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Spur Gear Market Key Facts and Forecast Predictions Presented until 2028 // Bulging key player - Bharat Gears Limited, GKN Plc., Showa Corporation, American Axle & Manufacturing Inc., Linamar Corporation, NSK Limited

06-21-2019 12:57 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

Spur Gear Market Key Facts and Forecast Predictions Presented

The steady expansion in the construction industry will enhance the demand for its motor vehicles, in turn increasing the sales of spur gear.Spur Gears are widely utilized in healthcare applications like surgeries and MRI equipment. Complex machines and equipment in every other sector, including construction, agriculture, healthcare and electronics, all require complex gear, thereby driving the Spur Gear Market.

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Spur gears are widely used in a number of machines, ranging from cars to household appliances. As spur gears are widely deployed across various machines, they must be built using easily fabricated, molded, strong and durable materials, such as plastics and metals.

Growing trends pertaining to limited emissions and fuel saving have imposed more efficient energy exploitation regulations in various verticals of mechanical engineering. Manufacturers are increasingly adopting lightweight materials to comply with stringent emission-related regulations. Furthermore, lightweight has become a primary aspect in all applications where the weight plays a crucial role in the overall performance of the system, such as the automotive sector. As geared power transmissions form the integral components in various mechanical systems, they are not excluded from the rapidly growing lightweight trend. The penetration of the lightweight trend in the spur gear market is likely to grow significantly in the near future.

Leading players in the spur gear market are increasingly adopting lightweight strategies that are based on reducing gear thickness. They are also manufacturing holes in the web of the gear to reduce their weight significantly. Growing adoption of advanced technology to build lightweight machine components is anticipated to influence the growth of the spur gear market positively.

Spur gear is one of the simplest types of gears. It is the most often used gear in the market. Spur gears have straight teeth and are applied to change the force and speed of a rotating axle. They have a very simple structure, and hence, for substantial gear reductions, several spur gears are combined together to design complex machinery.

The demand for spur gear from various industries has soared significantly in the past few years, due to the growth in the industrial sector and rise in urbanization. China is now the largest cement producer in the global scenario, with India at the second position. Various multinational companies are looking towards the Asia Pacific region anticipating increased demand from the construction and the agriculture industry.

There are various materials that can be used for manufacturing of spur gears, namely steel, nylon, aluminum, bronze, phenolic, cast iron, Bakelite and plastics. With the growth in spur gear market, mining and construction industries are benefitting highly through spur gear because of its utilization in nearly every machinery.  Due to these factors, the spur gear market is anticipated to depict a healthy growth in the near future. There haven’t been many innovations in the technology for spur gear market, because of the basic and universal design of gears which is used across the globe.

The expensive products such as automobiles also deploy spur gear in applications such as engines, transmissions, drive train, etc. Spur gear market for automotive sector is booming globally because of their widespread utilization in nearly every sector. The automotive sector in the developing economies, such as India and China, have beheld a rapid growth accounting for a healthy growth rate for spur gear market. The spur gear market has, therefore, a positive effect because of its penetration in the modern world automotive industry. However, the rise of electric vehicles is emerging as a challenge for the spur gear market due to the less requirement of gearing.

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 Spur gear market is segmented on the basis of product type, material type, sales channel and region. The product types include external spur gear, internal spur gear, rack and pinion gears. Among all the spur gear product types, the external spur gears have been reported to account for a leading share in sales. On the basis of material types, the spur gear market is classified into, steel, nylon, aluminum, bronze, phenolic, cast iron, bakelite, plastics and other materials. The plastic spur gears segment is anticipated to showcase robust growth in the near future. By sales channel, spur gear market can be categorized into two types, OEM and aftermarket. However, the market for OEM is very dominant as compared to the aftermarket. 

The regional demand for spur gear varies across the globe. However, North America has been widely using the spur gears and other types of gears, and therefore, the region is anticipated to show considerable growth in the forthcoming years. The primary concern in the automotive industry of the U.S. is growing competition among established players and the new entrants. Regarding regions, the spur gear market is classified into seven regions: North America, Latin America, Europe, CIS and Russia, Japan, APEJ and MEA. Considerable growth in the automotive industry and the robust growth in automation in nearly every sector are the primary factors driving the spur gear market in the Asia Pacific region. The Chinese and the Indian manufacturing sector is exhibiting sturdy growth in the region. The manufacturers have inclined towards automation combined with the use of spur gear for increased efficiency and productivity. Some of the key market players in the spur gear market are Eaton Corporation Plc., Bharat Gears Limited, GKN Plc., Showa Corporation, American Axle & Manufacturing, Inc., Linamar Corporation, NSK Limited, Univance Corporation, and other prominent players.

This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters.

Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.

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