Industrial Gearbox Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 29.17 Billion |
| Market Size (2029) | USD 35.72 Billion |
| CAGR (2024 - 2029) | 4.13 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Gearbox Market Analysis
The Industrial Gearbox Market size is estimated at USD 29.17 billion in 2024, and is expected to reach USD 35.72 billion by 2029, at a CAGR of 4.13% during the forecast period (2024-2029).
- Over the medium term, factors such as the growing adoption of industrial automation across various industrial sectors, like manufacturing, steel, and food and beverages, are expected to drive the market during the forecast period.
- On the other hand, the slowdown in economic and industrial activities is expected to negatively impact the industrial gearbox market negatively, thus restraining market growth.
- Nevertheless, soaring demand for energy-efficient gearboxes is expected to create immense opportunities for the global industrial gearbox market in the coming years.
- Asia-Pacific is expected to dominate the industrial gearbox market during the forecast period. Owing to the rapid economic growth and industrial activities in the region.
Industrial Gearbox Market Trends
Helical Gearbox Type Segment to Dominate the Market
- In a helical gearbox, the teeth on a helical gear are cut at an angle to the face of the gear. When two teeth start to engage, the contact gradually begins at one end of the tooth and maintains contact as the gear rotates in full engagement. It offers the capacity to conduct a smooth operation and high thrust outputs. It is the most used gear in automobile transmissions, generating large amounts of thrust.
- Defining features of helical gearboxes include extremely high output torques, silent operation, and long service life. Helical Gearboxes are the most efficient gearboxes manufactured in the industry and work at 98% efficiency, after Planetary Gearboxes. Due to their high efficiency and high thrust generating capabilities, helical gearboxes are utilized in major industries, like fertilizer, automobiles, steel, rolling mills, power and port industries, and manufacturing sectors, such as textile, plastics, and food.
- Helical Gearbox is used in automobile transmissions in medium and heavy-duty industrial applications, as it can handle high speeds and loads. Modular design and construction offer many engineering and performance benefits, including a high degree of interchangeability of parts and sub-assemblies. This, in turn, provides considerable economies of production while maintaining the highest standard of component integrity.
- As global vehicle production surges, the demand for helical gearboxes is on the rise. Renowned for their smooth operation and capability to manage high torque with minimal energy loss, helical gearboxes are becoming indispensable in today's automotive landscape.
- Further increasing automobile production is driving the demand for helical gears. In 2023, global motor vehicle production reached 94 million units, marking a roughly 10% uptick from the prior year, as reported by the International Organization of Motor Vehicle Manufacturers (OICA). Leading the charge in production were China, Japan, and Germany, dominating both car and commercial vehicle outputs.
- Investments in the auto sector are set to boost the demand for helical gearboxes, particularly for their noise-reducing benefits. In March 2024, the Indian auto sector plans to inject up to USD 7 billion by FY28. This move aims to localize advanced components, like electric motors and gearboxes, thereby curbing imports. The Automotive Component Manufacturers Association (ACMA) indicates that this investment will be spread between FY24 and FY28.
- In April 2024, BMW Group, the German automotive giant, revealed plans to pump an extra USD 3.12 billion into its Shenyang production base, located in Northeast China's Liaoning Province. The China Association of Automobile Manufacturers highlighted a robust start for China's vehicle market in Q1 2024, with production and sales surpassing 6.6 million units.
- Therefore, based on the above factors, the helical gearbox type segment is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region accounted for a significant share of the industrial gearbox market, owing to the increasing demand for gearboxes in various applications like the manufacturing sector, power industry, etc. Countries such as India, China, Japan, Korea, and Australia, are the key contributing nations in the region.
- China's industrial production saw a 5.3% uptick in October 2024. Month-over-month, the growth stood at 0.41%. China’s robust industrialization and infrastructure projects, including the Belt and Road Initiative, drive demand for construction equipment requiring industrial gearboxes.
- According to the China National Bureau of Statistics, the industrial sector contributed approximately 31.7% to China’s GDP in 2023, making it the largest contributor, followed by the retail and wholesale industries. The growth and development of the industrial sector are key drivers of the industrial gearbox market in China. As industrialization continues to advance, the need for reliable and efficient power transmission systems will further propel the adoption of industrial gearboxes in the country.
- The automobile and steel industries are other major potential markets for industrial gearboxes in India. The automotive sector in India is expanding owing to the current investment plans made by some of the market leaders in the industry.
- For instance, one of the passenger vehicle market leaders – Maruti Suzuki India, has announced plans to add an estimated 1 million units from its new factory in Kharkhoda, Haryana, by 2028. Of these, the first 250,000 units will be commissioned by 2025. Additionally, to cater to increased demand for its PV range, the company has also decided to increase capacity at the Manesar plant by 100,000 units in 2024.
- In January 2024, VinFast announced plans to invest up to USD 2 billion in establishing an electric vehicle factory in India, which ranks as the world's third-largest auto market by sales. Located in Tamil Nadu, a southern state of India, this factory marks VinFast's inaugural venture into the Indian market. Such expansion in the Indian automobile industry is expected to offer vast opportunities for industrial gearboxes in the future.
- The steel industry in India is another potential user of industrial gearboxes in the country, and the growth of the market studied is also dependent on the development of this end-user sector. In the January-November 2023 period, India emerged as the world's 2nd largest crude steel producer, churning out 128.15 million tonnes - a notable year-on-year growth of 12.1%. This output represented a 7.5% share of global crude steel production.
- Therefore, based on the above-mentioned factors, Asia-Pacific is expected to dominate the industrial gearbox market during the forecast period.
Industrial Gearbox Industry Overview
The industrial gearbox market is semi-consolidated. Some of the major players in market (not in particular order) include Bonfiglioli riduttori spa, Sumitomo Drive Technologies, Flender International GmbH, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., ZF Friedrichshafen AG, among others.
Industrial Gearbox Market Leaders
-
Bonfiglioli riduttori spa
-
Sumitomo Drive Technologies
-
Flender International GmbH
-
Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd
-
ZF Friedrichshafen AG
*Disclaimer: Major Players sorted in no particular order
Industrial Gearbox Market News
- October 2024: Bonfiglioli Transmissions Pvt Ltd, the Indian subsidiary of the global power transmission giant Bonfiglioli Group, unveiled significant expansion plans in India. The company inaugurated its Technology and Innovation Hub in Chennai and laid the foundation stone for a new Industry and Automation facility in Cheyyar, Tamil Nadu.
- by 2025: the new 25-acre facility aims to cater to the surging domestic demand for heavy-duty industrial gearboxes, complementing Bonfiglioli's earlier investments in Pune, which focused on boosting production for light and medium-duty gearboxes.
- August 2024: FAVI, a French production partner, showcased the Saga motor gearbox, highlighting its capabilities. The company offers extensive services, including R&D, co-design, industrialization, parts production, and complete set assembly for third parties.
Industrial Gearbox Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Growing Adoption of Industrial Automation across Various Industrial Sectors
4.5.1.2 Rising Sales for Automobiles across the World
4.5.2 Restraints
4.5.2.1 Slow Down in Economic and Industrial Activities
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Worm Gearbox
5.1.2 Helical Gearbox
5.1.3 Bevel Helical Gearbox
5.1.4 Planetary Gearbox
5.1.5 Other Types
5.2 End User
5.2.1 Automotive
5.2.2 Energy
5.2.3 Manufacturing
5.2.4 Mining
5.2.5 Water Treatment
5.2.6 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 United Kingdom
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Indonesia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 Qatar
5.3.5.4 Iran
5.3.5.5 Egypt
5.3.5.6 South Africa
5.3.5.7 Nigeria
5.3.5.8 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Bonfiglioli riduttori spa
6.3.2 Liebherr-International Deutschland GmbH
6.3.3 Electric Motors and Gearboxes Ltd
6.3.4 Getriebebau NORD GmbH & Co. KG
6.3.5 Sumitomo Drive Technologies
6.3.6 Konic Gearbox Company
6.3.7 DB Santasalo S.à r.l
6.3.8 TANDLER Zahnrad- und Getriebefabrik GmbH & Co. KG
6.3.9 ZF Friedrichshafen AG
6.3.10 Flender International GmbH
6.3.11 Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd
6.3.12 Zollern GmbH & Co. KG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Soaring Demand for Energy Efficient Gearboxes
Industrial Gearbox Industry Segmentation
Industrial gearboxes are mechanical devices that are necessary components of machinery benefited by various industries. An enclosed housing containing a series of shafts and gears transfers power between devices within a system. Gearboxes increase torque, lower the rotation speed of the prime mover output shaft, and convert mechanical energy to usable form.
The industrial gearbox market is segmented by type, end user, and geography. By type, it is segmented into worm gearbox, helical gearbox, bevel helical gearbox, planetary gearbox, and others. By end user, it is segmented into automotive, energy, manufacturing, mining, water treatment, and other end users. The report also covers the market size and forecasts for the industrial gearbox market across major regions. The market size and forecasts have been done for each segment based on revenue (USD).
| Type | |
| Worm Gearbox | |
| Helical Gearbox | |
| Bevel Helical Gearbox | |
| Planetary Gearbox | |
| Other Types |
| End User | |
| Automotive | |
| Energy | |
| Manufacturing | |
| Mining | |
| Water Treatment | |
| Other End Users |
| Geography | ||||||||||
| ||||||||||
| ||||||||||
| ||||||||||
| ||||||||||
|
Industrial Gearbox Market Research Faqs
How big is the Industrial Gearbox Market?
The Industrial Gearbox Market size is expected to reach USD 29.17 billion in 2024 and grow at a CAGR of 4.13% to reach USD 35.72 billion by 2029.
What is the current Industrial Gearbox Market size?
In 2024, the Industrial Gearbox Market size is expected to reach USD 29.17 billion.
Who are the key players in Industrial Gearbox Market?
Bonfiglioli riduttori spa, Sumitomo Drive Technologies, Flender International GmbH, Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd and ZF Friedrichshafen AG are the major companies operating in the Industrial Gearbox Market.
Which is the fastest growing region in Industrial Gearbox Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Gearbox Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Gearbox Market.
What years does this Industrial Gearbox Market cover, and what was the market size in 2023?
In 2023, the Industrial Gearbox Market size was estimated at USD 27.97 billion. The report covers the Industrial Gearbox Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Gearbox Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Gearbox Industry Report
The industrial gearbox market is experiencing significant growth, driven by the increasing automation in key sectors such as automotive, food processing, and agriculture machinery. The market is segmented by type, design, and end-user industries, with notable segments including planetary, helical, bevel, and spur gearboxes. Planetary gearboxes are extensively used in applications like wind turbines and various manufacturing industries due to their operational efficiency.
The design segment is dominated by parallel and angular axis gearboxes, with parallel designs being prevalent for their simplicity and efficiency. Geographically, the Asia Pacific region leads due to its robust manufacturing base and significant investments in wind power and automation. North America is also seeing rapid growth from advancements in manufacturing technology and the presence of key market players.
The market growth is further supported by the rising demand for energy efficiency and the expansion of power generation and renewable energy sectors. The market size is expected to expand significantly, reflecting the increasing demand for more efficient and robust gearbox systems.
For detailed statistics on market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include market forecasts, historical overviews, and free report PDF downloads. The industry analysis and industry outlook indicate a positive trend, supported by comprehensive industry research and market data. The market review and market segmentation provide a clear understanding of the market value and market predictions for the future.
Industrial Gearbox Market Report Snapshots
