Transmission System Segment to dominate North America Commercial Vehicle Transmission Oil Pump and System Market during 2020–2028
According to The Insight Partners market research study on “North America Commercial Vehicle Transmission Oil Pump and TransmissionSystem Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering, Oil Pump Product Type, Oil Pump Type, Transmission System Type, Vehicle Type, and Powertrain Type,” is expected to reach US$ 10776.02 million by 2028 from US$ 7579.22 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the North America commercial vehicle transmission oil pump and transmission system market along with the drivers and restraints pertaining to the market growth. Scaling demand for automatic and semi-automatic transmission system, strict government standards associated with carbon emission, and raising use of transmission system for electric commercial vehicle are the major factor driving the growth of the North America commercial vehicle transmission oil pump and system market. However, low penetration for fuel cell electric commercial vehicle hinder the growth of North America commercial vehicle transmission oil pump and system market.
North America is one of the leading regions in terms of the development and adoption of new technologies. This is mainly attributed to the favorable government policies that boost innovation and strengthen infrastructure capabilities. Hence, any hindrance to the growth of the industrial sector hampers the economic growth of the region. The US is the world’s worst-affected country due to the COVID-19 outbreak. The commercial vehicle transmission oil pump and transmission system market’s reliance on manufacturing companies, such as automobile companies and automobile component manufacturers, has been highlighted by the recent pause in manufacturing units due to the outbreak. The automobile industry is suffering a major setback owing to the strict restrictions on travel and the closures of international manufacturing activities, declining car sales, and large layoffs. The overall demand for transmission oil pumps and transmission systems is likely to increase once the industries attain normal operational conditions. These automotive parts are vital and much needed for the manufacturing of commercial vehicles. Favorable government policies, such as duty-free imports in Mexico, for the automotive sector in North America and ever-increasing investments by North American countries in advanced technology propel the demand for automotive parts in the region.
The North America commercial vehicle transmission oil pump and transmission system market is segmented on the bases of offering, oil pump product type, oil pump type, transmission system type, vehicle type, powertrain type, and country. Based on offering, the market is bifurcated into transmission oil pump and transmission system. In 2020, transmission system segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on oil pump product type, the market is bifurcated into fixed displacement pump and variable displacement pump. In 2020, fixed displacement pump segment held the largest share in the market and variable displacement pump is expected to be the fastest growing segment during the forecast period. Based on oil pump type, the market is segmented into vane type, gear type, and rotor type. In 2020, gear type segment held the largest share in the market and vane type is expected to be the fastest growing segment during the forecast period. Based on transmission system type, the market is segmented into manual transmission, automatic transmission, and automated manual transmission. In 2020, manual transmission segment held the largest share in the market and automated manual transmission is expected to be the fastest growing segment during the forecast period. Based on vehicle type, the market is segmented into MCV (Class III and Class VI) and HCV (Class VII to Class VIII). In 2020, HCV (Class VII to Class VIII) segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on powertrain type, the commercial vehicle transmission oil pump and system market is segmented into internal combustion engine, electric, and hybrid. In 2020, internal combustion engine segment held the largest share in the market and electric is expected to be the fastest growing segment during the forecast period. Similarly, based on country, the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and it is also expected to be the fastest growing country during the forecast period.
Allison Transmission Holding INC; Daimler AG; Eaton Group; Mack Trucks; Scania; Sinotruk (Hong Kong) Limited; Shaanxi Fast Auto Drive Co. Ltd.; Volvo AG; Voith GmbH & Co. KGaA; ZF Friedrichshafen AG; Hyundai Transys; Mahle GmbH; Concentric AB; Scherzinger Pumpen GmbH & Co. KG; SHW AG; BorgWarner Inc.; and SLPT are among the leading companies in the North America commercial vehicle transmission oil pump and transmission system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.