The global automotive clutch market is expected to witness significant growth over the forecast period owing to advancements in automotive technology coupled with surging demand for electric vehicles. The growing trend and evolving consumer preference towards manual to semi-automatic or fully-automatic transmission systems are expected to favorably impact the global market growth. Additionally, increasing consumer disposable income has driven vehicle sales, which is also expected to fuel market growth.
The availability of low-cost manual transmission clutches against torque converters with automatic transmission is also expected to drive the market. Furthermore, customer inclination towards more convenient modes of transmission and growing demand for passenger cars in emerging economies is also expected to drive the spur the market demand over the forecast period. In addition, OEMs focus on expanding production capacity by introducing new production facilities in order to meet growing demand, which is also expected to propel market growth. However, the replacement of manual clutch by torque convertor in automatic transmission systems may pose to be a challenge to the automotive clutch industry. Additionally, the low fuel efficiency of vehicles equipped with automatic transmission systems is expected to be a major challenge to the market.
North America is expected to emerge as the most dominant regional automotive clutch market over the forecast period, which can be attributed to the growing demand for electric vehicles. Furthermore, high vehicle demand in emerging economies, such as China and India, are expected to drive growth across Asia Pacific market over the forecast period. Key market participants include ZF Friedrichshafen, Valeo, Schaeffler, NSK Ltd, F.C.C. Co. Ltd, Exedy Corporation, Eaton Corporation PLC, Clutch Auto Limited, Borgwarner Inc, and Aisin Seiki Co. Ltd., Torotrak, Fiat, and Magneti Marelli.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.