Revenue from the global automotive gear industry is expected to rise from $4.88 billion in 2024 to $8.5 billion by the end of 2034. Sales of automobile gear systems are expected to grow at a 5.7% CAGR from 2024 to 2034. Vehicle sales have a direct impact on the growth of this sector. The transition to more expensive and energy-efficient components, such as seven-speed and eight-speed automatic gearboxes, is another driving force behind the automobile sector's growth.
Long-term, automobile production in developed and emerging markets has increased year after year. Over the next few years, the automobile gear market will grow even more rapidly.
Gears serve a critical part in vehicle systems. Vehicle sales have a direct impact on the growth of the gear market. Switching to more expensive and energy-efficient technology, such as seven-speed and eight-speed automatic transmissions, is another driver of market growth in the automobile sector.
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Electric vehicles make less usage of gears. The total number of gears is significantly reduced due to fewer gearbox systems, differentials, and nearly no gearboxes. Furthermore, rising demand for fuel-efficient vehicles and portable auto parts will drive future growth over the next decade. At the moment, electric car penetration is low, accounting for only a small portion of overall vehicle sales. However, as governments throughout the world push zero-emission vehicles with economic incentives and favourable policies, market development is projected to decelerate.
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.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Automotive Gear Market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of Automotive Gear Market by Product Type (worm gears, bevel gears, spur gears, helical gears, rack and pinion gears, planetary gears, hypoid gears, and others), by Vehicle Type (passenger cars, LCV, trucks, buses, off-road vehicles, and two-wheelers), by Material ( metallic and non-metallic), by Application (engine, drive shaft, transmission, differential, steering system, and others), by Sales Channel (OEM and aftermarket) and regions.
Old Source: https://www.globenewswire.com/news-release/2023/01/04/2582726/0/en/automotive-gear-market-to-reach-us-8-18-billion-by-2032-expanding-at-a-5-7-cagr-fact-mr-report.html
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