Global Automotive Gears Market

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 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.

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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 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. '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)'

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.

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.

The Asia-Pacific region dominated the 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.

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Global Automotive Gears Market

Report ID: SQMIG25A2138

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