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.
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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