Automotive Gear Market Analysis of Opportunities Offered by High Economies Growth || Top Key Players -Eaton Corporation, Bharat Gears Limited, Altra Industrial Motion Corporation, Showa Corporation, American Axle & Manufacturing, Linamar Corporation, NSK
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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.
In 2014, Altra Industrial Motion Corporation, a leading player in the automotive gear market, acquired Guardian Industries, a niche supplier of motion control, flywheel, and general industrial couplings. This acquisition helped Altra Industrial Motion Corporation to upgrade its services for both off-highway and general industrial applications.
In 2015, Linamar Corporation, a key player in the automotive gear market, signed a mutual agreement with Thermo Fisher Scientific, in a bid to fine-tune productivity and enhance user-experience of products offered by both the companies.
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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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.
The report on automotive gear market has been segmented based on product type, vehicle type, material type, sales channel, application, and region. By product type, the automotive gear market has been classified into worm gears, bevel gears, spur gears, helical gears, rack and pinion gears, planetary gears, hypoid gears, and others. By vehicle type, the automotive gear market has been classified as passenger cars, LCV, trucks, buses, off-road vehicles, and two-wheelers. By material type, the automotive gear market has been classified as metallic and non-metallic. By application, the automotive gear market has been segmented into engine, drive shaft, transmission, differential, steering system, and others. By sales channel, the sales and distribution in the automotive gear market is carried out through OEM and aftermarket. The automotive gear market has been gauged across North America, Latin America, Europe, CIS and Russia, Japan, APEJ, and MEA.
In the research methodology used for automotive gear market report, both top-down and bottom-up approaches have been used to estimate the market size of automotive gear market. The entire process of procuring insights for the automotive gear market research study incorporated study of annual and financial reports of leading companies, interviews with key industry personnel, and so on. All the data points included in the automotive gear market report have been verified through credible platforms to avoid discrepancies. Moreover, all the possibilities that could affect the landscape of automotive gear market have been extensively covered, thereby serving as a reference for industry stakeholders of automotive gear market to frame viable business decisions.
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