The Business Research Company’s Automotive Gears research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 9, 2022 /PRNewswire/ — The automotive gears market consists of sales of automotive gears products by entities (organizations, sole traders, and partnerships), that are used in various systems in automobiles. An automotive gear is a spinning device with teeth that transmits torque by meshing with another toothed machine part or gear because of its ability to modify torque, speed, and direction of the power source; gears are regarded as a key component in an automobile system.
The global automotive gears market size is expected to grow from $32.44 billion in 2021 to $34.43 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The global automotive gear market size is expected to grow to $44.12 billion in 2026 at a CAGR of 6.4%.
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Automotive Gears Market Regional Outlook
Asia-Pacific was the largest region in the automotive gears market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global automotive gears market during the forecast period. The regions covered in the global automotive gear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Gears Market Segmentation
The global automotive gears market is segmented by material type into non-metallic gears, metallic gears, by vehicle into passenger car, commercial vehicles, by product into parallel shaft gears, spur gear, helical gear, rack and pinion gear, intersecting shaft gear, bevel gear, skew shaft gear, hypoid gear, worm gear, planetary gears, and by application into transmission system, steering system, differential system, others.
Key Trends And Strategies In The Automotive Gears Industry
As the automotive gears market expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market. For instance, the Swiss Gear technology company in 2021, Humbel’s high-precision gear technology one of the leading innovations in gearboxes and transmissions company has designed prototyping for individual special components like internal (ring gears) delivered in the form of flexible, fast, and reliable services that are used in things like e-axels and e-gears in the E-automotive vehicles.
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