Continuously Variable Transmission (CVT) Systems Market to Reach 19.3 Million Units by 2024
According to the latest report by IMARC Group, titled “Continuously Variable Transmission System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 13.6 Million Units in 2018, growing at a CAGR of 6% during 2011-2018. A continuously variable transmission (CVT) is a type of automatic transmission system in which the ratio of the rotational speeds of two shafts vary continuously within a given range, providing an infinite number of possible ratios. It has a two-pulley mechanism which have variable diameters and are connected by a belt or a chain with one end connected to the engine and the other to the wheels. Over the past few years, the latest developments in gear reduction and manufacturing have reduced the cost and increased the performance of CVTs, thereby making them suitable for more diverse automotive applications.
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Global Continuously Variable Transmission System Market Trends:
CVT systems provide a smoother driving experience, more useable power, better fuel economy, quicker acceleration and consume lesser fuel than conventional automatic or manual transmission system. Further, there is a wide variety of CVT systems which are used in tractors, snowmobiles and motor scooters, go-karts and mix harvesters. Growing demand for these vehicles boosted the sales of CVTs across the globe. Moreover, design and application engineers are focusing on the development and implementation of advanced CVT technologies. For instance, TEAM Industries, an engineering and manufacturing company, is designing and fabricating flyweights, springs and helixes using the latest toroidal traction technology required in the CVT systems for optimum performance. On account of these factors, the market volume is projected to reach 19.3 Million Units by 2024.
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Market Summary:
- Based on the vehicle type, the market has been segmented into passenger cars, light commercial vehicles, heavy commercial vehicles and others. Amongst these, passenger cars currently represent the largest segment.
- On the basis of the type, hydrostatic systems are the most popular type of CVT. Some of the other systems are toroidal, cone, variable geometry and variable diameter.
- The market has been segmented on the basis of the fuel into gasoline, diesel and hybrid. At present, gasoline accounts for the majority of the global market share.
- Based on the capacity, the report finds that CVT systems with up to 1.5L capacity hold the biggest market share. The other capacity range of these systems are 1.5 to 3.0L and above 3.0L.
- The market has been categorized based on the end use into OEM and aftermarket. OEM currently exhibits a clear dominance in the global market.
- Region-wise, Asia Pacific enjoys the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being TEAM Industries, Inc., Schaeffler AG, Endurance Technologies Limited, NIDEC-SHIMPO, ZF Friedrichshafen AG, STEYR, Toyota Motor Corporation, Gaokin Industry Co., Ltd, General Transmissions and Fallbrook Intellectual Property Company LLC.
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