Automotive Gear Market Share to Expand USD 56.27 billion, with a Growth Rate of 6.4% by 2030

Automotive Gear Market Growth Drives by Growing Demand for Low-Carbon-Footprint Technologies, Economic Growth and Ongoing Industrialization

New York, US, May 08, 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", The automotive gear market was valued at USD 28.40 billion in 2015, and experts at MRFR forecast that it would grow at a 6.4% CAGR between 2022 and 2030.

Automotive Gear Market Overview

An automobile gear can be described as a rotating object with teeth that, thanks to its ability to modify torque, speed, and source direction, transmits torque by meshing with another toothed machine element or gear. The use of gears in several auto systems is acknowledged as a crucial component of a vehicle system.

Commercial and passenger cars are the two main vehicle classes in the automotive gears industry. The business vehicle uses automotive equipment that can carry more than 15 people. 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 may be created from both non-metallic and metallic gears, among other materials.

Market Competitive Landscape:

The important vendors part of the automotive gear industry are

Mitsubishi Group

NSK Ltd

Bharat Gears Ltd

Eaton

Dana Holding Corporation

Linamar Corporation

Neapco Inc

ZF TRW

GKN plc

Robert Bosch GmbH

Among others.

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The automotive gear market offers a variety of products, including planetary gears, hypoid gears, worm gears, rack and pinion gears, intersecting shaft gears, parallel shaft gears, spur gears, and helical gears. These goods are used in a variety of systems, including steering, differential, and transmission systems.

Local, tier-1, as well as tier-2 competitors, inundate the worldwide market. Players in tiers 1 and 2 offer an extensive range of products and have a strong presence in various regions worldwide. Many businesses dominate the worldwide market as a result of their strong brand recognition, unique product offerings, financial stability, and extensive geographical presence.

Automotive Gear Market 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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Automotive Gear Market USP Covered:

Market Drivers:

The automotive gear market will see incredible development in the years to come, in response to the surging rate of vehicle manufacturing. Automotive gears will be more in demand as vehicle manufacturing rises since they improve product longevity and fuel economy. For instance, the Indian vehicle sector's (including component manufacturing) projected value by 2026 ranges between $251.4 and $282.8 billion, according to IBEF (India Brand Equity Foundation), an institution of the Indian Government that promotes exports. The Indian car industry is expected to grow quickly in 2021–2022, once it has recovered from the COVID-19 pandemic's impacts. The rise of automotive gears is therefore fueled by an increase in vehicle manufacturing.

As the automotive gear market grows, new trends are appearing in the industry to stay up with the market's surrounding technological improvements. For instance, in 2021 the Swiss gear technology company Humbel, one of the pioneers in gearboxes and transmissions, designed prototyping for specific special components like internal (ring gears) delivered in the form of adaptable, quick, and dependable services that are used in things like e-axels and e-gears in the E-automotive vehicles.

The construction sector has seen a growth in investments, which has been followed by a rise in disposable income, increasing the target market's purchasing power globally. The consumption of the worldwide automotive gear market is anticipated to increase between 2022 and 2030 as a result of these key variables. The market is expected to be driven by the significant increase in demand for greater connection, vehicle functionality, and improved amenities. A higher level of globalization and a rise in the demand for high-quality gears as a result of increased global competition are also anticipated to foster an environment that is conducive to foreign direct investment, which is predicted to boost employment in the technology sector and fuel market growth over the forecast period, which runs through 2030.

Market Restraints:

The existence of rigorous regulations for the reduction of excessive emissions has forced auto manufacturers to design and construct ecologically sound substitutes. Electric cars are becoming a far more appealing alternative for buyers due to their increased range, battery life, dependability, and low price. As a result, the market for electric vehicles is expected to grow, which would probably hurt the automotive gear market. Similar to this, it is anticipated that high-end gear system costs may restrain market growth over the projection period.

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COVID 19 Analysis

Due to the lockdown in many developed nations, the COVID-19 outbreak halted the manufacture of a number of goods in the worldwide automobile gear business. The market for automobile gear was severely affected as a result. In the first quarter of 2020, COVID-19 already had an influence on the sales of machinery and equipment, and it is anticipated to have a negative effect on market expansion in 2021. Prior to the development of the coronavirus, which has had a significant negative impact on the economies of large industrial nations like the U.S., Germany, Italy, UK, and China, the need for equipment and machinery was mostly seen in such nations. Additionally, the effects of the lockout are still unclear, and organizations' ability to recover financially depends entirely on their cash reserves.

Automotive Gear Market Segmentation

By Product Type

The product types considered are Bevel, Rack & Pinion, Planetary, Worm, Hypoid, Non-Metallic along with Helical.

By Vehicle Type

The major vehicle types include Passenger cars, LCVs, HCV, and more.

By Material

Key materials covered in the MRFR study include Metallic as well as Non-Metallic.

By Application

The main market applications are Differential, Transmission, Steering Systems, and many others.

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Automotive Gear Market Regional Insights

China is the largest market for the production and sale of gear, followed by India. The market is also being pushed by the rising demand for lightweight automotive components and fuel-efficient cars. Furthermore, because of their large processing capacities, access to an abundance of raw materials, and emphasis on raising profits by manufacturers, China and Taiwan are important locations for the production of gear. The largest automotive gears market is in the Asia-Pacific region, which is also predicted to develop at the quickest rate over the next several years.

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