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I AgreeAnalysis of Automotive Gear Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive gear market was valued at around US$ 4.45 Billion in 2021. 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.
Report Attribute |
Details |
Anticipated Base Year Value (2021) |
US$ 4.45 Billion |
Expected Market Value (2022) |
US$ 4.7 Billion |
Projected Forecast Value (2032) |
US$ 8.18 Billion |
Global Growth Rate (2022-2032) |
5.7% CAGR |
Expected Market Share of the U.S. Market (2032) |
34% |
Anticipated Market Value of Europe (2022-2032) |
25% |
Major Automotive Gear Service Providers |
|
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As per Fact.MR, market research and competitive intelligence provider, the global market for Automotive Gear was valued at US$ 4.45 Billion in 2021. 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.
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.
Plastic gears reinforced with carbon fiber are an emerging technology, and lightweight gear systems may be viewed as a business investment opportunity. All of these factors are expected to drive the market at a 5.7% CAGR from 2022 to 2032.
The upsurge in passenger and vehicle manufacturing has led to a rise in demand for automotive gears
The increment in passenger and vehicle manufacturing has resulted in higher consumption of automotive gears. The burgeoning demand for improved acceleration and a low carbon footprint in automobile engines is driving the automotive gears industry. The growing automotive gear market can also be attributed to the limited product shelf life in conventional gear systems.
Aluminium and composite gears, which are lightweight and highly durable, are expected to gain popularity, with their market expanding significantly during the forecast period. Over the forecast period, parallel shaft gears and skew shaft gears are expected to account for a sizable market share in the overall automotive gears market.
The industry is growing due to the growing demand for automatic transmissions in vehicles
Furthermore, ongoing investments in research and innovation by established gear automakers to accomplish increased vehicle effectiveness and a lesser carbon footprint are anticipated to propel the growth of the automotive gears market throughout the forecast period.
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The rapidly expanding electric vehicle sector is poised to stifle growth in the automotive gears market in the near future
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.
Because electric vehicles have lesser mechanical parts than conventional gasoline-powered vehicles, the number of gears used in automobiles is likely to decrease. Furthermore, due to developments in motor drive technology, the automotive gears sector's growth may slow during the projected period.
Attributes |
Automotive Gear Market |
CAGR (2022-2032) |
5.7% |
Market Value (2032) |
US$ 8.18 Billion |
Growth Factor |
The increment in passenger and vehicle manufacturing has resulted in a higher consumption of automotive gears. The burgeoning demand for improved acceleration and a low carbon footprint in automobile engines is driving the automotive gears industry. |
Opportunity |
With this trend gaining traction, automotive gear manufacturers are expanding their potential to offer plastic gears and are no longer limited to the traditional metal-centric perspective. |
Attributes |
Vertical Gear Motor Market |
CAGR (2022-2032) |
3.6% |
Market Value (2032) |
US$ 8.97 Billion |
Growth Factor |
Energy is a critical component of economic development and expansion. The global vertical gear motor market is expected to expand, and wind power has surpassed conventional hydropower as the primary source of renewable energy generation in the United States. Furthermore, the United States is investing in wind energy, which is expected to expand over the coming years. |
Opportunity |
Heavy construction equipment is in high demand as a result of robust infrastructure advancement and construction activities all over the world. |
The Asia-Pacific region is expected to influence the automotive gears market, with China playing a significant role in the industry's growth. Asia-Pacific is the biggest market for automotive equipment. With rising car manufacturing in nations like India and China, along with manufacturers' emphasis on expanding manufacturing capability, demand for automotive gear is predicted to increase significantly in the coming years.
North America is projected to be another major market during the projected timeframe to the region's large base of customers for vehicles, notably commercial vehicles, enabling better growth of the automotive gears market. As a result, the expanding North American automotive market brings numerous opportunities for the companies of automotive gears and other automotive components.
Europe, followed by North America, is presumed to account for a large share of the global automotive gears market in the coming years, led by France, the United Kingdom, Italy, and Germany.
The prevalence of investments in Automated Manual Transmission (AMT) technology significantly boost the market in India
In the last five years, the Indian automotive gear industry has expanded at a rate of 4.5%. However, as per Auto Tech Review magazine, a business magazine for technology, by 2020, one out of every five vehicles sold in the Indian market will have automatic transmission gear systems.
Consumer preference for automatic passenger vehicles is growing in this country, due to the extensive use of automatic manual transmission gears systems in modern cars, which make cruising in congested areas easier.
The market demand in the United States is likely to be supported by demand for passenger cars and light commercial vehicles
The evolved automotive economy, such as the United States, is anticipated to boost gradually, but continued penetration into emerging markets will generate revenue. The auto sector in emerging countries such as the United States, where middle-class income is soaring, is anticipated to expand at a significantly faster rate, as customers with more disposable income strengthen their consumption of automobiles.
In addition, market growth in the United States is likely to be supported by demand for passenger cars and light commercial vehicles, as well as continuing funds in research and innovation by established gear automakers to accomplish improved vehicle performance and a lower carbon footprint in the years ahead.
Country | CAGR |
China |
4% |
U.S. |
5% |
Australia |
3% |
France |
5.1% |
Planetary gears demand is anticipated to rise owing to the increasing installation of mechanical parts
In 2021, the planetary gears segment accounted for the largest market share by Product Type. Planetary gears are utilized to reduce speed. They are employed to slow motors down and boost torque. Planetary gears are typically used when space is limited because they are shorter than other types of gearboxes.
They also serve as the foundation for the hydraulic planetary automatic transmission, the most common type of automatic transmission. By product type the planetary gears segment is anticipated to grow in the coming years, owing to the increasing installation of mechanical parts in passenger cars.
The rising consumer curiosity in safe vehicles is cruising the passenger vehicle segment demand
The passenger vehicle segment dominated the market in terms of Vehicle Type in 2021. The largest segment is passenger cars, which include sedans, hatchbacks, station wagons, Sports Utility Vehicles (SUVs), and Multi-Utility Vehicles (MUVs).
Increased demand for sophisticated features, higher living standards, and growing per capita revenue are some of the driving factors for global growth in the passenger car Automotive Gears segment. Furthermore, the rising consumer curiosity in safe, premium, luxury, and convenient vehicles is expected to spur expansion in the passenger car segment over the forecast period.
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.
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Fact.MR foresees Automotive Gear demand to reach US$ USD 4.7 Billion in 2022.
From 2022-2032, Fact.MR expects Automotive Gear revenue to flourish at a 5.7% CAGR.
In 2032, Automotive Gear market worth is poised to reach USD 8.18 Billion.
North American regional market is expected to account for 35% market share in 2022.
Planetary gears segment is expected to possess largest market share for Automotive Gear.
As of 2021, the Automotive Gear market was worth USD 4.45 Billion.