DELRAY BEACH, Fla., Sept. 13, 2024 /PRNewswire/ -- Automotive Gears Market is projected to reach USD 50.8 billion by 2030 from USD 42.7 billion in 2024, at a CAGR of 3.0%, according to a new report by MarketsandMarkets. The rising production of passenger cars and commercial vehicles, the growing demand for SUVs and the rise in number of c-segment and above vehicles is expected to drive the market for transmission and differential gears. Similarly, the increasing demand for comfort and convenience features will poise the market demand for metallic gears for differentials, transmission, electric steering systems, and non-metallic applications like sunroofs, ORVMs, power windows, and automatic tailgates.
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290 - Pages
Automotive Gears Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 42.7 billion |
Estimated Value by 2030 | USD 50.8 billion |
Growth Rate | Poised to grow at a CAGR of 3.0% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type (Planetary, Bevel, Rack & Pinion, Hypoid, Worm, Helical, Spur, Non-metallic), Application (Transmission, Differential, Steering, Others), Vehicle Type, Propulsion (ICE, Hybrid), Material, & Region |
Geographies Covered | Asia Pacific, North America, Europe, and the Rest of the World [RoW] |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing adoption of plastic/polymer gears in automotive applications |
Key Market Drivers | Rising production of passenger cars and light commercial vehicles |
Helical Gears are expected to be the most prominent automotive gear segment.
Helical gear accounted for the largest share during the forecast period. Helical gear has a major application in transmission systems, covering all transmission types. Helical gears are utilized as forward gears in manual and AMT, while DCT uses helical gears for both forward and reverse motions. These transmissions are installed with different gears, most of which are helical. Globally, manual transmission accounted for the largest market share, and the demand for these transmissions is high in developing countries such as China and India due to the price competitiveness compared to other transmission types. The adoption of AMT is growing in lower car segments in developed countries like China and India. This is mainly due to ease-of-use benefits while driving towards heavy city traffic in these countries.
Further, Automated Manual Transmission is expected to grow fastest during the projected years. Asia Pacific contributes to the highest market share for AMT during the forecast period. The growth of AMT is seen in Asia-Pacific due to lower costs compared to fully automatic or dual-clutch transmissions, which are placed in cars with higher price ranges. The Automated manual transmission is mainly installed in mid-level passenger cars, and growing sales of mid-level passenger cars are driving the demand for AMT and ultimately driving the helical gears. Similarly, most passenger cars are front-wheel drive and equipped with transaxle, which uses helical gears, which increases the demand for helical gears.
DCT is an upgraded version of automatic transmission. It is slowly being implemented in medium to premium end vehicles, starting with the mid-trim version, for smooth gear shifting and enhanced drive quality for convenience. This growing adoption has increased with the number of helical gears installed in these transmission systems.
On the other hand, the latest heavy-duty trucks are equipped with more gears to provide a broader range of gear ratios. This provides smoother acceleration, better torque management, and fuel consumption at different driving conditions. Consequently, this will feed the demand for helical gears because of the massive growth in advanced transmission systems used in passenger and commercial vehicles.
Heavy commercial vehicles are estimated to be the fastest-growing gear segment.
Heavy commercial vehicles, including trucks and buses & coaches, are estimated to be the fastest-growing market for gears. Growing mining activities, logistics & e-commerce industry, and infrastructural developments fuel the market growth of heavy truck segments. HCVs have multi-speed transmissions ranging from 6-speed manual to 14-speed semi-automatic and automatic transmissions (i-shift transmission offered in Volvo trucks (Sweden)). These transmissions have varied gears ranging from 14 to 28 units. Heavy trucks above 20 tons GVW are offered in multi-axle configurations (4x4, 6x4, 8x4), due to which the number of differentials is doubled, increasing the number of differential gears. In addition, a few heavier trucks above 25 tonnage capacity are offered with Torsen differential due to their capability to handle extensive long-haul trucking operations on diverse terrains. The demand for trucks equipped with automatic transmissions is higher in North America, which drives the demand for planetary gears and other gear types. Alternatively, multi-axle buses & coaches are experiencing a surge in popularity due to their enhanced stability, increased passenger capacity, and improved comfort, critical in long-distance intracity travel. Usually, these heavy coaches are available in three or more axle configurations. This enables market growth opportunities for the gear manufacturers for differential systems for this vehicle segment. Thus, growing sales of trucks and buses with higher gear ratios will drive the demand for the automotive gears market during the forecast period.
Asia Pacific region will dominate the global automotive gears market.
Asia Pacific is estimated to be the largest global automotive gear market during the forecast period. The market dominance of Asia Pacific can be attributed to the higher production of passenger and commercial vehicles. The region dominates economy class vehicles installed with rack & pinion gears for the steering system and helical and spur gears for 5-speed manual transmission. Further, regional countries have noticed a shift towards mid-price range vehicles provided with 6-speed manual & 7-9-speed automatic transmission or DCT. This will enable the growth of planetary and helical gears for transmission systems. In addition, strong demand for DCT has been noticed in China, India, and Japan, accelerating the SUV market growth. Rising sales of mid & full-size SUVs with AWD/4WD configurations in countries such as China and India drive the demand for differential gears. With the growing demand for premium vehicles with advanced safety & convenient features, like automated tailgates, electric sunroofs, and ORVMs, the demand for non-metallic gear is also expected to rise. Together, these factors will drive the Asia Pacific market for automotive gears.
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Automotive Gears Market Dynamics:
Drivers:
1. Rising production of passenger cars and light commercial vehicles.
Restraints:
1. Rising popularity of electric vehicles
Opportunities:
1. Increasing adoption of plastic/polymer gears in automotive applications
Challenge:
1. High costs of advanced and lightweight gears
Key Market Players Automotive Gears Industry:
Prominent players in the Automotive Gears Market include as American Axle & Manufacturing Holding, Inc. (US), GKN Powder Metallurgy (US), Bharat Gears Ltd. (India), JTEKT Corporation (Japan), and Robert Bosch GmbH (Germany).
The break-down of primary participants is as mentioned below:
- By Company Type: Tier 1 - 50%, Tier 2 - 30%, OEMs -20%
- By Designation: C level Executives - 60%, Director Level - 30%, Others - 10%
- By Region: North America - 25%, Europe - 20%, Asia Pacific - 55%
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Automotive Gears Industry Recent Developments:
- In May 2023, AAM invested USD 10 million in the Global Strategic Mobility Fund, a venture capital fund by EnerTech Capital. Due to this investment, AAM has access to Enertech's vast network of mobility businesses, which will help enhance AAM's products.
- In April 2023, Dowlais Group announced the demerger of GKN Automotive, GKN Powder Metallurgy, and GKN hydrogen business from Melrose Industries plc into Dowlais Group Plc. Dowlais Group plc acquired the above three companies from Melrose Industries Plc in this demerger.
- In August 2022, in response to the growth of electric vehicles, JTEKT developed JTEKT Ultra Compact Diff., a differential for Electric vehicles eAxle. The differential is small in size and is highly durable. The new differential features high torque density and durability. Despite the compact, the differential strength is the same for JUCD (JTEKT Ultra Compact Differential).
Automotive Gears Market Size - Key Benefits of Buying the Report:
- This report offers comprehensive analyses of market share and supply chains and detailed information on gear manufacturers.
- It is designed to help market leaders and new entrants by providing precise revenue estimates for the overall automotive gears market.
- Additionally, the report helps stakeholders understand the market dynamics, highlighting key drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (rise in production of vehicles to drive the growth of the automotive gears market, including the rise in several passenger cars and light commercial vehicles, rise in the number of mid-range and luxury vehicles, rise in the number of SUVs and heavy commercial vehicles and buses and coaches and growing demand for low-carbon-footprint technologies), restraints (increasing popularity of electric cars), opportunities (adoption of lightweight gear materials, growth in number of hybrid vehicles and rising adoption of polymer/plastic gears in automotive applications), and challenges (high costs of advanced and light-weight gears) are fueling the demand of the automotive gears market.
- The report provides a detailed country analysis of the type of gears used in transmission types (automatic transmission, automated manual transmission, manual transmission, and dual-clutch transmission) and differential types (open differential, locking differential, limited slip differential, torque vectoring differential, and Torsen differential)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive gears market, such as using various materials to manufacture the gears, such as metallic and non-metallic gears.
- Market Development: Comprehensive information about lucrative markets - the report analyses the automotive gears market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive gears market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players in the automotive gears market, such as American Axle & Manufacturing Holding, Inc. (US), GKN Powder Metallurgy (US), Bharat Gears Ltd. (India), JTEKT Corporation (Japan), and Robert Bosch GmbH (Germany).
Related Reports:
Automotive Steering System Market - Global Forecast to 2027
Automotive Differential Market - Global Forecast to 2027
Automotive Transmission Market - Global Forecast to 2028
Electric Powertrain Market - Global Forecast to 2030
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