Electric Commercial Vehicle Market by Product and Geography - Forecast and Analysis 2020-2024

 

The commercial vehicle transmission market is expected to grow by 0.36 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Vehicle manufacturers, government bodies, and electric vehicle solution providers across the world are continuously working on improving the feasibility and affordability of electric vehicles. Such efforts are increasing the adoption of electric vehicles, including electric commercial vehicles. Prominent automakers such as Volvo, Ford Motor, and General Motors have already started introducing electric commercial vehicles such as electric trucks and electric buses. Besides, the market is witnessing an increased demand for electric commercial vehicles from fleet management companies and logistics service providers. Electric vehicles are equipped with automatic transmission. Therefore, the increased adoption of electric commercial vehicles will drive the growth of the global commercial vehicle transmission market during the forecast period.

As per Technavio, the increasing adoption of AMT in medium and heavy-duty trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Commercial Vehicle Transmission Market: Increasing Adoption of AMT in Medium and Heavy-duty Trucks

The growing need to reduce fatigue during long-distance driving has led several fleet management companies to shift from MT to AMT. Also, the use of AMT in light and heavy-duty trucks improves fuel efficiency, which results in reduced vehicular emissions. The growing demand for AMT is encouraging several automobile manufacturers to introduce AMT in their offerings. For instance, in August 2019, Daimler Trucks North America reported that 90% of its Freightliner Cascadia truck models in North America were equipped with AMT. Such increasing adoption of AMT in medium and heavy-duty trucks is expected to fuel the growth of the global commercial vehicle transmission market during the forecast period.

 

Commercial Vehicle Transmission Market: Segmentation Analysis

This market research report segments the commercial vehicle transmission market by Type (Automatic transmission, Manual transmission, and Automated manual transmission) and Geography (North America, APAC, Europe, South America, and MEA).

The North America region led the commercial vehicle transmission market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the penetration of global automotive OEMs in emerging markets such as India, China, and Indonesia.

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