Automotive Pinion Gear Market: Rising Disposable Income and Willingness to Spend on Passenger Vehicles to Drive Growth
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According to TMR, the global automotive pinion market will reach US$13.15 bn by the end of 2025, as compared to US$8.81 bn in 2016. If these figures hold true, the global automotive pinion market will rise at a steady 4.5% CAGR between 2017 and 2025. Among the gear types, the helical pinion gears segment constituted a larger share in terms of revenue, thus emerging dominant in 2016. Holding nearly 50.73% of the global market in terms of revenue, Asia Pacific emerged as the largest market for automotive pinion gears in 2016. Its dominance is likely to remain secure in the global market through the course of the aforementioned forecast period. Rapid urbanization has pushed the demand for passenger vehicles in the region. This will in turn support growth of the automotive pinion gear market in Asia Pacific.
Besides the increasing population and rapid urbanization witnessed worldwide, the global automotive pinion gear market will considerably benefit from consumers’ rising purchase power. Spurred by these factors, vehicle sales have spiked in the last few years, in turn creating an environment supporting the automotive pinion gear market’s expansion. Also the rising demand for vehicle is attributable to the changing city architecture and demographic patterns. With citizens inclining in favor of hub and spoke architecture, urbanization is likely to pick pace in the coming years, subsequently making the overall commute distance more widespread. Besides this, the concept of weekend getaways has gained much popularity in the last few years. These factors will stoke growth in the global automotive pinion market in the coming years.
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Weakening Global Investment May Hinder Growth
On the downside, weakening global investment and dwindling world trade growth have raised concerns for the global automotive pinion gear market. Slow growth rate of trade and investment may have an adversely impact automotive industry’s overall productivity. Furthermore, this could impede progress toward achieving sustainable growth in the industry, thereby posing threat to ancillary markets such as that for automotive pinion gears.
Emerging Nations to Offer Lucrative Growth Prospects
Nonetheless, a surge in vehicle production is on cards especially in emerging nations. Supported by the rising disposable income of consumers and their willingness to spend on luxury cars, the emerging nations will provide ample opportunities for the market’s expansion in the coming years. Furthermore, the increasing production of vehicles with automatic transmission system will accelerate pace of gain for the global automotive pinion, market. It is important to note here that four-wheelers use more number of bevel pinion gears than their two-wheeler contemporaries. This, coupled with technological advancements, will give significant impetus to the global automotive pinion gear market in the coming years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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