How Has the Automotive Gears Market Evolved Historically and What is its Current Size
The automotive gears market has seen considerable growth due to a variety of factors.
• In recent years, the size of the automotive gears market has experienced significant growth. The projection shows the growth from $40.39 billion in 2024 to a substantial $43.56 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%.
The increase during the historic period can be associated with factors like the industrial revolution and the machinery demand, automotive industry's evolution, advancements in gear design and materials, the influence of world wars on the automotive sector and the emergence of mass production techniques.
What Are The Predictions for The Automotive Gears Market Size In The Coming Years?
The automotive gears market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of automotive gears is anticipated to undergo substantial growth in the coming years, reaching a projected worth of $58.67 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%.
The estimations for this growth during the forecast period are linked to factors such as changes in regulations and emission standards, the application of cutting-edge manufacturing methods, international economic expansion, vehicle production, the shift towards electric mobility, sustainable transmissions, and the use of lightweight, high-strength materials. Dominant trends for this period are the increasing demand for compact, efficient gears, the shift towards electrification, advancements in gearbox technology, a commitment to fuel efficiency and emission reductions, and the inclusion of innovative materials.
Which Factors Are Boosting Growth In The Automotive Gears Market?
The expansion of the automotive gears market is projected to be spurred by the escalation in vehicle production. As car manufacturing increases, so does the demand for automobile gears, as they boost product longevity and fuel efficiency in vehicles. For example, it is anticipated by IBEF (India Brand Equity Foundation), an export promotion agency of the Indian government, that by 2026, the Indian automotive industry (including parts production) will be valued somewhere between $251.4 billion and $282.8 billion. After bouncing back from the COVID-19 pandemic's impact, the Indian automotive industry is slated for a significant upturn in 2021-22. For instance, a report from SMMT Driving the Motor Industry, a British automotive body, stated that in January 2024, the production of battery electric (BEV), plug-in hybrid (PHEV), and hybrid (HEV) vehicles in the UK increased to 346,451 units, an increase of 48.0% from the previous year, representing nearly two fifths (38.3%) of total output. Consequently, the growth of the automobile gears market is propelled by the rise in vehicle production.
What Are The Core Segments Of The Globa Automotive Gears Market?
The automotive gears market covered in this report is segmented –
1) By Material Type: Non- Metallic Gears, Metallic Gears
2) By Vehicle: Passenger Car, Commercial Vehicles
3) By Product: Parallel Shaft Gears, Spur Gear, Helical Gear, Rack And Pinion Gear, Intersecting Shaft Gear, Bevel Gear, Skew Shaft Gear, Hypoid Gear, Worm Gear, Planetary Gears
4) By Application: Transmission System, Steering System, Differential System, Other System
Subsegments:
1) By Non-Metallic Gears: Plastic Gears, Composite Gears, Phenolic Gears, Rubber Gears
2) By Metallic Gears: Steel Gears, Aluminum Gears, Brass Gears, Cast Iron Gears, Stainless Steel Gears
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Which Emerging Trends Are Reshaping The Automotive Gears Market Size?
With the ongoing growth in the automotive gears sector, fresh trends are appearing to keep pace with technological progress in the market. For instance, Stellantis N.V., a company from the Netherlands that is involved in the design, engineering, manufacture and distribution of vehicles under 14 brands, initiated the production of electrified dual-clutch transmissions (eDCTs) in April 2024. These eDCTs aim to realize a CO2 emission reduction of up to 20% compared to traditional automatic transmission combustion engines. By incorporating a 21 kW electric motor, the eDCT allows vehicles to function in electric mode during low-speed drives, thereby not only lowering fuel usage but also emissions. When it comes to braking and deceleration, the system collects kinetic energy and stores it in a lightweight battery, which can be reused for acceleration, thus optimizing energy efficiency.
Who Are the Key Players in the Automotive Gears Market?
Major companies operating in the automotive gears market include:
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Eaton Corporation plc
• Dynamatic Technologies Limited
• Dana Holding Corporation
• NSK Ltd.
• Linamar Corporation
• American Axle & Manufacturing Holdings Inc.
• Universal Auto Gears LLP
• Altra Industrial Motion Corporation
• Gleason Corporation
• Univance Corporation
• Neapco Inc.
• Franz Morat Group
• Bharat Gears Limited
• IMS Gear SE & Co. KGaA
• RSB Transmissions Ltd.
• Framo Morat GmbH & Co. KG
• Precipart Group Inc.
• Cone Drive Operations Inc.
• Taiwan United Gear Co. Ltd.
• Atlanta Gear Works Inc.
• Tracey Gear & Precision Shaft Inc.
• Showa Corporation
• B.D. Industries (India) Pvt. Ltd.
• GKN plc
What are the Regional Insights into the Automotive Gears Market?
Asia-Pacific was the largest region in the automotive gears market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive gears market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
