USD 33.89 billion
Automotive Gears Market Size, Share, Growth Analysis, By Material(Metallic gears and non-metallic gears), By Application(Passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2138 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
61
|Figures:
75
Automotive Gears Market Insights
Global Automotive Gears Market size was valued at USD 33.89 billion in 2022 and is poised to grow from USD 36.03 billion in 2023 to USD 58.73 Billion by 2031, at a CAGR of 6.3 % during the forecast period (2024-2031).
The growing demand for fuel-efficient vehicles and the expanding global adoption of electric and hybrid vehicles are the main factors driving the global automotive gears market. The automotive industry's shift towards lightweight materials to improve fuel efficiency has also led to a growing demand for high-quality, lightweight gears. Additionally, the growing trend of automation and Industry 4.0 is also expected to drive the market growth as manufacturers are adopting advanced technologies to improve efficiency and reduce costs. However, the market also faces several challenges, such as the increasing use of direct drive systems that eliminate the need for gears, and the high cost of producing high-quality gears.
The growing demand for electric vehicles (EVs) is expected to drive the market growth as EVs require specialized gears to transmit power from the motor to the wheels. As the demand for EVs increases, so will the demand for high-quality gears that are durable, efficient, and lightweight. The trend towards connected cars and autonomous driving is also expected to bost market growth as these advanced vehicles require sophisticated gear systems to function properly. Gears are a critical component in the sensors and actuators used in advanced driver assistance systems (ADAS) and are essential for the proper functioning of autonomous vehicles. As more vehicles incorporate these advanced technologies, the demand for high-quality gear will continue to grow.
US Automotive Gears Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Metallic gears
Fastest Growth
Metallic gears
Growth Rate
6.3% CAGR
Global Automotive Gears Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Automotive Gears Market Segmental Analysis
Global Automotive Gears Market is segmented on the basis of material, application, and region. By material, the market is segmented into metallic gears and non-metallic gears. By application, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Automotive Gears Market Analysis by Material
Metallic gears is the largest segment in the global automotive gears market. Metallic gears are widely used in automotive applications due to their high strength, durability, and ability to withstand high temperatures and pressures. They are typically made of steel or iron and are used in various types of automotive gears such as spur gears, helical gears, bevel gears, and worm gears.
Non-metallic gear is the fastest-growing segment in the global automotive gear market. Non-metallic gears are gaining popularity in automotive applications due to their lightweight, low noise, and high wear resistance properties. They are typically used in applications like electric vehicles, hybrid vehicles, and other lightweight automotive systems and are typically made of materials like plastics, composites, and ceramics. The growing trend toward electric and hybrid vehicles, as well as the rising demand for fuel-efficient vehicles, are anticipated to fuel the growth of the non-metallic gears segment in the global automotive gears market.
Global Automotive Gears Market Analysis by Application
Passenger cars is the largest segment in the Global Automotive Gears Market by application, which include all types of cars designed for personal use. This segment is expected to continue its dominance in the market due to the increasing demand for passenger cars in emerging economies and the growing preference for compact and fuel-efficient cars in developed countries.
The fastest-growing segment of the Global Automotive Gears Market by application is light commercial vehicles (LCVs), which include vehicles used for commercial purposes such as pickup trucks, vans, and delivery trucks. The demand for LCVs is increasing globally due to the growth of e-commerce and last-mile delivery services, which is driving the need for efficient and reliable transportation of goods. The increasing demand for electric LCVs is also expected to contribute to the growth of this segment in the coming years.
Global Automotive Gears Market Size By Material 2021(%)
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Automotive Gears Market Regional Insights
The Asia-Pacific region dominated the Global Automotive Gears Market, owing to the presence of several leading automotive manufacturers and suppliers in countries like China, Japan, and India. The region also has a large consumer base for automotive products, including gears. The growth of the automotive industry in the region, particularly in China and India, has contributed significantly to the market growth. Additionally, the region's favorable government policies, such as tax incentives and subsidies for the production of electric vehicles, have also boosted the market growth.
The Middle East and Africa region is projected to be the most rapidly expanding region in the Global Automotive Gears Market, primarily due to the rising need for passenger and commercial vehicles in countries such as Saudi Arabia, South Africa, and Egypt. The growing populace and improving economic situation in these nations have resulted in a rise in automobile demand, which has boosted the demand for automotive gears. Furthermore, the region's emphasis on the development of renewable energy sources is expected to generate new prospects for market expansion, particularly for gears utilized in wind turbines.
Global Automotive Gears Market Size By Geography, 2021-2030
- Largest
- Fastest
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Automotive Gears Market Dynamics
Global Automotive Gears Market Drivers
Growing Demand for Electric and Hybrid Vehicles
- With the increasing focus on reducing carbon emissions and improving fuel efficiency, there is a growing demand for electric and hybrid vehicles. These vehicles require different types of gears, such as planetary gears and helical gears, which are designed to optimize power transmission and minimize energy loss. As a result, the demand for automotive gear is expected to increase significantly in the coming years.
Rising Demand for Automatic Transmission Systems
- The demand for automatic transmission systems in vehicles is increasing due to their convenience and ease of use. Automatic transmission systems require a greater number of gears compared to manual transmission systems, which is driving the demand for automotive gears. Additionally, the increasing popularity of sports utility vehicles (SUVs) and light commercial vehicles (LCVs) is also expected to boost the demand for gears.
Global Automotive Gears Market Restraints
Fluctuating Raw Material Prices
- The automotive gears market faces a substantial hurdle due to the instability and regular changes in the costs of essential raw materials, including steel and aluminum. These price fluctuations make it difficult for manufacturers to ensure consistent pricing and sustain profitability. Consequently, the fluctuating raw material prices present a significant obstacle to the growth of the automotive gears market.
Increasing Competition from Substitute Technologies
- The automotive industry is constantly evolving, and new technologies are emerging that could potentially replace traditional gear systems. For instance, electric vehicles use electric motors that do not require gears, which could potentially reduce the demand for automotive gears. As a result, the increasing competition from substitute technologies is a major restraint for the automotive gears market.
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Automotive Gears Market Competitive Landscape
The Global Automotive Gears Market is characterized by intense competition due to the participation of numerous influential companies. These major players consistently prioritize research and development efforts to create groundbreaking products, enabling them to gain a significant advantage over their competitors. To expand their market presence and enhance their position, several key players in the industry employ tactics like mergers and acquisitions, partnerships, collaborations, and product introductions.
Top Player’s Company Profiles in Global Automotive Gears Market
- GKN plc (UK)
- American Axle & Manufacturing, Inc. (US)
- Robert Bosch GmbH (Germany)
- ZF Friedrichshafen AG (Germany)
- Magna International Inc. (Canada)
- Aisin Seiki Co., Ltd. (Japan)
- Showa Corporation (Japan)
- Dana Incorporated (US)
- JTEKT Corporation (Japan)
- BorgWarner Inc. (US)
- Schaeffler AG (Germany)
- Linamar Corporation (Canada)
- Eaton Corporation plc (Ireland)
- Hyundai WIA Corporation (South Korea)
- NSK Ltd. (Japan)
- Bharat Gears Ltd. (India)
- Univance Corporation (Japan)
- Continental AG (Germany)
- Neapco Holdings LLC (US)
- Ricardo plc (UK)
Global Automotive Gears Market Recent Developments
- ZF began manufacturing an 8-speed PowerLine automatic transmission system in May 2023 after investing US$200 million in its South Carolina manufacturing site. To achieve the highest speed possible for the vehicle, this automatic transmission system needs gears.
- Toyota unveiled the GR Corolla, which is equipped with an eight-speed automatic transmission, in February 2023. Using a planetary gear set, the business created an eight-speed torque-converter automatic transmission.
- Inmotive and Suzuki joined together in January 2023 to develop an Ingear 2-speed transmission for electric cars. An effective two-speed gearbox made specifically for electric cars is the Ingear technology. The second helical reduction gear is swapped out with a chain drive morphing sprocket that adjusts in size during a shift.
Automotive Gears Key Market Trends
- Shift towards Lightweight and Compact Gears: The automotive industry is experiencing an increasing inclination toward lightweight and compact components with the aim of enhancing fuel efficiency and minimizing emissions. Consequently, there is a rising need for lightweight and compact gears that can deliver equivalent performance to their conventional counterparts. This shift has spurred the advancement of novel materials and manufacturing techniques capable of producing gears that are both lightweight and long-lasting.
- Increasing Adoption of 3D Printing Technology: 3D printing technology is being increasingly adopted in the automotive industry to produce complex components, including gears, with high precision and accuracy. This technology offers several benefits, such as reduced lead times, lower costs, and greater flexibility in design. As a result, 3D printing technology is expected to play a significant role in the future of the automotive gears market.
Automotive Gears Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Automotive Gears Market analysis, the market is growing due to the rising need for fuel-efficient vehicles, the expansion of vehicle production in emerging economies, and the increasing demand for electric vehicles. However, certain factors like the high cost of advanced transmission systems and rising raw material prices may impede market growth. Nonetheless, there are several noteworthy trends influencing the automotive gears market. These include the adoption of lightweight materials to enhance fuel efficiency, the growing demand for connected and autonomous vehicles, and the emergence of technologies like 3D printing and additive manufacturing. The market also presents opportunities such as the growing demand for hybrid and electric vehicles, the focus on reducing carbon emissions, and the increasing need for advanced safety features in vehicles. Furthermore, the automotive manufacturers' investment in research and development to create innovative transmission systems and gears is expected to generate significant growth prospects in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 33.89 billion |
| Market size value in 2031 | USD 58.73 Billion |
| Growth Rate | 6.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Gears Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Gears Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Gears Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Gears Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Gears Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Gears Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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