According to a new market report published by Transparency Market Research titled “Automotive Flywheel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,”the global flywheel market for vehicles is likely to expand at a CAGR of more than 4.5%.
The automotive flywheel market is growing at a consistent pace owing to incorporation of flywheels in transmission assembly of vehicles; however, the market for flywheels is anticipated to be hampered by the growing market for vehicles with automatic transmission systems. Automatic transmission systems encompass flex plate instead of flywheels which is used in vehicles for absorption of extra energy. The expanding electric vehicles market is likely to be another threat for the flywheel market due to its elimination from electric vehicles.
Rising production of vehicles globally in the past few years has boosted the flywheel market significantly. Growing industrialization and growing service sectors have extensively driven the demand for commercial vehicles. Increasing production of vehicles is another major factor driving the automotive flywheel market.
Increasing population, urbanization, and purchasing power of the population are the major factors boosting the production of vehicles. Increasing per capita income has empowered society to buy leisure items, which has led to the increasing demand for vehicles. Collective growth of passenger and commercial vehicles is likely to enhance the market for flywheels at a significant rate.
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Continuous improvement in the technology over a period of time to fulfill the rising demand in view of different factors such as safety, comfort, and aesthetics is likely to expand the market of flywheels for automotive. Thus, to enhance the comfort factor (by reducing the vibration produced within the transmission assembly), manufacturers have developed different technologies.
Competition among flywheel manufacturers is anticipated to be a key factor for the thrust of the flywheel market as manufacturers keep developing flywheels with different features to differentiate their products and match the speed, weight, and transmission requirements of automotive manufacturers. Rising penetration of semi-automatic transmission systems globally such as DCT (Dual Clutch Transmission) and AMT (Automated Manual Transmission) in passenger as well as commercial vehicles is likely to drive the flywheel market through the forecast period.
