Market Research Report
Automotive Gears Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Automotive Gears Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 80 Pages
Delivery time: 2-3 business days
The automotive gears market is valued at USD 4.2 Billion in 2020 and is expected to reach USD 5.1 Billion by 2026. The automotive gears market is anticipated to register a CAGR of over 5.5% during the forecast period (2021-2026).
Gears are a significant component in automotive systems. The gears market growth is directly related to vehicle sales.
In the automotive market, a shift toward more expensive, energy-efficient units, such as seven and eight-speed automatic transmissions, may contribute to value gains. Additionally, sales of gears used in several relatively small but fast-growing applications, such as wind and solar power, are expected to increase significantly.
However, various factors are restraining the growth of the gear market, such as the growing demand for electric vehicles, due to rising emission regulations. The electric vehicles have minimal use of gears. The overall number of gears used is significantly less, due to fewer transmission systems, lesser use of differentials, and near elimination of gearboxes.
Asia-Pacific is likely to lead the automotive gears market, as the region is a major vehicle producer, followed by Europe and North America, respectively. Nevertheless, vehicle production around the world is declining due to the economic crisis, recent US-China trade conflicts, and on-going COVID-19 pandemic. The automotive gears market is expected to witness a decline throughout 2020, and a reduction in Y-o-Y growth rate in 2021.
The electric vehicle market is rapidly growing across the world. The electric vehicle sales in Europe have significantly increased by 47% in the first quarter of 2018, in comparison to the first quarter of 2017. By 2040, nearly 54% of the new car sales and 33% of the global car fleet are likely to be electric. To meet the electric vehicle sales target, the European government has already started various projects for building charging infrastructure across the region.
The global and regional manufacturers of electric vehicles are innovating with new technologies and are expanding their services across the world. For instance:
The electric vehicles have minimal use of gears. The overall number of gears used is significantly less due to fewer transmission systems, lesser use of differentials, and almost near elimination of gearboxes.
Some of the major manufacturers in the automotive gear market include American Axle & Manufacturing Holdings Inc., AmTech International, Bharat Gears Ltd, GKN PLC, Robert Bosch GmbH, Gleason Plastic Gears, Showa Corporation, and Universal Auto Gears LLP, among others.