Understanding South Korea's Continuous Variable Transmission Market in 2024

The South Korea continuous variable transmission (CVT) market is rapidly expanding, supported by the country’s robust automotive industry and increasing demand for fuel-efficient vehicles. South Korean automakers are increasingly integrating CVT technology into their vehicle lineups to meet consumer expectations for enhanced performance and lower emissions. The growing trend of electric and hybrid vehicles in South Korea further fuels the CVT market, as these transmissions provide smooth acceleration and optimal power management. With advancements in CVT technology focusing on improving efficiency and reliability, the market outlook remains strong, reflecting the country’s commitment to innovation in automotive technologies.

The forecast period ending in 2030 projects that the global continuous variable transmission market size will surpass USD 28 billion at a CAGR of 6.56% 

An automatic transmission system that continually changes across a range of gear ratios is known as a continuously variable transmission (CVT). On either end of the engine and the wheels, it has a two-pulley system with differing diameters connected by a belt or chain. Two pulleys with different diameters replace the gears in the CVT system, sometimes referred to as a stepless transmission, pulley transmission, and single-speed transmission. In comparison to automatic transmission systems, it offers more useful power and driving convenience.

Moreover, the CVT system provides maximum speed at low engine speeds while saving gasoline. They are suitable for a variety of automotive applications due to their compact size, light weight, and lack of moving parts. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that approximately 94.9 million cars were produced globally in 2016. This number will likely support market growth during the forecast period. Thus, it is projected that these factors will fuel the continuous variable transmission market's expansion.

Gasoline is a fossil fuel that will run out in the near future and is not a sustainable energy source. Demand for fuel-efficient cars has increased as a result of the recent increase in the price of diesel and gasoline. The use of motor diesel and gasoline has been strictly regulated in terms of million barrels per day, according to the United States Energy Information Administration (EIA). Because of this, manufacturers are making more fuel-efficient vehicles to satisfy rising consumer demand, which is anticipated to fuel the growth of the continuously variable transmission market.

For instance, Daihatsu Company debuted D-CVT, the first split-gear CVT technology, in September 2019. (Dual mode CVT). To increase fuel efficiency, acceleration sensation, and quietness, D-CVT combines a belt drive with a high-efficiency gear drive. D-CVT, in contrast to belt-type CVT, enables the motive force to be divided and transmitted using belts and gears.

Regional Analysis:

There are four regions that make up the continuous variable transmission market namely North America, Europe, Asia-Pacific, and the rest of the world. The largest market share was held by North America, and Asia-Pacific is projected to grow at the greatest CAGR over the projection period.

With the largest market share in 2021, North America dominated the industry. Due to expanded R&D efforts and growing consumer demand, North America is the leading region for continuous variable transmission products. The need for healthcare facilities has increased as a result of changes in North America's demographics. This has played a vital role in medical advancements and has helped the substance's use rise in recent years.

The quickest CAGR is predicted to be recorded in Asia-Pacific throughout the forecast period. Asia-Pacific pharmaceutical firms are likewise increasing their capacity for production. This factor and higher R&D spending will probably lead to the creation of new opportunities in the Region. In engineered bioreactors and extracorporeal circulation systems like dialysis and tooth and bone implants, continuous variable transmissions are widely used. Throughout the projected period, this trend is anticipated to support the Asia-Pacific market's growth.

 

Market Segmentation:

 

Chain-driven transmission and belt-and-pulley transmission are the two product types that make up the continuous variable transmission market segmentation. In the chain-driven transmission category, the continuous variable transmission market's growth was notably rapid in 2021. Chain drives are a specific type of mechanical power transmission equipment that uses chains to transfer power from one place to another.

 

According to the type of vehicle, the continuous variable transmission market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and other vehicles (tractors, etc.). In 2021, the passenger car category's revenue share will be the highest. Demand for passenger vehicles is influenced by fuel costs and road conditions. It is anticipated that the improving economic outlook in developing nations will increase demand for passenger cars.

 

Up to 1.5 L, 5 L to 3.0 L, and over 3.0 L are the market segments. Due to its low cost in comparison to other transmission technologies and rising fuel prices in various parts of the world, which has led to an increase in the adoption of vehicles with smaller engine sizes in nations like China, India, and Brazil, the upto 1.5 L category was the largest segment in 2021 and is predicted to remain the dominant segment over the forecast period as well.

 

Key Players:

 

Prominent players in the continuous variable transmission market research include JATCO Aisin AW, Honda, Fuji Heavy Industries, Company five, Punch, Wanliyang, Jiangsu & Rongda, Fallbrook, Torotrak, and CVTCorp, among others.

 

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