Off-highway Gearbox Market: Introduction
- A gearbox is a set of gears arranged between the engine and clutch of the vehicle in order to obtain desired torque ratios. The automotive gearbox is located underneath the engine and is termed as transmission. Technological advancements and the evolution of transmission systems as per performance requirements in off-highway vehicles, including Heavy Commercial Vehicles, agricultural vehicles and equipment, construction and mining equipment are expected to drive the market during the forecast period. Automotive OEMs are adopting advanced systems, such as Automated Manual Transmission (AMT), to minimize fuel consumption and CO2 emissions without compromising on performance.
Key Drivers of Off-highway Gearbox Market
- Manufacturers in the industry are required to abide by stringent regulations. In August 2006, the National Highway Traffic Safety Administration (NHTSA) under the Federal Motor Vehicle Safety Standards (FMVSS) announced an agreement with the Association of International Automobile Manufacturers and Alliance of Automobile Manufacturers to make sure that every vehicle with automatic transmissions sold in the U.S. is equipped with brake transmission system interlocks.
- Changing consumer preferences toward efficient and comfortable operating vehicles is expected to increase the demand for automatic gear transmission systems in off-highway vehicles. Automatic gears are easier to operate, efficient, and are more powerful and accurate. Therefore, increasing trends toward automatic gear type is anticipated to propel the global off-highway gearbox market during the forecast period. High price of these products increases the final cost of vehicles, which may hamper their adoption in countries, such as India and Mexico. However, changing preferences and increasing consumer purchasing power are expected to fuel the market during the forecast period.
- Increasing trend of farm mechanization and growing industrialization are expected to propel the demand for off-highway vehicles worldwide, especially in developing markets such as China and India. However, volatile fuel prices and transportation infrastructure influence the demand for passenger cars.
- Automobile component manufacturers in the industry are aiming to provide cost-efficient solutions without compromising on vehicle performance. They are implementing several growth strategies to meet the increasing demand for transmission systems across the automobile industry. For instance, Aisin Seiki Co., Ltd. is focused on consolidating development and production capabilities for Toyota Motor Corp.’s manual transmission products under Aisin AI. Consolidating their capabilities is estimated to enable the companies to meet the worldwide demand and strengthen the competitiveness of their manual systems business.
Corona impact on off-highway gearbox market
- The economy worldwide has witnessed a massive setback due to the COVID-19 pandemic, thus negatively impacting automobile production. The aftermath of COVID-19 has resulted in supply chain disruptions with several production facilities coming to a pause. Moreover, it has taken a toll on off-road vehicle sales, subsequently impacting the demand for off-highway gearbox.
Asia Pacific to account for prominent share of global off-highway gearbox market
- In terms of region, the global off-highway gearbox market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is expected to dominate the global market owing to high volume of vehicle production in China, India, and Japan. The off-highway gearbox market is driven by the presence of several prominent automobile manufacturers and ancillaries in the region.
- Increasing demand for agricultural products, consumer goods, owing to rising population of Asia Pacific, especially in countries like China, India, and Japan is also anticipated to propel the market in the region during the forecast period
- Moreover, major companies operating in the region are focused on providing technologically sound products to consolidate their position in the market. Therefore, major market players engage in strategic activities such as regional business expansions, acquisitions, mergers, partnerships, and collaborations to enhance their market share. Organic growth remains the key strategy for the overall industry with a significant focus on product launches.
Key Players Operating in Off-highway Gearbox Market
The global off-highway gearbox market is concentrated owing to the presence of top manufacturers. A few key players operating in the global off-highway gearbox market are:
- Aisin Seiki Co., Ltd.
- Allison Transmission
- Allison Transmission, Inc.
- BorgWarner Inc.
- Continental AG
- Eaton Corporation PLC
- GKN PLC
- Hyundai Dymos
- JATCO Ltd.
- Magna International, Inc.
- Oerlikon Graziano SpA
- Schaeffler AG
- ZF Friedrichshafen AG
Global Off-highway Gearbox Market: Research Scope
Global Off-highway Gearbox Market, by Vehicle Type
- Agricultural Tractors
- Agriculture Equipment
- Construction Equipment
- Mining Equipment
- Material Handling Equipment
- Ground Support Equipment (GSE)
Global Off-highway Gearbox Market, by Propulsion
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Global Off-highway Gearbox Market, by Engine Horsepower (HP)
- Below 450 HP
- 450 HP to 1200 HP
- Above 1200 HP
Global Off-highway Gearbox Market, by Transmission Type
- Automatic Transmission (AT)
- Automated Manual Transmission (AMT)
- Dual Clutch Transmission (DCT)
- Manual Transmission
Global Off-highway Gearbox Market, by Region
- North America
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.