Global Automotive Gears Market Size, Share, Growth Analysis, By Material(Metallic gears and non-metallic gears), By Application(Passenger cars, light commercial vehicles (LCVs)) - 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 primary drivers propelling the worldwide automotive gears market are the rising demand for fuel-efficient automobiles and the growing global adoption of electric and hybrid vehicles. The car sector's transition to lighter materials in an effort to increase fuel economy has also raised demand for high-quality, light-weight gears. Furthermore, the market is anticipated to develop due to the increasing trend of automation and Industry 4.0, as businesses are implementing cutting-edge technologies to increase productivity and cut expenses. The market does, however, also face a number of difficulties, including the growing popularity of direct drive systems, which do away with the need for gears, and the high cost of manufacturing high-quality gears.

Since EVs need specific gears to transfer power from the motor to the wheels, the market is anticipated to grow as demand for EVs grows. The need for premium, long-lasting, lightweight gears will grow along with the popularity of electric vehicles. The industry is anticipated to grow at a faster rate because to the trend toward connected and driverless vehicles, which need complex gear systems in order to operate. For autonomous cars to operate properly, gears are a vital part of the sensors and actuators used in advanced driver assistance systems (ADAS). The need for high-quality equipment will only increase as more cars adopt these cutting-edge technology.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Gears Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Gears Market Segmental Analysis

Global Automotive Gears Market is segmented on the basis of material, application, and region. By material, the market is segmented into metallic gears and non-metallic gears. By application, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Automotive Gears Market

There is a rising market for electric and hybrid cars due to the increased emphasis on lowering carbon emissions and enhancing fuel economy. Different kinds of gearing, like helical and planetary gears, which are engineered to maximize energy transfer and reduce power loss, are needed for these vehicles. Consequently, it is anticipated that in the upcoming years, there will be a major growth in the need for automobile gear.

Restraints in the Global Automotive Gears Market

The market for automobile gears is significantly hampered by the volatility and frequent fluctuations in the price of vital raw materials like steel and aluminum. It is challenging for manufacturers to maintain profitability and consistent pricing as a result of these price swings. Consequently, a major barrier to the expansion of the automotive gears industry is the fluctuating prices of raw materials.

Market Trends of the Global Automotive Gears Market

Transition to Lightweight and Compact Gears: In an effort to improve fuel economy and reduce emissions, the automobile sector is seeing a growing trend toward lightweight and compact parts. As a result, there's a growing demand for small, light gears that can operate just as well as their more traditional counterparts. This change has accelerated the development of new materials and manufacturing processes that can create durable, lightweight gears.

Growing Use of 3D Printing Technology: The automotive sector is using 3D printing technology more and more to create intricate parts, like gears, with extreme accuracy and precision. Reduced lead times, lower costs, and more design freedom are just a few advantages of this technology. Therefore, it is anticipated that 3D printing technology would have a big impact on the automotive gears industry going forward.