$5.40 billion growth in truck clutch market size with 55% contribution from APAC

NEW YORK, September 5, 2022 /PRNewswire/ — The “truck clutch market The “Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with over 100 Fortune 500 companies for over 16 years. The difference in potential growth for the truck clutch market between 2021 and 2026 according to Technavio’s latest market analysis report is $5.40 billion. The report predicts that the market will witness an acceleration in growth at a CAGR of 6.5%. Technavio classifies the global truck clutch market as part of the global automotive parts market and equipment market within the global automotive components market. Our report provides detailed insights on value chain analysis for Truck Clutch market which vendors can leverage to gain a competitive edge during the forecast period. The data available in our value chain analytics segment can help vendors reduce costs and improve customer services over the forecast period.

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Key market dynamics

• market engine: One of the major drivers of the truck clutch market growth is the demand for next-generation commercial vehicles. Globally, activities such as trade, logistics, construction, mining, agriculture, transportation and mining have increased dramatically over the past two decades. These activities have fueled demand for safety, comfort and convenience features in commercial vehicles in both developed and developing automotive markets, driving strong year-over-year sales. Rising sales of trucks equipped with automated manual transmission systems are expected to drive the global truck clutch market revenue.

• Market challenge: Technological restraints resulting in vehicle recalls will be a major challenge for the truck clutch market during the forecast period. The integration of automatic transmission systems into trucks involves advanced algorithms that aid in the design and development of such complex systems. Since the average cost of automated transmissions falls within $2,500–$4,000 range for the car manufacturer, their high R&D, production, maintenance and repair costs are additional expenses, which have a significant negative impact on the financial stability of the parties concerned and limit the growth margin of the market in question .

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Key Market Segment Highlights

The Truck Clutches Market report is segmented by Application (Light Trucks & Medium & Heavy Trucks) and Geography (APAC, Europe, North America, South Americaand Middle East and Africa).

Regional Opportunities: 55% of the market growth will come from APAC during the forecast period. China and India are the major truck clutch markets in APAC. Market growth in this region will be faster than market growth in other regions. Improved and stabilized socio-economic conditions in APAC countries have helped the region become the fastest growing market for the automotive industry. China, Japanand Australia are the major contributors to the truck clutches market in APAC. This will facilitate the growth of the truck clutches market in APAC region over the forecast period.

Revenue Generating Segment Highlights: The growth in the truck clutch market share in the light truck segment will be significant over the forecast period. The growing demand for light trucks has resulted in close collaboration between component manufacturers and commercial vehicle OEMs. The company has grown significantly in terms of new light truck model launches and increased adoption of light trucks as the preferred mode of transportation by several industries.

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