The Rise of Hybrid Vehicles in Automotive Gear Shift System Market By CIOTechOutlook Team

The Rise of Hybrid Vehicles in Automotive Gear Shift System Market

CIOTechOutlook Team | Wednesday, 25 October 2023, 11:26 IST

The worldwide Automotive Gear Shift System Market is valued at $27.1 billion in 2023 and is expected to grow to $43.5 billion by the end of 2033. According to Fact.MR, a market research and competitive intelligence service, increased sales of electric and hybrid vehicles will provide new possibilities for automotive gear shift system manufacturers in the coming years.

Burgeoning demand for vehicles in emerging as well as developed countries is projected to be a key prospect driving shipments of automotive gear shift systems over the coming years. Implementation of stringent vehicle emission norms and increasing adoption of advanced technologies in vehicles are also forecasted to augment automotive gear shift system sales across the study period and beyond. China, India, Germany, Brazil, and the United States are slated to be prime markets for automotive gear shift system vendors going forward, as per fact.mr.

Hyundai and Kia, two South Korean automotive behemoths, revealed in February 2020 that they had invented a new Information and Communication Technology (ICT) link gear shift mechanism. The innovative technology, which can automatically change gears based on traffic ahead, was presented as a global first.

Manufacturers of automotive gear shift systems are working on optimizing their manufacturing processes in order to minimize the prices of final goods and increase their sales potential. Companies are also pursuing methods such as mergers, collaborations, and partnerships to accelerate product innovation and obtain a competitive advantage over other market participants.