DELRAY BEACH, Fla.,
Sept. 13, 2024 /PRNewswire/ --
Automotive Gears Market is projected to reach USD 50.8 billion by 2030 from USD 42.7 billion in 2024, at a CAGR of 3.0%,
according to a new report by MarketsandMarkets. The rising
production of passenger cars and commercial vehicles, the growing
demand for SUVs and the rise in number of c-segment and above
vehicles is expected to drive the market for transmission and
differential gears. Similarly, the increasing demand for comfort
and convenience features will poise the market demand for metallic
gears for differentials, transmission, electric steering systems,
and non-metallic applications like sunroofs, ORVMs, power windows,
and automatic tailgates.
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Browse in-depth TOC on "Automotive Gears
Market"
326 - Tables
80 - Figures
290 -
Pages
Automotive Gears Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
USD 42.7
billion
|
Estimated Value by
2030
|
USD 50.8
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.0%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type (Planetary, Bevel,
Rack & Pinion, Hypoid, Worm, Helical, Spur, Non-metallic),
Application (Transmission, Differential, Steering, Others), Vehicle
Type, Propulsion (ICE, Hybrid), Material, & Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, and the Rest of the World [RoW]
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increasing adoption of
plastic/polymer gears in automotive applications
|
Key Market
Drivers
|
Rising production of
passenger cars and light commercial vehicles
|
Helical Gears are expected to be the most prominent
automotive gear segment.
Helical gear accounted for the largest share during the forecast
period. Helical gear has a major application in transmission
systems, covering all transmission types. Helical gears are
utilized as forward gears in manual and AMT, while DCT uses helical
gears for both forward and reverse motions. These transmissions are
installed with different gears, most of which are helical.
Globally, manual transmission accounted for the largest market
share, and the demand for these transmissions is high in developing
countries such as China and
India due to the price
competitiveness compared to other transmission types. The adoption
of AMT is growing in lower car segments in developed countries like
China and India. This is mainly due to ease-of-use
benefits while driving towards heavy city traffic in these
countries.
Further, Automated Manual Transmission is expected to grow
fastest during the projected years. Asia
Pacific contributes to the highest market share for AMT
during the forecast period. The growth of AMT is seen in
Asia-Pacific due to lower costs
compared to fully automatic or dual-clutch transmissions, which are
placed in cars with higher price ranges. The Automated manual
transmission is mainly installed in mid-level passenger cars, and
growing sales of mid-level passenger cars are driving the demand
for AMT and ultimately driving the helical gears. Similarly, most
passenger cars are front-wheel drive and equipped with transaxle,
which uses helical gears, which increases the demand for helical
gears.
DCT is an upgraded version of automatic transmission. It is
slowly being implemented in medium to premium end vehicles,
starting with the mid-trim version, for smooth gear shifting and
enhanced drive quality for convenience. This growing adoption has
increased with the number of helical gears installed in these
transmission systems.
On the other hand, the latest heavy-duty trucks are equipped
with more gears to provide a broader range of gear ratios. This
provides smoother acceleration, better torque management, and fuel
consumption at different driving conditions. Consequently, this
will feed the demand for helical gears because of the massive
growth in advanced transmission systems used in passenger and
commercial vehicles.
Heavy commercial vehicles are estimated to be the
fastest-growing gear segment.
Heavy commercial vehicles, including trucks and buses &
coaches, are estimated to be the fastest-growing market for gears.
Growing mining activities, logistics & e-commerce industry, and
infrastructural developments fuel the market growth of heavy truck
segments. HCVs have multi-speed transmissions ranging from 6-speed
manual to 14-speed semi-automatic and automatic transmissions
(i-shift transmission offered in Volvo trucks (Sweden)). These transmissions have varied
gears ranging from 14 to 28 units. Heavy trucks above 20 tons GVW
are offered in multi-axle configurations (4x4, 6x4, 8x4), due to
which the number of differentials is doubled, increasing the number
of differential gears. In addition, a few heavier trucks above 25
tonnage capacity are offered with Torsen differential due to their
capability to handle extensive long-haul trucking operations on
diverse terrains. The demand for trucks equipped with automatic
transmissions is higher in North
America, which drives the demand for planetary gears and
other gear types. Alternatively, multi-axle buses & coaches are
experiencing a surge in popularity due to their enhanced stability,
increased passenger capacity, and improved comfort, critical in
long-distance intracity travel. Usually, these heavy coaches are
available in three or more axle configurations. This enables market
growth opportunities for the gear manufacturers for differential
systems for this vehicle segment. Thus, growing sales of trucks and
buses with higher gear ratios will drive the demand for the
automotive gears market during the forecast period.
Asia Pacific region will
dominate the global automotive gears market.
Asia Pacific is estimated to be
the largest global automotive gear market during the forecast
period. The market dominance of Asia
Pacific can be attributed to the higher production of
passenger and commercial vehicles. The region dominates economy
class vehicles installed with rack & pinion gears for the
steering system and helical and spur gears for 5-speed manual
transmission. Further, regional countries have noticed a shift
towards mid-price range vehicles provided with 6-speed manual &
7-9-speed automatic transmission or DCT. This will enable the
growth of planetary and helical gears for transmission systems. In
addition, strong demand for DCT has been noticed in China, India,
and Japan, accelerating the SUV
market growth. Rising sales of mid & full-size SUVs with
AWD/4WD configurations in countries such as China and India drive the demand for differential gears.
With the growing demand for premium vehicles with advanced safety
& convenient features, like automated tailgates, electric
sunroofs, and ORVMs, the demand for non-metallic gear is also
expected to rise. Together, these factors will drive the
Asia Pacific market for automotive
gears.
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Automotive Gears Market Dynamics:
Drivers:
1. Rising production of passenger cars and light
commercial vehicles.
Restraints:
1. Rising popularity of electric vehicles
Opportunities:
1. Increasing adoption of plastic/polymer gears in
automotive applications
Challenge:
1. High costs of advanced and lightweight gears
Key Market Players Automotive Gears
Industry:
Prominent players in the Automotive Gears Market include as
American Axle & Manufacturing Holding, Inc. (US), GKN Powder
Metallurgy (US), Bharat Gears Ltd. (India), JTEKT Corporation (Japan), and Robert Bosch GmbH (Germany).
The break-down of primary participants is as mentioned
below:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, OEMs
-20%
- By Designation: C level Executives - 60%, Director Level
- 30%, Others – 10%
- By Region: North
America - 25%, Europe -
20%, Asia Pacific - 55%
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Automotive Gears Industry Recent
Developments:
- In May 2023, AAM invested
USD 10 million in the Global
Strategic Mobility Fund, a venture capital fund by EnerTech
Capital. Due to this investment, AAM has access to Enertech's vast
network of mobility businesses, which will help enhance AAM's
products.
- In April 2023, Dowlais Group
announced the demerger of GKN Automotive, GKN Powder Metallurgy,
and GKN hydrogen business from Melrose Industries plc into Dowlais
Group Plc. Dowlais Group plc acquired the above three companies
from Melrose Industries Plc in this demerger.
- In August 2022, in response to
the growth of electric vehicles, JTEKT developed JTEKT Ultra
Compact Diff., a differential for Electric vehicles eAxle. The
differential is small in size and is highly durable. The new
differential features high torque density and durability. Despite
the compact, the differential strength is the same for JUCD (JTEKT
Ultra Compact Differential).
Automotive Gears Market Size - Key Benefits of Buying
the Report:
- This report offers comprehensive analyses of market share and
supply chains and detailed information on gear manufacturers.
- It is designed to help market leaders and new entrants by
providing precise revenue estimates for the overall automotive
gears market.
- Additionally, the report helps stakeholders understand the
market dynamics, highlighting key drivers, restraints, challenges,
and opportunities.
This report provides insights on:
- Analysis of key drivers (rise in production of vehicles
to drive the growth of the automotive gears market, including the
rise in several passenger cars and light commercial vehicles, rise
in the number of mid-range and luxury vehicles, rise in the number
of SUVs and heavy commercial vehicles and buses and coaches and
growing demand for low-carbon-footprint technologies), restraints
(increasing popularity of electric cars), opportunities (adoption
of lightweight gear materials, growth in number of hybrid vehicles
and rising adoption of polymer/plastic gears in automotive
applications), and challenges (high costs of advanced and
light-weight gears) are fueling the demand of the automotive gears
market.
- The report provides a detailed country analysis of the type of
gears used in transmission types (automatic transmission, automated
manual transmission, manual transmission, and dual-clutch
transmission) and differential types (open differential, locking
differential, limited slip differential, torque vectoring
differential, and Torsen differential)
- Product Development/Innovation: Detailed insights on
upcoming technologies, research & development activities, and
new product & service launches in the automotive gears market,
such as using various materials to manufacture the gears, such as
metallic and non-metallic gears.
- Market Development: Comprehensive information about
lucrative markets – the report analyses the automotive gears market
across varied regions.
- Market Diversification: Exhaustive information about new
products & services, untapped geographies, recent developments,
and investments in the automotive gears market
- Competitive Assessment: In-depth assessment of market
shares, growth strategies, and product offerings of leading players
in the automotive gears market, such as American Axle &
Manufacturing Holding, Inc. (US), GKN Powder Metallurgy (US),
Bharat Gears Ltd. (India), JTEKT
Corporation (Japan), and Robert
Bosch GmbH (Germany).
Related Reports:
Automotive Steering System Market - Global
Forecast to 2027
Automotive Differential Market - Global Forecast
to 2027
Automotive Transmission Market - Global Forecast
to 2028
Electric Powertrain Market - Global Forecast to
2030
Get access to the latest updates on Automotive Gears Companies
and Automotive Gears Industry Growth
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