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Automotive Spur Gear Market to Surpass $40.64 Billion by 2029 | Key Trends & Insights
Automotive Spur Gear Market Size
How Will the Automotive Spur Gear Market Grow by 2025 in Terms of Size and Growth?
The market size of the automotive spur gear has seen significant growth in the past few years. It is projected to increase from $31.63 billion in 2024 to $33.36 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. Factors contributing to the growth during the historic period include vehicle production volumes, fuel efficiency norms, trends in automotive design, advancements in materials, and global economic conditions.
What Are the Estimated Growth Rates for the Automotive Spur Gear Industry Through 2029?
In the coming years, the automotive spur gear market is anticipated to experience notable expansion. The market is projected to reach $40.64 billion in 2029, with a compound annual growth rate (CAGR) of 5.1%. This predicted increase during the forecast period is due to the rise in the adoption of electric vehicles, initiatives to reduce emissions, resilience of supply chains, growth in vehicle customization, and investment in research and development. Major trends within this timeframe are expected to include the incorporation of innovative manufacturing technologies, concentration on technologies that reduce noise, the launch of strong, high-performance gears, the use of advanced surface coatings, attention on energy-efficient gear designs, and the creation of gear solutions tailored to electric and hybrid vehicles.
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What Are the Strategic Drivers Boosting Automotive Spur Gear Market Performance?
The anticipated surge in electric vehicle (EVs) sales is set to boost the automotive spur gear market's expansion. Electric vehicles, which operate using electricity stored in rechargeable batteries or produced onboard via hydrogen fuel cells, crucially rely on automotive spur gears. The gears aid in the optimal transition of power, enhance performance, and facilitate precise management of speed and torque, factors critical to the success of electric vehicles in the sustainable transportation sector. According to data from July 2023 provided by the International Energy Agency, a French intergovernmental body, electric vehicle sales hit 10 million in 2022. Furthermore, it's projected that the number will increase to 14 million electric vehicle sales in 2023. Hence, the burgeoning demand for electric vehicles serves as a critical growth engine for the automotive spur gear market.
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What Are the Segments in the Automotive Spur Gear Market?
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
What Are the Key Adoption Trends in the Automotive Spur Gear Market?
Major businesses within the automotive spur gear industry are concentrating on creating innovative automatic gear shift models to deliver dependable solutions for their clientele. Suzuki developed a state-of-the-art automatic gear system, which allows for automated gear changes or shifting in a manual gearbox without the need for the driver to engage the clutch pedal or manipulate the gear lever. For example, the Japan-based mobility manufacturing company Suzuki Motor Corporation, launched the New S-Presso AGS (Automatic Gear Shift) in May 2023. This variant of automatic gear shift provides drivers with increased convenience, improved performance, and fuel efficiency in their ride, enhancing the distinct design and sophistication of the S-PRESSO AGS. Furthermore, it incorporates a new 1.0L K10C engine and an engine auto stop-start system (EASS). This system automatically shuts off the engine when the vehicle is not in motion, reducing unnecessary fuel usage, offering an enjoyable drive while simultaneously saving money.
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Which Companies Lead the Competitive Landscape of the Automotive Spur Gear Industry?
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
Where Are the Key Automotive Spur Gear Market Opportunities by Region?
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.
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Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email: saumyas@tbrc.info
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