PUBLISHER: The Business Research Company | PRODUCT CODE: 1539659
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539659
Continuously variable transmission (CVT) is an automotive technology that adjusts gear ratios seamlessly, enhancing acceleration and fuel efficiency beyond conventional automatic transmissions. Unlike fixed-gear systems, CVTs employ pulleys and belts to optimize engine performance across diverse driving conditions.
Two primary types of CVTs include belt-chain drive CVTs and planetary CVTs. Belt-chain drive CVTs utilize variable-diameter pulleys connected by a belt or chain, enabling a smooth and infinite range of gear ratios. This design not only enhances fuel efficiency but also improves acceleration compared to traditional stepped transmissions. CVTs are utilized across various vehicle categories, including passenger cars, light commercial vehicles, and heavy commercial vehicles, serving both original equipment manufacturers and the aftermarket.
The continuously variable transmission market research report is one of a series of new reports from The Business Research Company that provides continuously variable transmission market statistics, including continuously variable transmission industry global market size, regional shares, competitors with a continuously variable transmission market share, detailed continuously variable transmission market segments, market trends, and opportunities, and any further data you may need to thrive in the continuously variable transmission industry. This continuously variable transmission research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The continuously variable transmission market size has grown strongly in recent years. It will grow from $20.14 billion in 2023 to $21.20 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. During the historic period, growth can be linked to a rise in luxury vehicle sales, increasing demand for enhanced fuel efficiency, greater interest in utility vehicles, heightened sales of luxury vehicles, and growing concerns for comfort and safety.
The continuously variable transmission market size is expected to see strong growth in the next few years. It will grow to $26.30 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Anticipated growth in the forecast period is driven by increased automobile production, rising demand for eco-friendly vehicles, a growing number of local manufacturers, heightened awareness of environmental pollution, and increased sales of both commercial and passenger cars. Key trends in the forecast period include technological advancements, integration of assistance systems, adoption in luxury vehicles, start-stop systems, incorporation into hybrid and electric vehicles, and advancements in transmission device technologies.
The expected increase in automobile production is anticipated to drive growth in the continuously variable transmission (CVT) market. Automobile production involves the complete manufacturing process of vehicles, encompassing design, engineering, assembly, and quality assurance, resulting in finished automobiles for distribution and sale. This growth is fueled by technological advancements in manufacturing processes and materials, rising demand for electric vehicles, improvements in automation and robotics, and the globalization of supply chains. CVTs play a crucial role in automotive production by offering significant benefits in fuel efficiency, driving comfort, and adaptability across various vehicle types and driving conditions. The integration of CVTs into modern vehicles underscores ongoing efforts to enhance performance while meeting environmental and consumer demands. For instance, in 2023, global motor vehicle production increased from 84.83 million in 2022 to 93.55 million in 2023, as reported by the International Organization of Automobile Manufacturers, a France-based trade association. Thus, the burgeoning automobile production is a key driver of the CVT market's expansion.
Leading companies in the continuously variable transmission market prioritize innovation in products such as automatic transmissions to enhance overall vehicle performance and comply with stringent emission standards. Automatic transmissions are vehicle transmission systems that automatically adjust the gear ratio as the vehicle moves, eliminating the need for manual gear shifting by the driver. For example, in June 2021, JATCO Ltd., a Japan-based company specializing in automatic transmissions, introduced the Jatco CVT-X JF022E, a new CVT designed for medium to large front-wheel-drive (FWD) vehicles. This next-generation transmission system incorporates advanced adaptive control algorithms that continuously adjust gear ratios in response to real-time driving conditions, ensuring optimal power delivery and fuel efficiency across various driving scenarios. The robust design of the Jatco CVT-X enhances durability and reliability, serving both conventional internal combustion engines and hybrid powertrains effectively.
In March 2024, Nissan Motor Corporation, a Japan-based automobile manufacturer, purchased Nissan shares from Renault Group for €358 million ($383.58 million). This strategic acquisition aims to deepen Nissan's integration of operations, streamline decision-making processes, and potentially amplify synergies in technology development, manufacturing efficiencies, and global market strategies. Renault Group, headquartered in France, is recognized for its production of models equipped with continuously variable transmission.
Major companies operating in the continuously variable transmission market are Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Kia Motors, Renault S.A., ZF Friedrichshafen AG, Aisin Corporation, Mazda Motor Corporation, Subaru Corporation, Geely Automobile, Nidec-Shimpo Corporation, Chery Automobile Co. Ltd., BorgWarner Inc., Peugeot S.A., Endurance Technologies Limited, Team Industries Inc., IAV GmbH, JATCO Ltd., Steyr Motors GmbH, Gaokin Industry Co. Ltd., Wanliyang Co. Ltd.
Asia-Pacific was the largest region in the continuously variable transmission market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the continuously variable transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the continuously variable transmission market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The continuously variable transmission market consists of sales of pulley-based continuously variable transmission, roller-based continuously variable transmission and hydrostatic continuously variable transmission. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Continuously Variable Transmission Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on continuously variable transmission market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for continuously variable transmission ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The continuously variable transmission market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.