The global gear market is growing due to increases in vehicle production, rising demand for fuel-efficient vehicles, and advancements in transmission technologies.
WILMINGTON, Del., Sept. 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Gears Market by Application (Transmission, Differential and Steering System), Type (Spur, Helical, Rack and Pinion, Worm and Others), and Material (Metallic and Non-Metallic): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automotive gears market was valued at $5.1 billion in 2023, and is estimated to reach $8.0 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
The expanding automotive industry, particularly in emerging economies, along with the growing popularity of electric and hybrid vehicles, further drives the market. Additionally, consumer preference for smoother driving experiences and enhanced vehicle performance contributes to the demand for high-quality gears. Innovations in gear manufacturing processes and materials also play a significant role in market expansion.
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Prime determinants of growth
The gears market is expected to expand due to rising vehicle production, a growing demand for fuel-efficient and high-performance vehicles, and advancements in transmission technology. Nonetheless, high production costs and the transition to electric vehicles, which need fewer gears, pose challenges. Opportunities exist in technological advancements, including the development of lightweight materials and enhanced gear designs, as well as the increasing popularity of hybrid vehicles that continue to use traditional gear systems.
Market Segments
By Type
The spur gear segment is expected to grow faster throughout the forecast period.
The spur gear segment is anticipated to experience faster growth in the gear market due to the expanding applications in industries like construction, mining, and agriculture. Spur gears are the most popular type of gear system. They are cylindrical in shape and employed in a variety of industrial applications. Spur gears are composed of toothed components and are noted for their great dependability, durability, and efficacy, as well as their ability to provide the continuous positive speed drive required for industrial applications.
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By Application
The differential systems segment is expected to grow faster throughout the forecast period.
The differential systems segment is anticipated to experience growth in the gear market, owing to its increase in adoption of advanced equipment for enhanced efficiency and safety. Gears facilitate swift attachment and detachment of construction machinery attachments, reducing downtime and boosting productivity on job sites. In addition, stringent safety regulations in the construction industry drive demand for gear with advanced safety features, further fueling market growth in this segment.
By Material
The non-metallic segment is expected to grow faster throughout the forecast period.
The non-metallic segment is anticipated to experience growth in the gear market. Non-metallic gears are typically made from materials such as plastics, composites, and high-performance polymers. One of the key benefits of these materials is their flexibility, as their modulus of elasticity is approximately 100 times lower than that of metals. This lower modulus of elasticity allows non-metallic gears to absorb shock loads and vibrations more effectively, resulting in quieter and smoother operation. Furthermore, this flexibility enables the real contact ratio of non-metallic gears to exceed the ideal value, enhancing their performance under various operating conditions.
By Region
Asia-Pacific to maintain its dominance by 2033.
Asia-Pacific is expected to maintain its dominance in the gear market by 2033 owing to robust industrialization, infrastructural development, and growing investments in construction and manufacturing sectors. The growing need for fuel-efficient automobiles and lightweight automotive parts propels the industry forward. Furthermore, lightweight, and highly robust aluminum and composite gears are expected to gain popularity during the forecast period. For instance, NORD introduced the SK 920072.1 two-stage helical bevel gear motor (mounted with a NORD motor), a driving solution for a variety of light-duty conveying, processing, and manufacturing applications. It is distinguished by its high strength yet lightweight design.
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Players: -
- BorgWarner Inc.
- Gleason Corporation
- Klingelnberg GmbH
- David Brown Santasalo
- SEW-EURODRIVE
- HÖFLER Maschinenbau GmbH
- Bonfiglioli Group
- Sumitomo Drive Technologies
- RENK AG
- Nord Drivesystems
The report provides a detailed analysis of these key players in the global gears market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
- In April 2022, Manuli Hydraulics, announced the launch of MQS-FEH Extra Heavy Duty quick coupling, which was disgned for use in high-vibration situations.
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