According to a new report published by Allied Market Research, titled, โAutomotive Advanced Shifter System Market,” The automotive advanced shifter system market was valued at $10.9 billion in 2021, and is estimated to reach $18.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Automotive advanced shifter system market is segmented basis of technology, component, vehicle type, propulsion, and region. On the basis of technology, it is divided into automatic shifter and shift-by-wire (SBW). By component, it is divided into CAN module, electronic control unit (ECU), solenoid actuator, and others. By vehicle type, it is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. By propulsion, it is divided into ICE, electric & hybrid, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Covid-19 Scenario:
- The implementation of stringent lockdowns and ban on import-export of essential raw material items during the COVID-19 pandemic led to reduced availability of important raw materials for vehicle components, which negatively impacted the market for global automotive advanced shifter system market.
- The disruption in supply chain brought in by the pandemic had a negative impact on the automobile industry’s competitiveness, economic growth, and job losses. The production of critical raw materials like steel, which are used to make automotive shifter systems hampered the supply of automotive shifter systems globally. Moreover, financial and liquidity problems compelled firms to cut down expenditure on R&D activities.
- However, with COVID-19 cases declining globally and the measures and restrictions being eased, the production of vehicles surged as automotive manufacturers focused on the development of new products and announced strategic expansion and collaboration across the industry. Thus, the market recovered gradually.
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The prominent key factors that drive the growth of theย automotive advanced shifter system market areย rise in adoption of lightweight systems for fuel efficiency, increase in demand for driver & passenger safety, comfort & luxury, and surge in demand for automatic transmission. The global automotive industry has experienced tremendous transformation in past few years. The ever-growing demand for fuel efficient vehicles is making vehicle manufacturers focus incessantly on forming new design experiences by enabling efficient incorporation of new technologies and processes, which is anticipated to fortify demand for automotive advanced shifter system up to a great degree during the forecast period.
The key players that operate in this automotive advanced shifter system market are Atsumitec Co., Ltd., Delta Kogyo Co., Ltd., Dura Automotive Systems, Eissmann Group Automotive, Ficosa International S.A., Fuji Kiko Co., Ltd., GHSP, Inc., Kongsberg Automotive, Kรผster Holding GmbH, Leopold Kostal GmbH & Co. KG, M&T Allied Technologies, Orscheln Products, Sila Group (Silatech Srl), Stoneridge Inc., and ZF Friedrichshafen AG.
KEY FINDINGS OF THE STUDY
- By technology, the shift-by-wire (SBW) segment is expected to register a significant growth during the forecast period.
- By component, the electronic control unit (ECU) segment is projected to lead the global automotive advanced shifter system market.
- By vehicle type, the passenger car segment is projected to lead the global automotive advanced shifter system market.
- By propulsion, the electric and hybrid segment is projected to lead the global automotive advanced shifter system market.
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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