Wilmington, Delaware, United States, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive gears market was worth US$ 44.5 Bn in 2021 and is anticipated to attain value of US$ 58.2 Bn by 2031. The global market is projected to grow at a CAGR of 2.7% during the forecast period from 2022 to 2031. Increase in vehicle production as well as consumer preference toward low-carbon technologies are estimated to boost the global automotive gears market. Sales of vehicles have a direct bearing on growth of the automotive gears market. Transition toward energy-efficient and high-performance systems, including seven-speed and eight-speed automatic gearboxes, is expected to drive market demand for automotive gears. However, a number of factors, including increase in demand for electric vehicles, are expected to restrain market growth as pollution standards continue to be tightened. The frequency of gear usage is somewhat low in electric vehicles.
Gears are essential for transferring power from the engine to the wheels in automobile systems. Absence of transmission systems, differentials, and gearboxes has resulted in a significant drop in the overall number of gears. Based on market forecast, demand for automotive gears is also likely to be driven by growth of the automotive sector in developing countries such as India and Brazil. Nevertheless, fully automated transmission vehicles are already being developed owing to technical advancements, including carbon fiber-reinforced plastic gears. This is anticipated to limit market growth in the next few years.
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Key Findings of Market Report
- The global automobile industry has experienced consistent growth over the past few years. Individuals with high disposable income are inclined toward buying new vehicles, which is expected to increase market demand for vehicles. This factor is projected to bolster expansion of the automobile industry in developing countries with a rapidly expanding middle class population. The UN estimates that over 54% of the global population lives in urban areas, which is expected to improve employment and individual income brackets.
- Demand for automatic gearboxes in vehicles has surged over the past three years, especially in developing countries such as China and India. Automatic gearboxes are found in at least 90% of vehicles and trucks in the U.S. Automatic transmission offers numerous benefits, including flexible design, pleasant driving experience, fuel efficiency, and exceptional performance. These benefits favorably impact the growing demand for automatic transmission automobiles, which is anticipated to drive industry growth in the next few years.
- In terms of shaft axis type, the parallel shaft gears segment accounted for 42.23% of the total market share. Parallel shaft gears offer the highest level of dependability and the shortest MTTR (mean time to repair), and they are also preferred for their low component count and simplicity of maintenance.
- In 2021, demand for metallic gears represented 51.77% of the global industry. The segment is anticipated to hold its position and grow at a CAGR of more than 2.01% during the forecast period. Seamless transfer of horsepower from one gear onto the next is one of the reasons steel gears are used to make gearboxes for automobiles. Brass is robust enough to resist some challenging circumstances despite not being as strong as steel, which is estimated to raise its market value.
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Global Automotive Gears Market: Growth Drivers
- The global population is growing, cities are getting more populous, and consumers' standard of living is also improving, thereby creating considerable growth prospects for the global automobile industry. This, in turn, is projected to drive business opportunities in the global automotive gears market in the near future.
- As per General Motors Company, rise in environmental concerns and stringent fuel-efficiency regulations are expected to drive industry growth during the forecast period. Governments all over the world are making an effort to boost adoption of fuel-efficient and alternative-fuel vehicles via tax cuts and incentives, which is projected to raise the usage of automatic transmission in automobiles.
Global Automotive Gears Market: Regional Landscape
- Asia Pacific is projected to hold the largest share of the global market, with China having a vital role in regional industry growth. The use of automotive equipment is anticipated to grow significantly as vehicle manufacturing increases in countries such as India and China. Furthermore, growing focus of market players on increasing their productivity is projected to fuel market development.
Global Automotive Gears Market: Key Players
Some of the key market players are:
- B & R Machine and Gear Corporation
- Robert Bosch GmbH
- Franz Morat Group
- Cone Drive Operations Inc.
- Samgong Gear Ind. Co., Ltd.
- Universal Auto Gears LLP
Global Automotive Gears Market: Segmentation
Shaft Axis Type
- Intersecting Shaft Gears
- Parallel Shaft Gears
- Skew Shaft Gears
- Planetary Gears
- Others
Application
- Transmission System
- Differential
- Transfer Case
- Steering System
- Other Automotive Systems
Material Type
- Metallic Gears
- Non-metallic Gears
- Plastics Gears
- Other Materials
Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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