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Automotive Gears Market Size (2024 - 2029)

The automotive gears market is projected to experience growth over the forecast period, driven by increased vehicle production in both developed and developing countries. Despite the challenges posed by the COVID-19 pandemic, which temporarily hindered market expansion, the demand for enhanced driving experiences has spurred interest in automotive gears. However, the rise of electric vehicles, which require fewer gears due to simpler transmission systems, presents a challenge to market growth. The Asia-Pacific region is expected to dominate the market, supported by significant vehicle production and ongoing investments in research and development aimed at improving vehicle efficiency and reducing environmental impact.

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Market Size of Automotive Gears Industry

Automotive Gears Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 4.70 Billion
Market Size (2029) USD 5.33 Billion
CAGR (2024 - 2029) 4.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Automotive Gears Market Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Gear Market Analysis

The Automotive Gears Market size is estimated at USD 4.70 billion in 2024, and is expected to reach USD 5.33 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

The automotive gears market was valued at USD 4.67 billion in 2022 and is expected to reach USD 5.38 billion by 2027. The automotive gears market is anticipated to register a CAGR of over 5.5% during the forecast period (2023-2028).

The COVID-19 pandemic disrupted market growth. With lockdowns and travel restrictions, the demand for vehicles had declined. As a result, the growth of automotive parts in the automotive industry also fell in the past two years. This trend was seen in all segments related to the automotive industry.

Over the long term, vehicle production has increased yearly in developed and developing countries. This will lead to growth in the automotive gear market. In the automotive market, a shift toward a more enhanced driving experience in terms of smooth gear shifting & improved acceleration has been increased.

However, various factors are restraining the growth of the gear market, such as the growing demand for electric vehicles due to rising emission regulations. Electric vehicles use minimal gear. The overall number of gears 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 significant vehicle producer, followed by Europe and North America. The market growth across these regions will likely be supported by demand for passenger cars and light commercial vehicles and continuous investments by established gear manufacturers in research and development to achieve improved vehicle efficiency and reduced carbon footprint in the coming years.

Automotive Gear Industry Segmentation

An automotive gear is a rotating component with teeth that interlock with another toothed machine part or gear to transmit torque. The gears can change the power source's torque, speed, and direction.

The automotive gears market is segmented by position, material, application, and geography. The market is segmented by position, such as skewed shaft gears, intersecting shaft gears, and parallel shaft gears. The market is segmented by material: ferrous metals, non-ferrous metals, and other materials. The market is segmented by application into steering systems, transmission systems, and differential systems. The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The report offers market size and a forecast of value (USD) for each segment.

By Position
Skew Shaft Gears
Hypoid Gears
Worm Gears
Intersecting Shaft Gears
Straight Bevel Gears
Spiral Bevel Gears
Parallel Shaft Gears
Spur Gears
Rack and Pinion Gears
Herringbone Gears
Helical Gears
By Material
Ferrous Metals
Non-ferrous Metals
Other Materials (Composites and Plastics)
By Application
Steering Systems
Differential Systems
Transmission Systems
Manual
Automatic
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Mexico
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Automotive Gears Market Size Summary

The automotive gear market is poised for steady growth over the forecast period, driven by increasing vehicle production in both developed and developing regions. The market is experiencing a shift towards enhancing driving experiences, with a focus on smooth gear shifting and improved acceleration. However, the rise in electric vehicle adoption, prompted by stringent emission regulations, poses a challenge as electric vehicles typically require fewer gears and transmission systems. The Asia-Pacific region is expected to lead the market, with significant contributions from China, India, and other countries, supported by the demand for passenger cars and light commercial vehicles. Continuous investments in research and development by established gear manufacturers aim to improve vehicle efficiency and reduce carbon footprints, further bolstering market growth.

The market landscape is characterized by the presence of major manufacturers such as American Axle & Manufacturing Holdings Inc., AmTech International, and GKN PLC, among others. Innovations and strategic partnerships are shaping the market dynamics, with companies like ZF and Dana Incorporated expanding their technology portfolios and manufacturing capabilities. The development of advanced transmission systems and the integration of electric propulsion systems highlight the industry's focus on enhancing performance and sustainability. Additionally, the growing demand for lightweight and durable materials, such as aluminum and composite gears, is expected to drive market expansion. These trends, coupled with ongoing developments in the Asia-Pacific region, are anticipated to enhance the automotive gear market's growth trajectory in the coming years.

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Automotive Gears Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD billion)

    1. 2.1 By Position

      1. 2.1.1 Skew Shaft Gears

        1. 2.1.1.1 Hypoid Gears

        2. 2.1.1.2 Worm Gears

      2. 2.1.2 Intersecting Shaft Gears

        1. 2.1.2.1 Straight Bevel Gears

        2. 2.1.2.2 Spiral Bevel Gears

      3. 2.1.3 Parallel Shaft Gears

        1. 2.1.3.1 Spur Gears

        2. 2.1.3.2 Rack and Pinion Gears

        3. 2.1.3.3 Herringbone Gears

        4. 2.1.3.4 Helical Gears

    2. 2.2 By Material

      1. 2.2.1 Ferrous Metals

      2. 2.2.2 Non-ferrous Metals

      3. 2.2.3 Other Materials (Composites and Plastics)

    3. 2.3 By Application

      1. 2.3.1 Steering Systems

      2. 2.3.2 Differential Systems

      3. 2.3.3 Transmission Systems

        1. 2.3.3.1 Manual

        2. 2.3.3.2 Automatic

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 Japan

        3. 2.4.3.3 India

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Latin America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Mexico

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 United Arab Emirates

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle East and Africa

Automotive Gears Market Size FAQs

The Automotive Gears Market size is expected to reach USD 4.70 billion in 2024 and grow at a CAGR of 4.5% to reach USD 5.33 billion by 2029.

In 2024, the Automotive Gears Market size is expected to reach USD 4.70 billion.

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Automotive Gear Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)