PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1536765
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1536765
Global automotive clutch market is projected to witness a CAGR of 6.61% during the forecast period 2024-2031, growing from USD 18.02 billion in 2023 to USD 30.07 billion in 2031. The market has witnessed growth in recent years and is projected to maintain a strong pace of expansion during the forecast period due to rising requirements for passenger cars, the establishment of new production facilities to address the growing needs, increasing market penetration of premium cars, and rapid shift from conventional fuel vehicles to electric vehicles. The global market for EVs has been rising significantly due to growing environmental concerns and relatively low maintenance costs, which are further driving the global automotive clutch market demand. Rapid customization, growth in urbanization, and a considerable surge in demand for advancement in vehicle technology are projected to foster the demand for an automotive clutch in the forecast period. The global demand for clutches is also driven by the need to limit the speed or the amount of power transmission between two shafts. In addition, the rising demand for semi-autonomous and autonomous vehicles is leading the market growth as clutches engage and disengage the connection between the engine and the transmission.
Manufacturers in the global market are significantly functioning to enhance the performance of clutches and offer road and vehicle safety. Market participants globally are making significant investments in advancements in clutch technology to improve performance, effectiveness, and durability to lead the market growth in the coming years. Besides this, the development of automated manual transmission further leads to market growth. In addition, companies in the market are efficiently investing in launching advanced clutch systems to benefit everyone, from drivers to automotive technicians.
For instance, in October 2023, Clutch Industries Pty Ltd. announced the launch of two clutch system products in the United States for the first time under the brand name UniClutch, featuring dual-core technology to foster torque capacity without compromising drivability.
Increasing Demand for Autonomous Vehicles Drives Market Demand
The increase in demand for autonomous vehicles drives the global market growth as autonomous vehicle clutch systems offer seamless transitions between manual and automated modes. In autonomous vehicles, clutches offer smoother gear changes and increased fuel effectiveness coupled with decreasing the need for direct driver engagement with the clutch pedal, which further drives the global market growth. Also, clutches in autonomous vehicles allow smooth and quick restarts, which contributes to improved energy effectiveness and environmental sustainability. Also, manufacturers in the market are enhancing electronic control systems that can seamlessly integrate with lane-keeping assist, adaptive cruise control, and several other advanced driver assistance systems to offer a safer driving experience.
For instance, in April 2024, Stellantis N.V. announced another manufacturing activity launch with electrified dual-clutch transmissions at its historic Mirafiori complex across Italy, coupled with an investment of USD 259.20 million in the location to introduce the Mirafiori Automotive Park 2030.
Advancements in Clutch Systems Drives Market Growth
The advancement in clutch systems offers more efficient and durable components, fostering the market growth as technological advancement offers operators a better user experience and helps optimize the tractor's performance, coupled with enhanced fuel effectiveness. Advanced clutch systems in automobiles decrease the requirement for operator intervention when changing gears and allow operators to focus more and drive vehicles more efficiently. In addition, market players are launching sensors to continuously monitor the condition of the clutch and other important components that offer real-time information to recognize maintenance requirements quickly and detect faults. The latest technological advancement in clutch systems allows the usage of more powerful, smarter, and more fuel-efficient vehicles in different sectors, including e-commerce, logistics, agriculture, and others. Companies in the global market are making significant technological innovations to offer better driving experiences.
For instance, in November 2022, Valeo SA updated its new technology, Dual Dry Clutch, which offers the automotive industry a future automatic transmission solution that combines comfort of use with reduced vehicle fuel consumption.
Government Favorable Rules and Regulations Drive Market Growth
Governments across emerging countries are framing different policies and regulations to minimize vehicle carbon emissions and encouraging vehicle manufacturers to utilize eco-friendly technologies. Governments globally are promoting the usage of lightweight vehicles significantly in clutch manufacturing practices, driving the global automotive clutch market growth in the forecast period. The legal authorities across the globe are promoting the usage of advanced clutch technologies, including automated manual transmissions and dual-clutch transmissions, to enhance fuel economy and cut down carbon emissions. In addition, governments globally are significantly encouraging the utilization of lightweight raw materials in the manufacturing process of automotive clutch, driving the global automotive clutch market growth. Furthermore, governments across different countries frame different policies and regulations to reduce carbon emissions and enhance vehicle effectiveness.
For instance, in December 2023, the United Kingdom Government announced new rules and targets for vehicle emissions from January 2024. The Vehicle Emissions Trading Scheme Order 2023 (the Order) became effective on January 1, 2024, as an element of the United Kingdom's evolving vehicle emission regulatory framework.
Passenger Vehicles Segment Registers the Largest Market Share
Passenger vehicles register the largest market share in the global market due to an increase in per capita income, growing demand for passenger vehicles, rising production of passenger vehicles, and favorable government policies. Governments across developed as well as emerging countries are framing different rules and regulations to increase the zero-emissions passenger vehicles and integration of lightweight automotive components. Key companies in the global automotive clutch market are investing in and launching new and advanced clutches for passenger cars as passenger cars are in high demand and there is comparatively high production of passenger vehicles in the global market.
For instance, in July 2024, Industrial Alliance Insurance and Financial Services Inc. announced an investment of USD 10 million in Advanced Clutch Technology, Inc. to integrate iA Financial Group's insurance products into Clutch's digital car-buying platform. Through this partnership, iA Financial Group will use its professionalism in digital product distribution to offer clutch customers a uniform experience that combines vehicle purchases and insurance coverage in one transaction.
Asia-Pacific Holds the Largest Market Size
Asia-Pacific registers the largest market size in the global market due to the rising production of passenger cars and advancements in technology, including dual-clutch transmission systems and automatic and manual transmission systems. Companies in the Asia-Pacific market are efficiently investing in the automobile manufacturing industry and introducing cheaper manual transmission clutches. Also, the growing market penetration of luxury cars and the significant development of affordable powertrain systems in automobiles are fostering the requirement for the automotive clutch market. In addition, the increasing number of automakers and customer preference for a comfortable mode of transmission also contribute to the Asia-Pacific automotive clutch market growth in the forecast period. Furthermore, companies are investing and launching in the automotive clutch to ensure vehicle and customer safety.
For instance, in November 2023, Honda Motor Co., Ltd announced the development of the world's first Honda E-Clutch system in Tokyo, Japan, for motorcycles. This system automatically monitors the clutch of the multi-gear manual motorcycle transmission and allows gear fluctuation and smooth starting without requiring the rider to operate the clutch lever.
Future Market Scenario (2024-2031F)
Advancements in vehicle technology and the rapid trend of vehicle customization is expected to drive the global automotive clutch market's growth in the forecast period.
The significant increase in trend and emerging consumer preference toward manual to semi-automatic is estimated to foster global market growth.
Customer shift towards the most convenient modes of transmission and introduction of new product facilities to address growing requirements coupled with increasing demand for passenger cars in developing nations are also projected to surge market demand shortly.
The easy accessibility of torque converters with automatic transmissions compared to cost-effective manual transmission clutches is expected to boost the global market demand for automotive clutches in the coming years.
Key Players Landscape and Outlook
Key companies in the global automotive clutch market are significantly investing in different research and development activities to advance the performance of automotive clutch and improve vehicle safety. Key participants in the market are efficiently enhancing manufacturing practices to advance the design and integration of automotive clutch in vehicles. In addition, companies are planning to adopt different strategies, including partnerships, new product launches, collaborations, amalgamations, and others, to strengthen their position in the global market.
Altra Industrial Motion Corp. offers the industry's most comprehensive product array featuring over 30,000 standard products, including custom speed reducers, standard enclosed gear drives, AC/DC motors, Centric brand overload clutches, AC/DC motors, and torque limiters with the ability to custom engineer unique solutions when required.
Hilliard Corporation offers a wide line of industrial clutches designed, produced, and sold based on consumer specifications coupled with providing dependable solutions to problems of overload protection, positive engagement, torque control, and high torque on the requirement.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.