Press release
Automotive Gears Market is estimated to reach USD 38 billion by 2023, growing at a CAGR of 6% during the forecast period| Major Players – B & R Machine and Gear Corporation, Bharat Gears Ltd, Cone Drive, Dynamatic Technologies Ltd., Franz Morat Group, G
Market Analysis:Asia-Pacific region dominated the market
Asia-Pacific is the leading market for automotive gear. With increasing, vehicle production in countries, such as India and China as well as the manufacturers’ focus on increasing production capacity, demand for automotive gear is anticipated to grow significantly in the forecasted years. Europe and North America are mature markets for the automotive gear, with the former holding the second largest market share.
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With the growing demand for auto-transmission systems and smoother gear-shift-ratio systems is expected to propel the market for gears in transmission systems towards a higher CAGR by 2023. Lightweight and highly durable aluminum and composite gears are estimated to gain higher popularity with their market, registering a significant growth in the coming 5 years. Additionally, increasing need for fuel-efficient vehicles along with lightweight automotive parts are the two factors driving the growth of the market. The planetary gears used in automobiles are expected to account for the largest market during the forecast period, attributed to the increasing demand for low-carbon-footprint technologies. With rise of the electronic vehicle market predicted around the year 2020, the automotive gear market is anticipated to be impacted negatively.
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Market Segments:
Automotive Gears Market is segmented by:
1. Material Type: Ferrous Metals, Non-ferrous Metals, Others (Composites, Plastics)
2. Application Type: Steering Systems, Transmission Systems (Manual, Automatic), Differential Systems
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Recent Developments:
March 2018: Latest Maruti Suzuki Swift is expected to be equipped with a 6-speed transmission system
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