(I-BusinessNews.Com, May 22, 2021 ) Clutch Market size is forecast to reach $16.2 billion by 2026, after growing at a CAGR of 6.7% during 2021-2026. One of the most important factor contributing towards the rapid growth of the clutch market is the rising demand of electric and increasing advancement in the automotive industry. The steady shift from the manual transmission to semiautomatic and fully automatic transmission system in the advanced vehicles is contributing the growth of the clutch market. Moreover, the high demand of fuel efficient automotive systems has enhanced the demand of the advanced clutches Dual Clutch Transmission system, thereby contributing towards the growth of the clutch industry during forecast period.
Clutch Market Segment Analysis - By Transmission Type
Automatic transmission systems is estimated to have the largest market share in the clutch market in the year 2020. The growth is majorly attributed to the high demand towards the advancement made in the automotive industry and increasing R&D activities in automation. Moreover, the growing demand of high-performance and easy transmission among the young bikers is enhancing the growth of the automatic transmission systems. In 2019, AVTEC Limited launched a new set of automatic transmission (HD transmission) that allows customized transmission solutions for the field application. The growing launch of advanced products is anticipated to raise the growth of the market during forecast period.
North America dominated the Clutch market with a share of more than 42.78% which is followed by APAC. The predominance of the North America on the clutch market is majorly attributed to the growing demand of electric vehicles in regions such as United States and Canada. In the third quarter of 2019, the total number electric vehicles sold in Canada was 18,000 which was a rise of 16.6% since the third quarter of 2018, according to FleetCarma. The significant growth in sale of electric vehicles and growing deployment of clutches in the newly manufactured vehicle is anticipated to uplift the growth of the Clutch market in North America during forecast period.
Growing demand of Electric vehicles (particularly Battery Electric Vehicles) across the Globe
The increasing awareness towards the environmental friendly vehicles has allowed heavy adoption of the Battery Electric vehicles in the developed parts of the world such as United States, Canada, Germany, U.K and other such areas. The heavy growth in the technological advancements in these regions. The increase in production of new vehicles has also increased the deployment of these clutches in these vehicles thereby driving the growth of the market.
Implementation of Stringent Environment Regulations
Governments across all nations are majorly focusing on boosting the fuel economy and creating awareness towards healthy environment in order to remove pollution across the globe. Strict government regulation coupled with high adoption of the environment friendly vehicles has increased the deployment of clutches in the new vehicles, thereby contributing towards the growth of the market.
Clutch Market Challenges
One of the major factor hindering the growth of the Clutch market is the complex design and highly complex installation process. Moreover, once damaged and has to be replaced. Also the high complexity coupled with high installation cost of clutches is majorly hindering the growth of the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Clutch market. In 2018, the market of fuel additives has been consolidated by the top five players accounting for 46% of the share. Major players in the Clutch Market are Aisin Seiki Co., Ltd., Borgwarner Inc., Clutch Auto Limited, Eaton Corporation PLC, Exedy Corporation., F.C.C. Co., Ltd., among others.
In 2018, Eaton Corporation launch a new clutch System “Eaton 430mm Clutch” specially designed for Volvo I-Shift. The launch of new products is anticipated to raise the growth of the market during forecast period.
North America seems to dominate the clutch market in the forecast period owing to the high demand of electric vehicles in US and Canada.
The global increase in the demand of automatic transmission system in vehicles is contributing towards the growth of the market.
Stringency in government regulation coupled with high adoption of the environmental friendly vehicles is anticipated to uplift the growth of the clutch market during forecast period.
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