Rockville, Jan. 04, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of automotive gear are projected to accelerate at a CAGR of 5.7% to top US$ 8.18 Billion by 2032. Long-term, vehicle production in developed and emerging nations has been expanding yearly. This will lead to greater expansion in the automotive gear market over the forecast years.
Gears play an important role in automotive systems. Vehicle sales have a direct influence on the expansion of the gears market. Switching to more expensive and energy-efficient equipment, such as seven-speed and eight-speed automatic transmissions, is another factor for market expansion in the automotive sector.
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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 Takeaways from Market Study
- 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
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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.
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.
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Key Segments Profiled in the Automotive Gear 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
More Valuable Insights Available
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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.
Check out more related studies published by Fact.MR Research:
Automotive Gear Shift System Market - Resurgence in the sales of automobiles during the 2013-2017 period bolstered automotive gear shift system market growth which witnessed a CAGR of 3.7% during the period. Burgeoning demand for automobiles in both developing and developed economies coupled with the growing production of electric vehicles is expected to fuel automotive gear shift system market proliferation
Automotive Electric Power Steering Market - An automotive electric power steering comprises of an electric motor to assist during the driving of a vehicle. Sensors detect the position and torque of the steering column, and a computer module applies assistive torque via the motor, which connects to either the steering gear or steering column. Automotive electric power steering offers more assistance than traditional hydraulic power steering through the use of an electric motor.
Automotive Automatic Transmission Market - The global automotive automatic transmission market is likely to be valued at US$ 70.34 Billion in FY 2022, up from US$ 65 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 8.2%. From 2022 to 2032, the automotive automatic transmission industry is poised to flourish at a CAGR of 8.2% to reach a value of US$ 155 Billion by the end of 2032.
Automotive Transmission System Market - Global demand for automotive transmission systems is likely to surpass US$ 38 Bn by the end of 2021. Furthermore, the market is anticipated to reach US$ 70.2 Bn by the end of the 2021-2031 assessment period, experiencing an incline of 1.8x. Preference for manual transmission systems will remain dominant, attributed to increasing fuel efficiency requirements.
Clutch Pedal Kit Market - According to the latest research from Fact.MR, the clutch pedal kit market is expected to expand at a CAGR of 4% to 6% between 2021 and 2031. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020.
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