The global CVT market is anticipated to grow at a considerable CAGR of 6.3% during the forecast period (2022-2028). CVT is a type of automatic transmission (AT) that is known for changing gears seamlessly through a continuous range of gear ratios as compared to other types of transmission that provide a limited number of gear ratios. The major factor attributing to the growth of the global CVT market includes the use of continuously variable transmission in the increasing production of automotive vehicles across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles, including light commercial vehicles and heavy commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, increasing the demand for CVT systems.
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A full report of Global Continuously Variable Transmission (CVT) Market is available at: https://orionmarketreports.com/continuously-variable-transmission-cvt-market/108727/
In addition, another factor increasing the use of CVT and contributing to the growth of the global CVT market includes several benefits provided by using the CVT in vehicles. The benefits include smoother rides, lower production costs due to fewer moving parts in the CVT, and outstanding fuel efficiency as they keep engine RPM low & consistent consuming low fuel.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2021, Continental AG announced the expansion of its engineering services to three different countries, including Germany, England, and Italy. This expansion will benefit Continental AG’s customers to gain access to a wide range of product portfolios of Continental AG according to their requirements. The three expanded facilities will also work on developing an integrated advanced driver assistant system (ADAS).
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- TEAM Industries, Schaeffler AG, Endurance Technologies Ltd., Toyota Motor Corp., and General Transmissions, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global CVT Market Report by Segment
By Type
- Chain-Driven Transmission
- Belt-and-Pulley Transmission
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Others
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