Automotive Gears Market Overview
The global automotive gears market is projected to witness considerable growth during the forecast period, primarily on account of the growing automotive industry. The growth of the automotive industry is a direct result of the increased production volume of passenger cars and commercial vehicles in recent years. In addition, increasing installation of mechanized and automated parts in automobiles, advancements in technology, and demand for improved driving experience in terms of smooth gear shift and enhanced acceleration are driving the growth of the automotive gears industry.
The automotive gears market has been categorized into spur, helical, rack and pinion, and worm gear types. The market demand for spur gears is anticipated to grow at a significant rate in the coming years, as spur gears are easy to manufacture and can be used for a range of applications in the automotive industry.
Automotive gears find major application in transmission, steering, and differential systems. Owing to the high usage of gears in the differential systems of vehicles, the automotive gears market is expected to witness considerable growth in this category in the coming years.
Automotive gears can be manufactured from a wide range of materials—metallic and non-metallic—including steel, aluminum, brass, cast iron, carbon steel, plastic, and magnetic alloys. Non-metallic (primarily plastic) gears produce less noise, but have lower strength and loading capability as compared to the metallic ones. The material selection for manufacturing any automotive gear is based on factors such as reliability, precision, load capacity, and durability. During the forecast period, the automotive gears market is expected to witness notable growth in the category of non-metallic gears owing to the high precision offered by non-metals, which are easy to machine.
During the forecast period, Asia-Pacific (APAC) is expected to be the largest market for automotive gears, with China and India being the major markets in the region. The automotive gears market in the APAC region is mainly driven by the rising demand for personal transportation vehicles and the improving standard of living.
Automotive Gears Market Dynamics
The automotive industry is growing at a significant rate and is a major growth driver for the automotive gears market. The demand for passenger cars and light commercial vehicles is on the rise, much of which can be attributed to the rise in per capita income and standard of living in fast-growing economies such as China and India. These economies are also the major markets for the automotive industry because of their rapid urbanization and growing consumer base.
Besides, continuous investments by established gear manufacturers in research and development to achieve improved vehicle efficiency and reduced carbon footprint are expected to boost the growth of the automotive gears market in the coming years.
The rapidly growing electric vehicle industry is expected to hinder the growth of the automotive gears market to some extent in the coming years. At present, the penetration of electric vehicles is low, constituting only a fraction of the total vehicle sales. But with governments across the world supporting zero-emission vehicles through financial incentives and favorable policies, the market growth is likely to get restrained. As electric vehicles have fewer mechanical parts as compared to the conventional gasoline-based vehicles, the volume of gears used in automobiles is likely to get reduced. Also, due to advancements in the motor drive technology (such as in-wheel motor), the automotive gears industry might suffer a decline in its growth during the forecast period.
Automotive Gears Market Competitive Landscape
Some of the key players in the global automotive gears market are GKN PLC, Robert Bosch GmbH, SHOWA Corporation, DowDuPont, ZF TRW Automotive Holdings Corporation, IMS Gear SE & Co. KGaA, Univance Corporation, RSB Group, Bharat Gears Ltd., and American Axle and Manufacturing Inc.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, China, Japan, India, South Korea, Brazil, Russia.