Automotive Gears Market Forecast By 2024

A gear is a part of a rotating machine equipped with cogs or cut teeth which can mesh with an additional toothed part. Geared devices are capable of changing the torque, speed, and direction of the power source.

These systems create a mechanical advantage through the gear ratio by producing an alteration in torque. Two or more meshing gears functioning in a particular sequence are known as a gear transmission.

Instead of rotation, a gear can produce transmission by meshing with a rack or a linear toothed part. While considering transmissions with multiple gear ratios in cars, motorcycles, and bicycles, the term “gear” denotes a gear ratio (as opposed to an actual physical gears) and related devices, particularly when the gear ratio is continuous or when a device does not contain gears, for example in a constantly variable transmission.

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Key drivers of the automotive gears market include increasing vehicle production and improved driving experience in terms of enhanced acceleration and smooth gear shifting. There has been a rise in the installation of mechanized and automated parts in automobiles, which is propelling the market even further.

In addition, factors such as rising manufacturing output and consumer preference for energy-efficient units such as seven and eight speed automatic transmissions are also responsible for the expansion of the market.

Sales of individual gears are anticipated to rise faster than those of gear assemblies during the forecast period, owing to the superior aftermarket sales conditions of the former.

Moreover, development of the automotive sector in developing countries such as India and Brazil is likely to create opportunities for the automotive gear market in the future. However, due to advancements in technology, vehicles with fully automatic transmission are being developed, which is likely to hinder the market to some extent.

The global automotive gears market can be broadly classified on the basis of product into the following types: planetary gears, hypoid gears, worm gears, non-metallic gears, helical gears, rack & pinion gears, bevel gears, and spur gears. In terms of material type, the market has been divided into metallic and non-metallic varieties.

The non-metallic gears segment is expected to progress at a major CAGR, as it provides better fuel efficiency. By application type, the market has been classified into the differential system, transmission system, and steering system categories. The transmission system segment is likely to register a significant CAGR during the forecast period, owing to the increasing implementation of automatic transmission in passenger vehicles.

Based on geography, the market for automotive gears has been distributed over North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In the present scenario, the market is dominated by Asia Pacific in terms of revenue, followed by North America and Europe.

China is expected to attain the dominant share in the market in APAC in the future. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which is likely to lead to considerable production of motor vehicles and other manufacturing output.

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The automotive gears market is also anticipated to expand at a steady rate in Middle East & Africa and Latin America, owing to increasing installation of mechanical parts in passenger cars.

Top players in this market are GKN PLC in the U.K., Bharat Gears Ltd. in India, Brevini Power Transmission Spa in Italy, E. I. du Pont de Nemours and Company, American Axle & Manufacturing, Inc., and TRW Automotive in the U.S., Robert Bosch GmbH and IMS Gear GmbH in Germany, and Univance Corporation and Showa Corporation in Japan.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

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