Global Automotive Gear Market, By material (metallic and plastic) By product type (Planetary, Bevel, Helical, Non-Metallic and other), By vehicle type (Passenger vehicle, Commercial vehicle) and Region – Forecast 2016-2023.
An automotive gear helps give an automobile, a smooth start to and allows the outer wheel to rotate faster than the inner wheel for safer turns. Smooth gear shifting enhances the driving experience as well as the growing demand for low-carbon-footprint technologies fuels the growth of the global automotive gears market. Moreover, rising disposable incomes and vehicle-ownership boosts the market growth. Lightweight and highly durable aluminum and composite gears are estimated to gain higher popularity during the forecast period. Focus towards high-quality products & the changing lifestyle of consumers and increasing spending power, enhance the growth of the gear market for automotive sector.
According to a recent study report published by the Market Research Future, Globally, the market for Automotive Gear has increased its market growth in recent years. The Market was valued USD 28.40 Billion in 2015 and is expected to grow at a rapid pace during the forecast period (2017 – 2023). The global market of Automotive Cyber Security is forecasted to witness a thriving growth by 2023, surpassing its previous growth records in terms of value with a striking 6.4 % CAGR during the anticipated period (2017 – 2023).
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MRFR Analysis observes the increasing demand for the automatic transmission in vehicles as one of the growing trends in the automotive industry, which in turn has increased the demand of automotive gears market. The automotive gears market is primarily driven by the increasing demand for improved acceleration and low carbon footprint in the automotive vehicles. The limited product shelf life in conventional gear systems also can be attributed to the growth of automotive gears market. The automotive gears market has progressed from manual gear shift prototypes to automatic gear transmission systems in current set of vehicles. Automatic transmission has gained traction in automotive gears market at present owing to improved product durability and fuel efficiency of the vehicle. Technologically advanced gear system helps in smooth functioning of engine and avoids engine losses that may result from friction and lubrication. This reduces the emission level of vehicle. Additionally, the high demand for automotive gears is attributed by the growth in the automotive industry and original equipment manufacturers (OEM) as well as aftermarket of which the aftermarket is considered to be the prominent contributor for the growth of automotive gears market. Also, the growth in passenger as well as production of vehicles has resulted in demand increase of the automotive gears.
However, the high cost of advanced gear system than the conventional gear system acts as a barrier for the growth of automotive gear market. Similarly, obsolescence may also pose as one of the major restraints for the auto gear manufacturers which affects the auto gear production with the change in technology the parts replacing the existing prototype.
Automotive Gear Global Market – Key Players- Key Players operating the automotive gear market strive to ensure that they deliver superior parts at competitive prices to meet the consumer’s needs. To suffice the same they try to complete the entire production process in-house so that the quality can be guaranteed. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion
- Linamar Corporation
- NSK Ltd
- Bharat Gears Ltd
- Neapco Inc
- Mitsubishi Group
- Dana Holding Corporation
- Robert Bosch GmbH
- ZF TRW
- GKN plc.
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Automotive Gear Global Market – Segmentation
The Automotive Gear Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Material : Comprises metallic and plastic and others.
Segmentation By Product Types : Comprises Planetary, Bevel, Helical, Non-Metallic, and others.
Segmentation By Vehicle Type: Comprises Passenger vehicle, Commercial vehicle.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Automotive Gear Global Market – Synopsis
The lightweight and highly durable aluminum and composite gears are estimated to gain popularity with their market registering a remarkable growth during the forecast period. Parallel shaft gears and skew shaft gears together are expected to account for a large market share in the overall automotive gears market over the forecast period. Global Automotive gear market was valued at USD 28.40 Billion in 2015 and is projected to grow at a CAGR of 6.4% during the forecast period.
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Automotive Gear Global Market – Regional Analysis
Asia-Pacific market is dominating the market of automotive gear market due to growth in automotive sector. Development of automotive manufacturing industries in developing economies such as China and India are driving the market for automotive gears. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which helps in production of motor vehicles and other manufacturing output.
North America is referred to as the second-largest automotive gears market due to factors such as large customer base and high disposable income of end-users have fueled the demand for vehicles in the country.
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