LONDON—According to the latest market research report by Technavio, the continuously variable transmission (CVT) system market in APAC is expected to grow at a CAGR of over 12% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the global continuously variable transmission (CVT) system market in APAC for 2016-2020. The market size has been calculated based on the unit production of CVTs for passenger vehicles, light commercial vehicles, and heavy commercial vehicles in APAC during 2015-2020.
“The automotive industry in APAC has registered relatively high growth compared to the rest of the world. Consequent to such developments, OEMs have been actively investing to penetrate the APAC market,” said Siddharth Jaiswal, one of Technavio’s lead industry analysts for automotive components.
“This has generated intense competition among players resulting in wider product portfolios and constant product launches. Most of the vehicle launches highlight advanced technologies. CVT is one such technology that OEMs are focusing on in the APAC market. For instance, Nissan is working to equip more than 6 out of 10 vehicles with CVT technologies,” added Siddharth.
CVT market share APAC 2015
|
• Japan |
45.34% | |||||
|
• China |
29.36% | |||||
|
• Others |
25.30% | |||||
|
• India |
6.40% | |||||
| Source: Technavio research | ||||||
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CVT systems market in Japan
The CVT market in Japan accounted for 2.76 million units in 2015. Japan’s automotive industry is the third largest market in the word in terms of production (9.2 million units in 2015). We expect this market to reach 11.25 million units by 2020, growing at a CAGR of 4.11%. Japan is home to some of the largest automakers in the world, such as Toyota, Honda, Nissan, Mazda, Mitsubishi, Subaru, Mitsubishi, and Isuzu, among others.
Japanese automobile sales have been largely volatile due to a weak domestic economy, currency fluctuations, and growing aging demographics. However, Japan remains the third largest automobile market in terms of volume, sales, and production. It is one of the mature economies in APAC.
CVT systems market in China
China is one of the fastest growing automotive markets in the world. Over the past few years, China has maintained its position as the world's largest automotive market, and its growth was backed by strong economic performance. Many automotive OEMs are entering the market to tap China's huge potential, but passenger cars hold the highest market share in China's automotive industry.
Technavio researchers expect the market to dip in 2016-2017 in the wake of China's stock market crash in 2015 and this may impact automotive sales through weakened consumer confidence. However, after 2017, the market will likely stabilize and register steady growth. In 2015, China's automotive production accounted for 24.6 million units, and is estimated to reach 30.84 million units by 2020, growing at a CAGR of 4.63%.
CVT systems market in India
Automotive production in India clocked 4.12 million units in 2015. The automotive industry in India is the third largest in terms of unit of shipments in Asia. Favorable demographics, economic growth, and rising per-capita income are the key factors driving the Indian automotive industry.
Additionally, the country is attracting OEMs and component suppliers to setup production facilities to serve the lucrative domestic market and to cater to export markets. Traditionally, the Indian consumer base is typically price sensitive, and this has led to many automotive innovations.
The expansion of the Indian economy and widespread industrialization have attracted major OEMs to this market. This phenomenon has led to rapid adoption of advanced technologies in the areas of automotive transmission, safety, alternative propulsion technologies, ergonomics, infotainment, and telematics.
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