Automotive Gear Industry Growth Overview:
Global automotive gear market is projected to grow at a CAGR of 6.4% during forecast period. The report discusses the crucial trends in the global automotive gear market in light of the novel COVID-19 pandemic. The report presents a complete overview of the different areas of the industry that are likely to be impacted by the pandemic.
Key Players
Notable players in the global automotive gear market are Eaton, Linamar Corporation, Robert Bosch GmbH, NSK Ltd, Bharat Gears Ltd, Dana Holding Corporation, Neapco Inc, Mitsubishi Group, ZF TRW, and GKN plc.
The gear is a part of a rotating machine fitted with cogs or cut teeth that can be meshed with an additional toothed part. Geared devices can change the torque, speed, and direction of the power source. Such systems create a mechanical advantage via the gear ratio by producing an alteration in the torque. Two or more meshing gears operating in a specific series are known as the gear transmission.
Instead of rotation, a gear can produce transmission by meshing with a rack or a linear toothed part. While regarding transmissions with multiple gear ratios in cars, motorcycles, and bicycles, the term “gear” means a gear ratio (in contrast to an actual physical gear) and related devices, mainly when the gear ratio is constant or when a device does not contain gears, for example in a continuously variable transmission.
Market Dynamics
The rising demand for the automotive gear is due to the rise of the automotive industry. Automotive gear helps give an automobile a smooth start and enables the outer wheel to rotate faster than the inner wheel for safer turns. Smooth gear shifting improves the driving experience, as well as the increasing demand for low-carbon-footprint technologies drive the growth of the global automotive gear industry.
In addition, increasing disposable income and vehicle ownership fuel automotive gear market growth. It is expected that lightweight and highly durable aluminium and composite gears will become more common during the forecast period. Emphasis on high-quality products and changing consumer lifestyles, and increasing spending power, promote the growth of the automotive gear industry.
However, the high cost of the advanced gear system compared to the conventional gear system is an obstacle to the growth of the automotive gear market.
Market Segmentation
The global automotive gear market has been segmented into material, product type, and vehicle type. Based on material, the global automotive gear market has been segmented into metallic and plastic. Based on product type, the global automotive gear market has been segmented into planetary, bevel, helical, non-metallic, and others. Based on vehicle type, the global automotive gear market has been segmented into passenger vehicles and commercial vehicles.
Regional Analysis
Regionally, the global automotive gear market has been segmented into North America, Asia Pacific, Europe, and the Middle East and Africa.
The Asia Pacific market is dominating the automotive gear market due to growth in the automotive sector. The development of automotive manufacturing industries in emerging economies like China and India is driving the automotive gear market. The market in developing countries is primarily driven by economic growth and continuous industrialization, which contributes to the production of motor vehicles and other manufacturing outputs. North America is the second-largest automotive gear market trend due to factors like the large customer base, and the high disposable income of end-users, which fueled the demand for vehicles in the region.
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