Lumax Auto Technologies Limited (LATL) management said on its June 1 2026, earnings call that India’s gear-shifter market is still about 95% to 97% conventional, but that shift-by-wire/e-shifters could reach a 50:50 volume split with mechanical shifters in roughly three years, around 2029.
In mechanical shifters, the lever connects to the gearbox through rods or cables. In shift-by-wire systems, the selector sends an electronic signal to the transmission through sensors and control units, with no direct mechanical linkage
"So let's say, we are selling about 100 AT shifters volume-wise right now. It will turn to 50 shifters of AT in 3 years down, and 50 would move to shift-by-wire," noted Vikas Marwah, Chief Executive Officer, Lumax Auto Technologies Limited during the call.
To capitalise on this transition, Lumax has already secured Start of Production (SOP) agreements for three major vehicle platforms. The company’s portfolio covers the two primary electronic architectures currently in demand: whole sensor-based shift-by-wire and CAN-based shift-by-wire systems.
This shift is part of a broader move toward intelligent mobility systems, which is fueling outsized growth in Lumax’s Mechatronics vertical. That segment saw revenue jump nearly 150% year-over-year, reaching Rs 281 crore in FY 2026, supported by a forward-looking order book of Rs 400 crore.