Press release
Automotive Spur Gear Global Market Report 2024 - By Report, Trends, Size, Share, Forecast To 2033
Automotive Spur Gear
The Business Research Company offers in-depth market insights through Automotive Spur Gear Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive spur gear market size has grown strongly in recent years. It will grow from $29.51 billion in 2023 to $31.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to vehicle production volumes, fuel efficiency standards, automotive design trends, material advancements, global economic conditions..
The automotive spur gear market size is expected to see strong growth in the next few years. It will grow to $39.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to electric vehicle adoption, emission reduction initiatives, supply chain resilience, increasing vehicle customization, r&d investments.. Major trends in the forecast period include integration of advanced manufacturing technologies, focus on noise reduction technologies, introduction of high-strength and high-performance gears, adoption of advanced surface coatings, emphasis on energy-efficient gear design, development of gear solutions for electric and hybrid vehicles.
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Market Segmentation:
The automotive spur gear market covered in this report is segmented -
1) By Product: External Spur Gear, Internal Spur Gear
2) By Material: Steel, Nylon, Aluminum, Bronze, Phenolic, Cast iron, Bakelite, Plastics
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
Major Driver - Rising Electric Vehicle Sales Boost Automotive Spur Gear Market Growth
Rising sales of electric vehicles (EVs) are expected to propel the growth of the automotive spur gear market going forward. Electric vehicles are automobiles that are powered by electricity stored in rechargeable batteries or generated onboard using hydrogen fuel cells. Automotive spur gears play a crucial role in optimizing power transmission, enhancing efficiency, and ensuring precise control of speed and torque, contributing to the overall success of electric vehicles in the sustainable transportation landscape. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles drives the automotive spur gear market.
Competitive Landscape:
Major companies operating in the automotive spur gear market report are Siemens AG, ZF Friedrichshafen AG, Eaton Corporation Plc, Sumitomo Heavy Industries Ltd., NSK Limited, Bosch Rexroth AG, Linamar Corporation, American Axle & Manufacturing Inc., The Timken Company, MISUMI Corporation, GKN Sinter Metals Engineering GmbH, Tsubakimoto Chain Co., Univance Corporation, Renold Plc, BMT International SA, Bharat Gears Limited, Neugart GmbH, Showa Corporation, Boston Gear Inc., Wittenstein Group, ABA PGT Inc., Cleveland Gear Company, Precision Gears Inc., DESCH Antriebstechnik GmbH & Co. KG, KHK Gears Co Ltd., B&R Motion Gears, Samgong Gear Co. Ltd., DB Gears, Mahindra Gears & Transmissions Pvt Ltd., Oerlikon Graziano SpA
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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