PUBLISHER: Allied Market Research | PRODUCT CODE: 1344528
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344528
The Automotive Flywheel Market is likely to experience a significant growth rate of 3.8% from 2023-2032 owing to an increase in demand for commercial vehicles- Allied Market Research
Semi-automatic transmission is a type of transmission that combines the features of a manual and automatic transmission. In a semi-automatic transmission, the flywheel is a rotating mechanical device that is attached to the engine's crankshaft and stores rotational energy. The flywheel's function is to smooth out the engine's power output and provide a constant rotational force for the transmission. An automatic transmission with a flywheel is a type of gearbox that uses a torque converter instead of a clutch to transmit power from the engine to the transmission. In an automatic transmission, the flywheel is still present and serves the same function as in a semi-automatic transmission. The torque converter is a fluid coupling device that allows the engine to spin independently of the transmission, which eliminates the need for a clutch. The flywheels' role in an automatic transmission is to provide a constant rotational force to the transmission and to smooth out the engine's power.
The continuously variable transmission (CVT) industry has experienced significant growth in recent years due to increase in demand for fuel-efficient vehicles, as CVT transmissions for better fuel economy compared to traditional automatic transmissions. In addition, the CVT technology offers a smoother driving experience, which is appealing to many consumers. Owing to their capacity to deliver a smooth and efficient action power transfer, CVT transmissions have become more common in hybrid vehicles. The popularity of these alternative-powered vehicles has increased demand for CVT transmissions. This has propelled the growth of the CVT flywheel market.
Moreover, the increase in demand for heavy-duty and luxury vehicles and the increase in diesel vehicles have accelerated the commercial vehicle industry. The surge in awareness for an environmentally sustainable solution has motivated commercial vehicle manufacturers to develop vehicles that reduce carbon emissions. Commercial vehicles are routinely exposed many times more than regular vehicles. Most are commercially operated and must work reliably even under the harshest conditions. Heavy loads combined with adverse road conditions require robust, high-quality components. Therefore, an increase in demand for durable and high-quality complete solutions drives the demand for the segment in the market. In addition, commercial vehicle components manufacturers witnessed a significant increase in demand from the e-commerce segment after economic activities adopt digitalization. Many companies have already adopted online business models as consumers prefer online shopping, which drives the growth of the market.
Digitalization of commerce has significantly changed the shopping experience for customers. Automotive component manufacturers build online aftermarket channels to gather deep consumer insights and build long-term relationships through direct engagement with customers. For instance, in January 2020, Continental AG announced bundling information about its portfolio of products and services for the aftermarket in a new online portal. The online portal allows reviewing Continental aftermarket products, brands, and services. There is an increase in demand for a buyer-centric and engaging online experience during purchasing aftermarket components. E-commerce helps automotive components manufacturers to increase brand reach and enhance customer service levels by creating a user-friendly experience that propels the growth of the market.
The market for automotive flywheel is driven by factors including growth in penetration of dual-clutch transmission (DCT) & continuous variable transmission (CVT), increased manufacturing & sales of cars, and an increase in demand for commercial vehicles. However, the increase in the adoption of electric vehicles and the rise in the trend for repair rather than replacing the flywheel are the major factors that hamper the growth of the used cars market. Furthermore, continuous technological improvements and a surge in the electric vehicle business across the globe, and the development of lightweight vehicle components to enhance fuel efficiency are the factors that are expected to offer growth opportunities for the market during the forecast period.
The automotive flywheel market is segmented on the basis of type, transmission type, vehicle type, distribution channel, and region. By type, it is divided into a single mass and dual mass. By transmission type, it is classified into manual, semi-automatic and automatic, and CVT. By vehicle type, it is categorized into passenger vehicle and commercial vehicle. By distribution channel, it is divided into OEM and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include: AISIN CORPORATION, EXEDY Globalparts Corp., Ford Motor Company, Pioneer Automotive Industries, Schaeffler Technologies AG & Co. KG, Skyway Precision Inc., SPEC Clutch, Inc., VALEO SERVICE, and ZF Friedrichshafen AG. The leading companies are adopting strategies such as product launch, product development, and expansion to strengthen their market position.