New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Gear Market Information by Material, Product Type, Vehicle Type - Forecast till 2030”, According to MRFR experts, Market expects to continuously grow and reach a value worth USD 56.27 billion in 2030, and it can expect to soar at a rate of 6.4% between 2022 and 2030.
Automotive Gear Market Overview
An automotive gear is a spinning device with teeth that transmits torque by meshing with another toothed machine part or gear due to its capacity to adjust torque, speed, and direction of the power source. Gears are recognized as an important component in a vehicle system that is employed in numerous systems in autos.
The primary vehicle types in the automotive gear market are passenger automobiles and commercial vehicles. The commercial vehicle employs automotive gear designed to convey more than 15 persons. A passenger car employs gears to transfer power from the crankshaft (the rotating axle that receives power from the engine) to the driveshaft, which subsequently powers the wheels. They can be made from a variety of materials, including non-metallic and metallic gears.
Market Competitive Landscape:
The important Companies active in the automotive gear market include
- Eaton
- Linamar Corporation
- NSK Ltd
- Bharat Gears Ltd
- Neapco Inc
- Mitsubishi Group
- Dana Holding Corporation
- Robert Bosch GmbH
- ZF TRW
- GKN plc
- Among others.
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Parallel shaft gears, spur gears, helical gears, rack and pinion gear, intersecting shaft gear, bevel gears, skew shaft gear, hypoid gear, worm gear, and planetary gears are among the items available in the automobile gear market. These products are utilized in transmission systems, steering systems, differential systems, and other systems.
Tier-1, tier-2, and local players compete in the market. Tier 1 and tier 2 players have a global footprint and a varied product assortment. Due to their brand reputation, product differentiation, financial stability, and diverse regional presence, many companies lead the global market.
January 2023
Inmotive has inked a joint development agreement with Suzuki to create an Ingear 2-speed EV gearbox (previous post) for a future Suzuki electric vehicle.
The Ingear is an efficient two-speed transmission built exclusively for electric vehicles. Several EV powertrains on the market are single-speed; normally, there are two helical reduction gears between the motor and the wheels. Ingear replaces the second reduction gear with a continuous chain drive and an unique morphing sprocket that resizes throughout a shift. The complete shift occurs in a single wheel revolution.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 56.27 Billion |
| CAGR during 2022-2030 | 6.4% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Product type, Vehicle type |
| Key Market Opportunities | Economic growth and ongoing industrialization, which helps in production of motor vehicles and other manufacturing output |
| Key Market Drivers | Growing demand for low-carbon-footprint technologies |
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Auto Gears Industry USP Covered:
Automotive Gear Market Drivers:
Rising vehicle manufacturing is projected to take the automotive gear market forward. The need for automotive gears will rise as vehicle manufacturing increases because it improves product longevity and vehicle fuel efficiency. For example, the Indian vehicle sector (including component manufacture) is expected to be worth between $251.4 and $282.8 billion by 2026, according to IBEF (India Brand Equity Foundation), an Indian government export promotion body. The Indian auto sector is expected to grow rapidly in 2021-22 after recovering from the effects of the COVID-19 epidemic. As a result, increased vehicle manufacturing drives the expansion of automotive gears.
As the automotive gears industry grows, new development trends arise, that keep up with the market's technical improvements. For example, MidOcean Partners, a private equity firm based in the United States, acquired Cloyes in February 2022 for an unknown sum. MidOcean's acquisition of Cloyes accelerates its growth in the vehicle aftermarket industry and adds Cloyes to the portfolio of best-in-class auto aftermarket products and services in which MidOcean has invested. Cloyes is a North American designer, developer, manufacturer, and distributor of timing drive systems and engine components for original equipment manufacturers and the automotive aftermarket.
Furthermore, several global government projects to develop infrastructure are being implemented. There has been an increase in building industry investments, which has been accompanied by rising disposable income, which has increased the purchasing power of the worldwide target audience. These key characteristics will assist the automotive gear industry. The demand for improved connection, vehicle functionality, and upgraded facilities is expected to propel the sector. An increase in the degree of globalization and demand for qualitative gears as a result of rising international competition is also expected to create a favorable environment for foreign direct investment, which is expected to boost technology employment, followed by market growth during the forecast period.
Automotive Gear Market Restraints:
The advent of severe restrictions to reduce excessive emissions has compelled vehicle makers to create and build environmentally viable alternatives. Because of their improved range, battery life, dependability, and low cost, electric vehicles have become a considerably more enticing option for customers. As a result, the rising electric vehicle market is likely to have a negative influence on the automotive gears market. Similarly, high-end gear system expenses are projected to stymie market expansion during the forecast period.
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COVID 19 Analysis
The COVID-19 pandemic, which was lethal, has spread over the world. The WHO declared coronavirus a pandemic in March 2020, prompting lockdowns in the majority of impacted countries. The stringent limits enforced by global government authorities have forced industry players to allow their staff to work remotely and virtually. However, the use of automated developed technologies to decrease human engagement in domains such as manufacturing and production facilities is likely to encourage the broad growth of the worldwide automotive gear market throughout the forecast period, which will conclude in 2030. The widespread use of technology, such as automated machinery and advanced electronics in the automobile area, has ensured the smooth operation of organizations.
Automotive Gear Market Segmentation
By Application
The market segments, with respect to application, include Differential, Transmission, Steering Systems, and many others.
By Product Type
The key product types in the market are Planetary, Bevel, Rack & Pinion, Hypoid, Worm, Helical, and Non-Metallic.
By Vehicle Type
The main vehicle types are Passenger cars, LCVs, HCV, and more.
By Material
Major materials discussed in the study are Metallic as well as Non-Metallic.
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Automotive Gear Market Regional Insights
The largest market for gear manufacturing and sales is China, followed by India. Furthermore, the market is being driven by the increasing need for fuel-efficient vehicles and lightweight automotive parts. Additionally, China and Taiwan are major places for gear production due to their high processing capacity, abundant raw materials, and manufacturers' focus on increasing income. The Asia-Pacific region has the largest automotive gears market and is expected to grow at the fastest rate in the coming years.
Related Reports:
Automotive Gear Shift System Market Research Report: Information by System Type, by Fuel Type, by Application and regions– Forecast till 2030
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