Press release
Automotive Spur Gear Market Size Projected To Reach $41.85 Billion By 2034 With A Cagr Of 5.5%
Automotive Spur Gear
What Is the Projected Growth of the Automotive Spur Gear Market?
In the past few years, the automotive spur gear market has experienced robust growth. The market size, which is projected to rise from $31.63 billion in 2024 to $33.8 billion in 2025, will achieve a compound annual growth rate (CAGR) of 6.9%. Various factors have contributed to growth during the historic period, including the volume of vehicle production, fuel efficiency norms, trends in automotive design, advancements in material, and worldwide economic conditions.
Over the forthcoming years, the automotive spur gear market is anticipated to experience substantial growth, escalating to $41.85 billion by 2029 at a compound annual growth rate (CAGR) of 5.5%. This projected growth in the coming years can be ascribed to factors such as the increasing adoption of electric vehicles, initiatives towards emission reduction, resilience in supply chain, rise in vehicle customization, and boosted investments in research and development. Forecasted trends for the mentioned period underscore the inclusion of cutting-edge manufacturing technologies, focus on technologies reducing noise, the emergence of high-strength and high-performance gears, the utilization of advanced surface coatings, emphasis on designing energy-efficient gears, and the innovation of gear solutions for hybrid and electric vehicles.
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What Are the Different Automotive Spur Gear Market Segments?
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), After market
Subsegments:
1) By External Spur Gear: Straight Tooth External Spur Gear, Helical Tooth External Spur Gear
2) By Internal Spur Gear: Internal Spur Gear With Straight Teeth, Internal Spur Gear With Helical Teeth
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What Are the Primary Drivers Shaping the Automotive Spur Gear Market?
The surge in electric vehicle (EV) sales is anticipated to boost the growth of the automotive spur gear market in the near future. These vehicles, which operate on electric power stored in rechargeable batteries or produced onboard by hydrogen fuel cells, are gaining popularity. Automotive spur gears are integral to these vehicles as they enhance power transmission efficiency and allow precise control of speed and torque, playing a pivotal role in the success of electric vehicles as sustainable transportation options. According to the International Energy Agency, a France-based intergovernmental organization, electric vehicle sales stood at 10 million in 2022, projected to rise to 14 million by 2023. This increase in electric vehicle demand is a significant factor driving the automotive spur gear market. Automotive Spur Gear Market Driver: Increased Fuel Efficiency Necessities Boost Growth in the Automotive Spur Gear Market
Which Companies Are Leading in the Automotive Spur Gear Market?
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
What Trends Are Expected to Dominate the Automotive Spur Gear Market in the Next 5 Years?
Leading enterprises in the automotive spur gear sector are concentrating on creating innovative automatic gear shift variants to deliver dependable services to their clients. The automatic gear mechanism, an advanced system developed by Suzuki, enables a manual transmission to execute automated gear transitions or shifts without the driver needing to engage the clutch pedal or handle the gear lever. For example, Suzuki Motor Corporation, a Japanese mobility manufacturing firm, introduced the New S-Presso AGS (Automatic Gear Shift) in May 2023. This automatic gear shift variant offers drivers enhanced convenience, superior performance, and efficient driving with the S-PRESSO AGS, enhancing its distinctive design and sophistication. Furthermore, it incorporates a new 1.0L K10C engine and a engine auto stop-start system (EASS) that automatically halts the engine when the vehicle is not in use, thereby minimizing unnecessary fuel usage and offering a satisfying journey while saving cost.
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What Are the Top Revenue-Generating Geographies in the Automotive Spur Gear Market?
Asia-Pacific was the largest region in the automotive spur gear market in 2024. The regions covered in the automotive spur gear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Spur Gear Market?
2. What is the CAGR expected in the Automotive Spur Gear Market?
3. What Are the Key Innovations Transforming the Automotive Spur Gear Industry?
4. Which Region Is Leading the Automotive Spur Gear Market?
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