Global Advanced Gear Shifter System Market to Reach $24.2 Billion by 2030
The global market for Advanced Gear Shifter System estimated at US$15.9 Billion in the year 2023, is expected to reach US$24.2 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2023-2030. Solenoid Actuator Component, one of the segments analyzed in the report, is expected to record a 6.4% CAGR and reach US$8.6 Billion by the end of the analysis period. Growth in the CAN Module Component segment is estimated at 7.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.8 Billion, While China is Forecast to Grow at 5.7% CAGR
The Advanced Gear Shifter System market in the U.S. is estimated at US$4.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.2 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 4.9% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
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