The automotive gears market is driven by rising vehicle production, increasing demand for fuel-efficient cars, and advancements in gear technology enhancing vehicle performance. Growing adoption of electric vehicles also stimulates market growth. However, market restraints include fluctuating raw material prices, high manufacturing costs, and the complex design and integration process of advanced gear systems. Additionally, the shift towards alternative technologies like direct drive systems poses a challenge to market expansion.
JERSEY CITY, N.J., Aug. 7, 2024 /PRNewswire/ — The Global Automotive Gears Market Size is projected to grow at a CAGR of 4.1% from 2024 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 31.94 Billion in 2023 and is expected to reach USD 37.36 Billion by the end of the forecast period.
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202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
|
REPORT ATTRIBUTES |
DETAILS |
|
STUDY PERIOD |
2020-2030 |
|
BASE YEAR |
2023 |
|
FORECAST PERIOD |
2024-2030 |
|
HISTORICAL PERIOD |
2020-2022 |
|
UNIT |
Value (USD Billion) |
|
KEY COMPANIES PROFILED |
Robert Bosch GmbH, Showa Corporation, GKN PLC, Eaton Corporation, Linamar Corporation, NSK Ltd., Bharat Gears Limited, Mitsubishi Group, Neapco Inc. |
|
SEGMENTS COVERED |
By Type of Gear, By Application, By Vehicle Type, and By Geography. |
|
CUSTOMIZATION SCOPE |
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Global Automotive Gears Market Overview
Market Drivers Fueling Growth in the Automotive Gears Market
Rising Vehicle Production: The need for automotive gears is driven by the rising worldwide vehicle manufacturing. Manufacturers are actively searching for gears of superior quality in order to improve vehicle performance, which is driving substantial growth in the market. As car manufacturers continue to develop new technologies, the demand for dependable and effective gear systems becomes increasingly important.
Demand for Fuel-Efficient Cars: The need for fuel-efficient automobiles is increasing due to the efforts of consumers and regulators, which is driving the widespread use of modern gear technologies. Advanced transmission systems and lightweight materials in car gears help increase fuel efficiency, leading to the growth of the industry.
Advancements in Gear Technology: Advancements in gear production, such as precision engineering and the use of novel materials, continuously improve the performance and longevity of vehicles. These technical advancements entice car manufacturers, resulting in heightened investments and market expansion in the automotive gears industry.
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Market Restraints Limiting Expansion in the Automotive Gears Market
Fluctuating Raw Material Prices: Fluctuating prices of primary materials such as steel and aluminum have a direct effect on the expenses associated with manufacturing car gears. The variability in prices can result in irregular pricing, impacting the profitability and stability of the market, thereby limiting its growth.
High Manufacturing Costs: The creation of complex car gears necessitates the use of intricate technology and meticulous precision, resulting in elevated production expenses. The expenses might serve as an obstacle for new participants and smaller producers, constraining the growth of the market and the ability to compete.
Shift Towards Alternative Technologies: The emergence of alternative technologies, including as direct drive systems and electric drivetrains, presents a challenge to conventional automobile gears. As the automotive industry progressively embraces these alternatives, the need for traditional gears may decrease, limiting market expansion.
Geographic Dominance:
The Asia-Pacific region, including China and India, exerts significant influence in the automotive gears market due to strong automotive manufacturing, growing vehicle production, and a rising demand for both passenger and commercial cars. The market growth in this region is enhanced by its dominance, which is facilitated by economies of scale and vast supply chains. North America and Europe have a big impact due to their emphasis on modern gear technologies and electric automobiles. Market expansion heavily relies on the presence of strong regional innovation and production capabilities.
Key Players
The “Global Automotive Gears Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Robert Bosch GmbH, Showa Corporation, GKN PLC, Eaton Corporation, Linamar Corporation, NSK Ltd., Bharat Gears Limited, Mitsubishi Group, Neapco Inc.
Automotive Gears Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Automotive Gears Market into Type of Gear, Application, Vehicle Type, And Geography.
- Automotive Gears Market, by Type of Gear
- Spur Gears
- Helical Gears
- Bevel Gears
- Worm Gears
- Planetary Gears
- Automotive Gears Market, by Application
- Transmission Systems
- Differential Systems
- Steering Systems
- Engine Systems
- Automotive Gears Market, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Off-road Vehicles
- Automotive Gears Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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