Press release
Automotive Gear Market- Latest Innovations, Drivers and Industry Key Events 2018 2028
The automotive gear market is a highly fragmented landscape, which can be ascertained from the fact that tier 3 players account for over 60% revenue share of the market. With a large-scale presence across the automotive gear space, the tier 3 players will consistently rely on small and local businesses, on the back of numerous cost benefits. The tier 3 players in the automotive gear market are majorly focusing on expansion of production facilities and introducing warehousing facilities to offer just-in-time deliveries as per customer-specific requirements. Moreover, tier 3 players have been emphasizing on strengthening product integrity in a bid to achieve long-term customer retention.
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Tier 1 and 2 Players Looking Forward to Consolidate their Foothold in APEJ
For tier 1 and tier 2 companies operating in the automotive gear market such as Altra Industrial Motion Corporation, Linamar Corporation, Showa Corporation, and many more, geographical expansion is evolving as a preeminent focus area to tap into new customer segments. These companies are looking forward to leverage on evolving opportunities in developing economies across the Asia Pacific, driven by the overwhelming demand for vehicles and aftermarket products. Asia Pacific excluding Japan (APEJ) is also likely to offer tremendous opportunities with easy availability of raw materials, emerging as a highly lucrative region in the automotive gear market. Moreover, these companies are entering into strategic collaborations and acquisitions, in a bid to solidify capacity of their production lines.
Use of Advanced Plastics- A Prominent Strategy to Shrink Manufacturing Costs While Upgrading Durability
The practice of ‘light weighting’ is becoming increasingly popular with automakers around the world as they are vying to comply with an EPA mandate, which calls for automobiles to average 54.5 mpg (miles per gallon) by 2025. Automakers have started relying on gears made of advanced plastics, as they are relatively lighter and offer better fuel efficiency when compared to that of the metal counterparts. With this trend gaining grounds, manufacturers of automotive gear are intensifying their capacity to offer plastic gears and are no more stuck with the conventional metal-centric perspective. Manufacturers of automotive gear are also looking forward to leverage substantial benefits, on the back of low manufacturing costs involved, while producing highly-durable plastic gears for use in automobiles. Moreover, the demand for plastic automotive gears reinforced with carbon fiber gaining momentum in passenger cars, encouraging automotive gear manufacturers to diversify their existing offerings with new additions.
Limited Geographical Presence- A Perennial Challenge to be Addressed by Tier 2 and Tier 3 Companies
Limited geographical presence and dependency on a limited customer base are some of the crucial challenges to be addressed by tier 2 and tier 3 companies in the automotive gear space. This confinement of the tier 2 and tier 3 companies in the automotive gear market is identified to have adverse impact on their profitability ratios, thereby evolving as a focal point gaining centerstage. In a bid to overcome this challenge, these companies in the automotive gear market are pushing wide-spread establishment of new production units across different regions. Moreover, these companies operating in the automotive gear market are also reinvigorating potential of their sales and distribution channels to expand their reach across multiple regions.
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Competitive Landscape
The competitive landscape of automotive gear market features all the prominent players operating in the industry. The market players of automotive gear market are featured based on their revenue shares, business strategies, primary areas of focus, and key product offerings. Some of the leading players featured in the automotive gear market report include 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.
Eaton Corporation, a leading player in the automotive gear market, specializes in precision forged gears. In 2018, the company entered into a joint venture with Shaanxi fast gear for manufacturing manual transmissions for LCVs. The company offers a wide-range of transmission gears, differential gears, and customized gears.
Bharat Gears Limited, a key player in the automotive gear market, offers an extensive range of ring gears and heat treatment furnaces. As a part of its corporate changes in 2017, the company has reinvigorated its capacity in the bevel gears segment by making use of improved tools or manufacturing approaches.
GKN Plc., a leading player in the automotive gear market, had a strategic agreement with Kawasaki Heavy Industries for offering Low Pressure Compressor (LPC) vanes for Geared Turbofan (GTF) engines. In 2015, GKN acquired Fokker Technologies Group (Fokker) in a bid to enhance its global foothold with presence in China, Turkey, India and Mexico.
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