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

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.