According to HTF Market Intelligence, the Global Automotive Gears Market market to witness a CAGR of 4.20% during forecast period of 2023-2028. Global Automotive Gears Market Breakdown by Application (Transmission, Differential, Steering System, Others) by Type (Spur Gears, Helical Gears, Bevel Gears, Rack & Pinion Gears, Worm Gears, Planetary Gears, Hypoid Gears, Non-Metallic Gears) by Material (Metallic Gears, Non-Metallic Gears) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Automotive Gears Market market size is estimated to increase by USD 7.12 Billion at a CAGR of 4.2% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 29.3 Billion.
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The automotive gears market refers to the industry involved in the production and distribution of gears used in various applications in the automotive industry. Gears are mechanical devices that transmit power and motion between rotating shafts, and they are critical components of automobiles. Automotive gears are used in various applications such as transmissions, engines, axles, and steering systems. They are made from various materials such as steel, cast iron, aluminum, and other alloys. The automotive gears market includes manufacturers, suppliers, and distributors of gears and related products for the automotive industry. It is driven by factors such as the growth of the automotive industry, technological advancements, and increasing demand for fuel-efficient vehicles.
Automotive Gears Market market – Key Segment Analysis
The market share growth by the Hypoid Gears segment will be significant during the forecast period. The segment is driven by the The market for automotive gears has shown the growth due to its significant deployment in the automobile sector.
One of the driving factors is that by transmitting engine power to the differential, automotive gears are important for adjusting rotational speed and power..
Automotive Gears Market market – Competition Analysis
The global Automotive Gears Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are GKN PLC (United Kingdom), Bharat Gears Ltd. (India), Showa Corporation (Japan), Dupont (United States), ZF TRW (United States), Univance Corporation (Japan), Robert Bosch GmbH (Germany), AAM (Germany), IMS Gear GmbH (Germany), RSB (India).
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Automotive Gears Market
Market Drivers
- The market for automotive gears has shown the growth due to its significant deployment in the automobile sector.
- One of the driving factors is that by transmitting engine power to the differential, automotive gears are important for adjusting rotational speed and power.
Market Trend
- The demand for automotive gear has increased as a result of its widespread use and the fact that it is an essential part of every vehicle that facilitates successful travel or in any emergency like commuting to a hospital.
- The crankshaft of a car connects to the engine and rotates at a pace of thousands of times per minute, claims the book Tribological Processes in the Valve Train Systems with Lightweight Valves.
Market Opportunities
- Expansion of the automotive gears market into emerging markets
- Development of innovative gear designs for improved performance and efficiency
Market Restraints
- Fluctuations in raw material prices, particularly for steel and other metals used in gear manufacturing, can affect the pricing and profitability of the automotive gears market.
- Competition from alternative powertrain technologies, such as hybrid and fuel
Market Challenges
- The major concern is that automotive gears are not appropriate for high speeds.
- The automotive gears are inadequate for long-distance transmission of motion. In the event of high loading, certain parts of the machine may sustain irreparable damage due to the engagement of toothed gear wheels and they lack adaptability which is a major challenge in this market.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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