Automotive Gear Market Set to Surpass $8.5 Billion by 2034, With 5.7% of CAGR | Fact.MR
Rockville, MD, July 02, 2024 (GLOBE NEWSWIRE) -- According to a revised study published by seasoned analysts at Fact.MR, worldwide revenue from the Automotive Gear Market size is poised to reach US$ 4.88 billion in 2024 and has been analyzed to increase at a CAGR of 5.7%, to reach US$ 8.5 billion by the end of 2034.
Growth of the automotive gear market is being augmented partly by consumer demand for vehicles with improved acceleration and lower carbon emissions. Technological advancements in material and gear manufacturing are enhancing vehicle performance and fuel efficiency. Enhanced vehicle handling and fuel economy result from the development of lightweight and durable gears, reducing overall vehicle weight.
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Precision forging and computer-aided design (CAD) are two examples of advanced manufacturing techniques enabling the production of durable and precise gears, thus enhancing power transmission efficiency and smooth operation. These advancements not only bolster the automotive gear market but also improve vehicle performance and efficiency by meeting the growing demand for reliable, high-quality automotive components.
Key Takeaways from the Market Study
- The global automotive gear market is projected to reach a valuation of US$ 8.5 billion by the end of 2034.
- East Asia is expected to account for 30.7% of the global market share in 2024.
- Sales of automotive gear systems in North America are forecasted to reach US$ 1.5 billion by the end of 2034, up from US$ 901.6 million in 2024.
- In 2024, China is set to hold 69.8% market share in the East Asia region.
- By vehicle category, revenue from the commercial vehicles segment is projected to reach US$ 6.46 billion by the end of 2034.
- The market in Japan is forecasted to expand at 7.5% CAGR through 2034.
- The market in the United States is set to generate revenue of US$ 1.03 billion in 2024.
“Heavy investments in electric and hybrid vehicles (HEVs) are driving demand for specialized automotive gear. Manufacturers are focusing on consistent production of automotive gears to meet operational needs,” says a Fact.MR analyst.
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High Demand for Unique Gear Systems to Meet Specific Requirements in Japan
Need for specialty automotive gear is escalating owing to Japan's significant investments in electric and hybrid vehicles (HEVs). Unique gear systems are imperative for electric and hybrid vehicles due to their distinct performance attributes.
The expanding market for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is fueling the need for high-performance, advanced gears that are also cost-effective. As manufacturers strive to address the changing requirements of the electric and hybrid vehicle markets, this growth is spurring the development of new gear technologies and boosting sales.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive grader market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (worm gears, bevel gears, spur gears, helical gears, rack & pinion gears, planetary gears, hypoid gears), vehicle type (passenger cars, LCVs, trucks, buses, off-road vehicles, two-wheelers), application (engines, drive shafts, transmissions, differential, steering systems), and material (metallic, non-metallic), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Key Market Players:
Key players in the automotive gear market are making significant R&D investments to broaden their product offerings, contributing to growth in sales. Also, some companies are engaging in a range of strategic endeavors aimed at broadening their worldwide reach.
Eaton Corporation; Bharat Gears Limited; GKN Plc., Inc.; Altra Industrial Motion Corporation; Showa Corporation; American Axle and Manufacturing, Inc.; Linamar Corporation; NSK Limited; Univance Corporation.
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