Commercial Vehicle Transmission Oil Pump and Transmission System Market is expected to reach US$ 44,394.08 Mn by 2028


PRESS RELEASE BY The Insight Partners 24 Aug 2021

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The global commercial vehicle transmission oil pump and transmission system market is expected to grow from US$ 29,302.0 million in 2021 to US$ 44,394.08 million by 2028; it is estimated to register a CAGR of 6.1% during the forecast period. APAC dominated the market in 2020 with a share of 47.1%. APAC comprises economies such as China, India, Vietnam, Japan, South Korea, and Australia. The economy of the region is gaining traction, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector supported by the growing automotive manufacturing industry in countries such as China, India, and South Korea. China, Japan, and India are a few of the leading commercial vehicle manufacturing countries worldwide. For instance, as per the OICA report, China was the largest commercial vehicle-producing country in 2020 in APAC. The country had produced 5,231,161 commercial vehicles in 2020. In addition, Japan produced 1,107,532 units of commercial vehicles in 2020. In the same year, India also produced 543,178 units of commercial vehicles. Hence, presence of a strong automotive sector and increase in number of car manufacturers are driving the commercial vehicle transmission oil pump and transmission system market in APAC.

North America stood second in the commercial vehicle transmission oil pump and transmission system market with a decent market share in 2020. Technological advancements in the region have led to a highly competitive market. Companies from various industries are enhancing the overall business processes to meet the customer demands for high-quality products. North America has a developed automotive industry. Therefore, it has one of the most significant commercial vehicle production and sales nations across the world. As per the International Organization of Motor Vehicle Manufacturers (OICA) data, in 2018, 2019, and 2020, the production of commercial vehicles was 12,408,395, 12,426,534, and 10,153,667 units, respectively. Moreover, the region has a presence of automotive manufacturers such as Navistar, PACCAR, BMW, Freightliner (Daimler), Toyota, Volvo, and General Motors. Also, the governments of the countries in North America are taking initiatives for the development of the automotive sector. In 2020, The Department of Energy of the US approved the Advanced Technology Vehicle Manufacturing Loan Program worth US$ 40 billion. Such factors are driving the commercial vehicle transmission oil pump and transmission system market in North America.

The commercial vehicle transmission oil pump and transmission system market players are adopting several strategies to expand their business and maintain brand names across the world. For instance, in February 2021, Allison Transmission announced a strategic partnership with American Rheinmetall Vehicles (ARV) to provide the Next-Generation Electrified Transmission (NGET) propulsion system for the Lynx vehicle that is in competition to be selected for the US Army’s Optionally Manned Fighting Vehicle (OMFV) program.

The global commercial vehicle transmission oil pump and transmission system market is segmented based on offering, oil pump product type, oil pump type, transmission system type, vehicle type, powertrain type, and geography. Based on offering, the market is categorized into transmission oil pump and transmission system. In terms of oil pump product type, the market is segmented into fixed displacement pump and variable displacement pump. Based on oil pump type, the market is categorized into vane type, gear type, and rotor type. In terms of transmission system type, the market is categorized into manual transmission, automatic transmission, and automated manual transmission. Based on vehicle type, the market is segmented into LCV (Class I and Class II), MCV (Class III and Class VI), and HCV (Class VII to Class VIII). Based on powertrain type, the market is segmented into internal combustion engine, electric, and hybrid. Geographically, the commercial vehicle transmission oil pump and transmission system market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and Rest of MEA), and South America (Brazil, Argentina, and Rest of SAM).

Commercial Vehicle Transmission Oil Pump and Transmission System Market - by Geography (2020–2028, %)

Commercial Vehicle Transmission Oil Pump and Transmission System Market - by Geography (2020–2028, %)

Commercial Vehicle Transmission Oil Pump and Transmission System Market Scope 2031

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Commercial Vehicle Transmission Oil Pump and Transmission System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Transmission Oil Pump and Transmission System), Oil Pump Product Type (Fixed Displacement Pump and Variable Displacement Pump), Oil Pump Type (Vane Type, Gear Type, and Rotor Type), Transmission System Type (Manual Transmission, Automatic Transmission, and Automated Manual Transmission), Vehicle Type [MCV (Class III and Class VI) and HCV (Class VII to Class VIII)], and Powertrain Type (Internal Combustion Engine, Electric, and Hybrid) and Geography



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