Wilmington, Delaware, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The automotive gears market was estimated to have acquired US$ 44.5 billion in 2021. It is anticipated to register a 2.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 58.2 billion.
In electric cars, the amount of gearing is comparatively low. The lack of differentials, gearboxes, and transmission systems has resulted in a sharp reduction in the overall number of gears. The market demand for automotive gears is also anticipated to be driven by the growth of the automotive sector in emerging countries like India and Brazil, according to the market projection.
Fully automated transmission cars are presently being built, thanks to technical advancements like carbon fiber-reinforced plastic gears. This is anticipated to limit market growth somewhat.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 44.5 Bn | |
| Estimated Value | US$ 58.2 Bn | |
| Growth Rate - CAGR | 2.7% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 260 Pages | |
| Market Segmentation | By Shaft Axis Type, Application, Material Type, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Amtek International, B & R Machine and Gear Corporation, Bharat Gears Ltd., Circle Gears & Machine Corporation, Eaton, Gear Motions, Mahindra CIE, RENOLD, SAMGONG GEAR IND. CO., LTD., SHOWA Corporation, Varroc Group, Universal Auto Gears LLP, Univance Corporation, American Axle & Manufacturing, Inc., ZF TRW, Robert Bosch GmbH, and Dynamatic Technologies Ltd. | |
Key Findings of the Market Report
- The numerous benefits of automatic transmission, including pleasant driving, economical fuel consumption, adaptable design, and exceptional performance, can be linked to the increased demand for automatic transmission automobiles.
- The market share of the parallel shaft gears category was 42.23% in 2021.
- The demand for automatic transmission in automobiles is expected to rise as a result of governments' efforts to boost the sales of fuel-efficient as well as alternative fuel vehicles via incentives and tax cuts.
Market Trends for Automotive Gears
- In 2021, metallic gears segment took over almost 51.77% of global market share. The market segment is anticipated to hold its position and grow at a CAGR of over 2.01% throughout the course of the projected period.
- Car transmissions are made using steel gears because they enable the efficient transfer of horsepower from one gear to the next. Even though metal is not as robust as steel, brass is resilient enough to resist some extreme circumstances.
- In terms of market share, the non-metallic gears category comes in second to the metallic gears segment. During the projection year, it is expected to grow at a CAGR of 2.9%.
- Low noise is a primary goal in high-speed operations, which is where non-metallic gears are generally used. Non-metallic gears are also widely used in gear systems for timing and other purposes.
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Global Market for Automotive Gears: Regional Outlook
Various reasons are propelling the growth of the automotive gears market in different countries. These are:
- China is likely to play a key role in the growth of the market in the Asia Pacific region, which is predicted to be the most significant customer base for automotive gears globally. Future automobile production in countries like India and China, as well as manufacturers' emphasis on increasing their production capacity, are likely to result in a major increase in demand for automotive equipment.
- For example, because IC cars still make up the majority of the country's automotive market, some newspapers have claimed that China intends to sell 80 million IC engines annually in the next years.
- The desire for fuel-efficient vehicles and lightweight automotive components is driving growth in the Asia Pacific market. It is projected that over the projection period, demand would rise for lightweight, incredibly durable aluminum and composite gears.
Global Automotive Gears Market: Key Players
The global automotive gears market is highly concentrated, with a smaller number of manufacturers holding the lion's share of the market and significant corporations having the ability to accelerate expansion through the adoption of cutting-edge technology. Expansion of the product line and mergers and acquisitions are regularly used critical strategies by key businesses.
The following companies are well-known participants in the global automotive gears market:
- Amtek International
- B & R Machine and Gear Corporation
- Bharat Gears Ltd.
- Circle Gears & Machine Corporation
- Eaton
- Gear Motions
- Kohara Gear Industry Co., Ltd.
- Mahindra CIE
- Precipart
- RENOLD
- SAMGONG GEAR IND. CO., LTD.
- SHOWA Corporation
- Varroc Group
- Cone Drive Operations Inc.
- IMS Gear GmbH
- Universal Auto Gears LLP
Key developments in the global automotive gears market are:
| Market Player | Year | Key Developments |
| JATCO Company | 2021 |
|
| NORD Gear Corporation | 2021 |
|
| Dana | 2019 |
|
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Global Automotive Gears Market Segmentation
- Shaft Axis Type
- Intersecting Shaft Gears
- Straight Bevel Gears
- Spiral Bevel Gears
- Parallel Shaft Gears
- Rack & Pinion Gears
- Helical Gears
- Spur Gears
- Herringbone Gears
- Skew Shaft Gears
- Hypoid Gears
- Worm Gears
- Planetary Gears
- Others
- Intersecting Shaft Gears
- Application
- Transmission System
- Differential
- Transfer Case
- Steering System
- Other Automotive Systems
- Transmission System
- Material Type
- Metallic Gears
- Non-Metallic Gears
- Plastics Gears
- Other materials
- Metallic Gears
- Vehicle Type
- Passenger Vehicles
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- Passenger Vehicles
- Sales Channel
- OEM
- Aftermarket
- OEM
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
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