economies
According to the research report, there are several macroeconomic and vertical-specific factors that are influencing the global automotive clutch market. Key geographical regions such as Latin America and Asia Pacific are projected to grow with a CAGR of 4.97% and 4.84% over the course of the given course forecast period of 2018 to 2026, respectively. According to the research report, the Asia Pacific market is expected to witness extensive market development in the coming years
It is expected that the region will reach an overall market valuation worth US$6.5 Bn by the fall of 2026. The region also dominated the global market in terms of volume. Such high growth of the market is due to the presence of emerging economies in the region such as India and China. These emerging economies are witnessing rapid economic development, changing concepts of urban lifestyles, and industrialization. This is ultimately expected to boost the growth of the global automotive clutch market in the coming years.
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Swift changing of gears, as compared to the conventional automatic and manual transmission methods, ensures smoother gear engagement and easier functioning. This has thus been gaining an increasing popularity among the customers. For instance, BorgWarner Inc. started producing the dual clutch transmission system for the Volkswagen Group’s Passat and Golf. The company also provided the system for Skoda’s Superb and Octavia range and Audi’s Q3 and A3 range of cars.
From a revenue generation perspective, the global automotive market was mainly dominated by the passenger vehicle segment back in 2017. Different countries across Europe, and in the US and Canada experienced a considerable rise in urbanization and also possessed more steady economic conditions, disposable income, and increasing per capita income. These factors led to the increasing demand for passenger vehicles across these regions, and thus established its dominance across the global market.
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Growing Demand for Superior Driving Experience is Fueling Growth of the Automotive Clutch Market
There has been a substantial rise in the industrialization and urbanization that has fueled the demand for vehicles across the globe. In addition to this, growth in the per capita income in several countries has also fueled the demand for vehicles. This has considerably augmented the use of passenger cars that is ultimately driving the growth of the global automotive clutch market. In addition to this, the global market is also driven by the substantial rise in the demand for automated & manual clutch transmission and dual clutch transmission across the world. Increasing demand for fuel-efficient cars and superior driving experience is also helping the automotive clutch market to grow at a rapid pace. Furthermore, the market growth is also helped by the easy availability of finance and emergence of middle class population with higher per capita income.
Another key trend that is seen in the global automotive clutch market is the increasing demand for dual clutch transmission system. This segment of the market is projected to grow at a steady CAGR of 4.75% over the course of the given forecast period of 2018 to 2026. One of the major factors influencing the growth of the dual clutch transmission system segment is that it provides superior fuel-efficiency.
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This review is based on the research report published by Transparency Market Research titled, “Clutch Market (Type - Dry Clutch, Wet Clutch; Transmission Type - Manual Transmission, Automatic Transmission, Dual Clutch Transmission, Automated Manual Transmission; Material Type - Organic Material, Ceramic Material, Others ( Kevlar & Feramic); Sales Channel - OEM, Aftermarket; Vehicle Type - Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
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The global Automotive Clutch Market is segmented as follows:
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