The truck transmission system market share is expected to increase by 6484.46 thousand units from 2021 to 2026, at a CAGR of 7.24%.
This truck transmission system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers truck transmission system market segmentations by volume (light-duty trucks and medium and heavy-duty trucks) and geography (North America, APAC, Europe, South America, and MEA). The truck transmission system market report also offers information on several market vendors, including Aisin Corp., Allison Transmission Holdings Inc., American Axle and Manufacturing Inc., BorgWarner Inc., Eaton Corp. Plc, Grupo KUO SAB de CV, Magna International Inc., thyssenkrupp AG, Voith GmbH and Co. KGaA, and ZF Friedrichshafen AG among others.
What will the Truck Transmission System Market Size be During the Forecast Period?
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Truck Transmission System Market: Key Drivers, Trends, and Challenges
The increase in sales of pickup trucks is notably driving the truck transmission system market growth, although factors such as advanced transmission system design leading to vehicle malfunction and recalls may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the truck transmission system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Truck Transmission System Market Driver
The increase in sales of pickup trucks is one of the key drivers supporting the truck transmission system market growth. The reopening of the economy, improving customer sentiments, stimulus checks, and tax refunds contribute to increased demand. The average price of a used pickup truck is now hovering around $19,094 compared to $12,548 last year. But things might be better if you want a used car instead. There is so much demand for used vehicles, especially full-size pickup trucks. Moreover, some buyers are traveling hundreds of miles to get what they want, regardless of the price. Two factors tied to the coronavirus pandemic are driving the trend. Therefore, the growing sales of pickup trucks will drive the global truck transmission system market.
Key Truck Transmission System Market Trend
The increased use of high-speed transmission in trucks is one key trends contributing to the truck transmission system market growth. The prominent Tier-1 suppliers are launching the latest available products and technologies for tracking applications. For instance, ZF Friedrichshafen AG has announced introduced an 8-speed automatic transmission for use in commercial vehicles in 2020. The new advanced automatic transmission is designed for use in Class 5 to Class 8 trucks, weighing up to 57,000 lbs. This advanced automatic transmission system, also known as powerline automatic transmission, is lighter, quieter, and offers superior performance compared with conventional 6-speed transmissions. Apart from trucks, this new 8-speed automatic transmission can be used in buses, recreational vehicles (RV), and other commercial vehicles. Such factors are increasing the demand for high-speed transmission in trucks and thereby, driving the market growth.
Key Truck Transmission System Market Challenge
Advanced transmission system design leading to vehicle malfunction and recalls is one of the factors hindering the truck transmission system market growth. For instance, Daimler AG’s Navistar brand has recalled nearly 21,000 trucks equipped with a faulty transmission. This faulty transmission led to the failure of an internal component in the clutch assembly, leading to vehicle instability while moving. The recall affected nine different international truck models. Such recalls raise not only concerns over the reliability of the transmission system but also pressurize different stakeholders operating in the value chain to undertake liability-sharing to share the cost burden. This is because the average cost of automated manual transmission falls in the range of $2,500 to $4,000 for the automaker. As they are expensive, their maintenance and repair costs are also higher, which can incur additional costs. Such additional costs are hindering market growth.
This truck transmission system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the truck transmission system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the truck transmission system market during the forecast period.
Who are the Major Truck Transmission System Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Aisin Corp.
- Allison Transmission Holdings Inc.
- American Axle and Manufacturing Inc.
- BorgWarner Inc.
- Eaton Corp. Plc
- Grupo KUO SAB de CV
- Magna International Inc.
- thyssenkrupp AG
- Voith GmbH and Co. KGaA
- ZF Friedrichshafen AG
This statistical study of the truck transmission system market encompasses successful business strategies deployed by the key vendors. The truck transmission system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Aisin Corp. - The company offers truck transmission system such as high torque capacity RWD multi stage hybrid transmission, high torque capacity RWD 10-speed automatic transmission, direct shift CVT.
- Allison Transmission Holdings Inc. - The company offers truck transmission system such as eGen Power.
- American Axle and Manufacturing Inc. - The company offers truck transmission system such as transmission shafts.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The truck transmission system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Truck Transmission System Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the truck transmission system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Distribution and logistics
- Marketing and sales
- Service
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Truck Transmission System Market?
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43% of the market’s growth will originate from North America during the forecast period. The US is the key market for the truck transmission system market in North America. Market growth in this region will be faster than the growth of the market in Europe and MEA.
Increased consumer preference for large utility vehicles will facilitate the truck transmission system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, due to COVID-19, regional governments have imposed lockdowns, social distancing norms, travel restrictions, and financial distress in North America. However, due to the vaccination drive government lifted the lockdown and travel restrictions in the region, there has been a rise in automobile production in the first half of 2021. Such instances are expected to foster the growth of the regional truck transmission system market in focus during the forecast period.
What are the Revenue-generating Volume Segments in the Truck Transmission System Market?
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The truck transmission system market share growth by the light-duty trucks segment will be significant during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the truck transmission system market size and actionable market insights on post COVID-19 impact on each segment.
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Truck Transmission System Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 7.24% |
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Market growth 2022-2026 |
6484.46 th units |
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Market structure |
Fragmented |
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YoY growth (%) |
8.37 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 43% |
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Key consumer countries |
US, China, Mexico, Japan, and Thailand |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aisin Corp., Allison Transmission Holdings Inc., American Axle and Manufacturing Inc., BorgWarner Inc., Eaton Corp. Plc, Grupo KUO SAB de CV, Magna International Inc., thyssenkrupp AG, Voith GmbH and Co. KGaA, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Truck Transmission System Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive truck transmission system market growth during the next five years
- Precise estimation of the truck transmission system market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the truck transmission system industry across North America, APAC, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of truck transmission system market vendors
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