By 2032, the automotive gear market is expected to generate sales of $8.18 billion, rising at a CAGR of 5.7%, according to Fact.MR, a provider of market research and competitive information. Both in established and developing nations, vehicle production has risen gradually over time. This will result in increased market growth for automotive gear in the upcoming years.
Gears play a big part in many automotive systems. Market expansion for gears is directly impacted by vehicle sales. The adoption of more expensive and energy-efficient technology, such as seven-speed and eight-speed automatic gearboxes, is another factor contributing to the growth of the automotive sector.
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Major Automotive Gear Service Providers
- Eaton Corporation
- Bharat Gears Limited
- GKN Plc., Inc.
- Altra Industrial Motion Corporation
- Showa Corporation
- American Axle and Manufacturing, Inc.
- Linamar Corporation
- NSK Limited
- Univance Corporation etc.
Market Competition
Key players in the automotive gear market are Eaton Corporation, Bharat Gears Limited, GKN Plc., Inc., Altra Industrial Motion Corporation, Showa Corporation, American Axle and Manufacturing, Inc., Linamar Corporation, NSK Limited, Univance Corporation, etc.
- ZF Announced the Integration of the MICO Brand and New Products at MINExpo 2021 in September 2021 The company has also introduced several new products, along with the Redulus4F Industrial Gearbox Series and Advanced Serviceability Solutions.
- In May 2021, American Axle & Manufacturing Inc and REE Automotive (“REE”) announced a collaboration to design a new electric propulsion device for e-Mobility.
- Dana Incorporated revealed in March 2019 that it had completed the acquisition of the Oerlikon Group’s Drive Systems segment.
- JATCO introduced a new continuously variable transmission “CVT-X” for medium and large FWD vehicles in June 2021, with enhanced environmental efficiency and drivability. It is claimed to have obtained a transmission efficiency of more than 90%, which was previously thought unrealistic for a CVT.
Electric vehicles make little use of gears. The overall number of gears is drastically decreased because there are lesser transmission systems, differentials, and almost no gearboxes. Furthermore, the growing demand for fuel-efficient vehicles and portable auto parts will drive future growth over the next ten years. At the moment, electric vehicle penetration is minimal, accounting for only a small part of total vehicle sales. However, as governments around the globe promote zero-emission vehicles through economic incentives and favorable policies, market growth is expected to slow.
Key Highlights
- In the last five years, the Indian automotive gear industry has expanded at a rate of 4.5%.
- The global market for Automotive Gear was valued at US$ 4.45 Billion in 2021
- Fact.MR foresees automotive gear demand to reach US$ USD 4.7 Billion in 2022
- North American regional market is expected to account for 35% market share in 2022
- European regional market is expected to account for 25% market share in 2022
Industry Survey
- By Product Type :
- Worm Gears
- Bevel Gears
- Spur Gears
- Helical Gears
- Rack and Pinion Gears
- Planetary Gears
- Hypoid Gears
- Others
- By Sales Channel :
- OEM
- Aftermarket
- By Vehicle Type :
- Passenger Cars
- LCV
- Trucks
- Buses
- Off-Road Vehicles
- Two-Wheelers
- By Application :
- Engine
- Drive Shaft
- Transmission
- Differential
- Steering System
- Others
- By Material Type :
- Metallic
- Non-Metallic
- By Region :
- North America
- Latin America
- Europe
- CIS & Russia
- APEJ
- Japan
- Middle East & Africa
The global automotive gear market report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
- What are the strategies adopted by top players to retain their stronghold in the market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the market?
- What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?
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