The truck clutch market will register a CAGR of more than 6% by 2023
LONDON, April 11, 2019 /PRNewswire/ --
About this market
The increased penetration of high-speed transmission in trucks is one of the key factors driving the growth of the global truck clutch market. Vendors operating in the truck transmission-related product development and manufacturing are focusing on using innovative materials, advanced designs, and more gears for designing and developing transmission systems to enhance performance and efficiency. Therefore, upcoming truck models are coming fitted with advanced high-speed transmission systems. In addition, truck OEMs have been started launching their latest products and technologies for trucking applications. As a result, these developments are expected to drive the sales of clutches and promote market growth during the forecast period. Analysts have predicted that the truck clutch market will register a CAGR of more than 6% by 2023.
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Market Overview
Demand for newer generation commercial vehicles
One of the growth drivers of the global truck clutch market is the demand for newer generation commercial vehicles. The increasing sales of trucks with automated manual transmission systems are expected to drive the revenue of the global truck clutch market during the forecast period.
Technological constraints resulting in vehicle recalls
One of the challenges in the growth of the global truck clutch market is the technological constraints resulting in vehicle recalls. The average cost of automated transmission falls for the automakers, their R&D, production, maintenance, and high-repair costs are add-on expenses, which hinder the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the truck clutch market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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