New Delhi: As the shift to electric vehicles (EVs) gains traction, demand for dedicated hybrid and electric transmissions and clutches is surging in major Asian automotive markets. As a result, the Asia-Pacific (APAC) electric and hybrid transmission and clutch market is expected to register a compound annual growth rate (CAGR) of 13.9% between 2023 and 2028, reaching 48.1 million units by 2028, according to a GlobalData, leading data and analytics company.
GlobalData’s latest report, “Global Sector Overview & Forecast: Transmission and Clutch Technologies,” reveals that the overall APAC transmission and clutch market is estimated to reach 94.4 million units in 2023, driven by rising demand in the electric and hybrid transmission and clutch segment.
Rupayan Chakraborty, Automotive Analyst at GlobalData, said, “The market for hybrid and electric transmissions and clutches is expanding as a result of rising consumer demand for vehicles with low emissions and low fuel consumption. It is also anticipated that government initiatives to encourage the use of EVs will expand the market for electric transmissions. Additionally, the development of vehicle-to-grid (V2g) charging stations as well as technological advancements in EVs are anticipated to create sizable potential opportunities for the suppliers of EV transmissions and clutches.”
Due to factors such as economic growth, technical advancements, and changing consumer preferences, the automotive transmission and clutch market in APAC has experienced continuous growth over the past years. Consumers seeking convenience and increased fuel efficiency have been drawn to the advent of automatic and semi-automatic transmissions, continuously variable transmissions (CVTs), and dual-clutch transmissions (DCTs).
“The transition to EVs has accelerated the development of the transmission and clutch technology sector and opened up tremendous prospects for expansion along the whole value chain. However, taking advantage of the opportunity would require heavy expenditures and enhancing firms’ core operations. If they want to meet consumer demand for EVs, automotive companies must adopt electric and hybrid transmission and clutch technology,” he said.
