Automotive Clutch Plate Market Set to Surpass USD 7,708.45 by 2028 – Techsci Research
According to TechSci Research report,?“Automotive Clutch Plate Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,”?the global automotive clutch plate market is anticipated to witness a growth rate of 6.24% to reach USD7,708.45 million by 2028.
An automotive clutch is a mechanical device that connects the engine and transmission system in a vehicle. Its purpose is to transfer power from the engine and assist the driver in changing gears. The clutch works by engaging and disengaging the engine using a gearbox that rotates at different speeds. It is made up of several components, including a pilot bushing, crankshaft, flywheel, clutch disk, pressure plate, and a throw-out bearing. Clutches are used in both manual and automatic vehicles, with manual gearboxes having a single clutch and automatic transmissions using multiple clutches. They prevent friction between gears and reduce any potential damage.
The market for automotive clutches is growing due to the expansion of the automotive industry and the increasing demand for electric vehicles. This growth is being fueled by advancements in the industry and the shift towards semi-automatic or fully automatic transmission systems. Research and development (R&D) efforts and the need for fuel-efficient systems have led to the development of improved and advanced clutches, such as the Dual Clutch Transmission (DCT) system. This trend is expected to continue, driving positive growth in the market.
Original equipment manufacturers (OEMs) are also expanding their production capacities to meet consumer demand, introducing innovative facilities to stay competitive. Other factors contributing to market growth include increasing purchasing power, rising standards of living, and rapid urbanization in emerging nations.
The number of vehicles produced worldwide in 2021 reached 80.5 million, an increase of 3.39% over 2020. Automobile sales are being driven in many regions amid rising consumer spending power and rising customer preference towards owning a private vehicle. Additionally, production of commercial vehicles increased by 6.80% in 2021 over 2020. Furthermore, the United States had seen a 3.92% growth in vehicle manufacturing, bringing the total to almost 9.2 million units. Even though the lockdown was prolonged in China in 2021, automobile production rose by 3.40% that year. The growing e-commerce sector, as well as the expansion of the building and mining sectors and other significant industries, also contribute to the increasing demand for commercial vehicles. To meet the expanding needs of consumers, commercial vehicles are being sold exponentially worldwide. Owing to above factors, the global automotive clutch plate market is anticipated to expand in the coming years.
Many market players are investing in research and development activities?to explore innovative solutions and enhance current infrastructure for better performing and advanced clutches in automobiles. The demand for automatic transmissions in vehicles is constantly increasing because of?more comfort, convenience, and simple to drive vehicle?in congested areas. This creates a significant market opportunity for automobile clutch plates worldwide.
The Asia-Pacific region leads the global automotive clutch plate market, followed by North America and Europe & CIS, with the highest number of motor vehicles on the road. Due to its massive vehicle fleet and production capacity, China is expected to maintain its market dominance during the forecast period. Additionally, the increasing use of cutting-edge technology like dual-clutch transmissions (DCT) is significantly boosting this market's growth on a global scale.
On the basis of vehicle type, passenger car segment dominates the market with majority of share followed by LCV segment and M&HCV segment. Based on type, less than 9 inches and 9.1 to 10 inches segment together captures more than 70% of total market share in 2022. Based on demand category, due to increasing demand for used car market aftermarket segment dominates the overall global automotive clutch plate market.
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Browse more than 173?market data Figures spread through?219 Pages and an in-depth TOC on?"Automotive clutch plate market"
The global automotive clutch plate market can be segmented by vehicle type, demand category, type, regional distribution, and company. Based on the vehicle type, the global automotive clutch plate market is divided into passenger car, LCV and M&HCV. Based on the demand category, the global automotive clutch plate market is divided into OEM and aftermarket. Based on type, the global automotive clutch plate market is divided into less than 9 inches, 9.1 to 10 inches, 10.1 to 11 inches, and more than 11 inches. Based on regional analysis, the global automotive clutch plate market is divided into North America, Asia-Pacific, Europe & CIS, South America, Middle East, and Africa.
Some of the major companies operating in the global automotive clutch plate market include:
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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“The Asia-Pacific region had seen the highest volume of motor?vehicle sales, propelling it to lead the?global automotive clutch plate?market followed by North America and Europe & CIS. With the innovation in the technology new type of material and product are being introduced in the market, thus opening a huge potential for the global automotive clutch plate market.?” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Clutch Plate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (Passenger Car, LCV, M&HCV), By Demand Category (OEM, Aftermarket), By Type (Less than 9 inches, 9.1 to 10 inches, 10.1 to 11 inches, More than 11 inches), and By Region,”?has evaluated the future growth potential of global automotive clutch plate market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Clutch Plate Market.
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