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Environment Friendly Vehicles Has Increased The Deployment Of Clutches In The New Vehicles, Thereby Contributing Towards The Growth Of The Clutch Market.
HYDERABAD, TELANGANA, INDIA, September 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that The 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 demand of the advanced clutches Dual Clutch Transmission system, thereby contributing towards the growth of the clutch industry during forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways :
1. North America seems to dominate the clutch market in the forecast period owing to the high demand of electric vehicles in US and Canada.
2. The global increase in the demand of automatic transmission system in vehicles is contributing towards the growth of the market.
3. 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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Segmental Analysis :
1. 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.
2. 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.
3. 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.
4. 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.
Competitive Landscape :
The top 5 players in the Clutch Industry are –
1. Aisin Seiki Co., Ltd.
2. Borgwarner Inc.
3. Clutch Auto Limited
4. Eaton Corporation PLC
5. Exedy Corporation.
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Article originally published on www.einpresswire.com as Clutch Market Worth $16.2 Billion by 2027 At A Growth Rate of 6.7%
originally published at World News - 195News