Automotive gear market size will attain USD 8.18 billion by 2032 growing at 5.7 % CAGR
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.
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. 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.
Key Takeaways from Market Study
- In the last five years, the Indian automotive gear industry has expanded at a rate of 4.5%.
- The global market for Automotive Gear was valued at US$ 4.45 Billion in 2021
- Fact.MR foresees automotive gear demand to reach US$ USD 4.7 Billion in 2022
- Sales of Automotive Gear are projected to accelerate at a CAGR of 5.7% to top US$ 8.18 Billion by 2032
- North American regional market is expected to account for 35% market share in 2022
- European regional market is expected to account for 25% market share in 2022
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.
- ZF Announced the Integration of the MICO Brand and New Products at MINExpo 2021 in September 2021 The company has also introduced several new products, along with the Redulus4F Industrial Gearbox Series and Advanced Serviceability Solutions.
- In May 2021, American Axle & Manufacturing Inc and REE Automotive (“REE”) announced a collaboration to design a new electric propulsion device for e-Mobility.
- Dana Incorporated revealed in March 2019 that it had completed the acquisition of the Oerlikon Group’s Drive Systems segment.
- JATCO introduced a new continuously variable transmission “CVT-X” for medium and large FWD vehicles in June 2021, with enhanced environmental efficiency and drivability. It is claimed to have obtained a transmission efficiency of more than 90%, which was previously thought unrealistic for a CVT.