ID: MRFR/AM/2077-HCR | February 2021 | Region: Global | 110 pages
Automotive gear market was valued at USD 28.40 Billion in 2015 and is projected to grow at a CAGR of 6.4% during the forecast period.
The high demand for automotive gears is due to the growth in the automotive industry. An automotive gear helps give an automobile, a smooth start to and allows the outer wheel to rotate faster than the inner wheel for safer turns. Smooth gear shifting enhances the driving experience as well as the growing demand for low-carbon-footprint technologies fuels the growth of the global automotive gears market. Moreover, rising disposable incomes and vehicle-ownership boosts the market growth. Lightweight and highly durable aluminum and composite gears are estimated to gain higher popularity during the forecast period. Focus towards high-quality products & the changing lifestyle of consumers and increasing spending power, enhance the growth of the gear market for automotive sector.
However, the high cost of advanced gear system than the conventional gear system acts as a barrier for the growth of automotive gear market.
Asia-Pacific market is dominating the market of automotive gear market due to growth in automotive sector. Development of automotive manufacturing industries in developing economies such as China and India are driving the market for automotive gears. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which helps in production of motor vehicles and other manufacturing output. North America is referred to as the second-largest automotive gears market due to factors such as large customer base and high disposable income of end-users have fueled the demand for vehicles in the country.
The major player operating in the market of global automotive gear are Eaton, Linamar Corporation, NSK Ltd, Bharat Gears Ltd, Neapco Inc, Mitsubishi Group, Dana Holding Corporation, Robert Bosch GmbH, ZF TRW and GKN plc.
|CAGR||6.4% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Product type, Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eaton, Linamar Corporation, NSK Ltd, Bharat Gears Ltd, Neapco Inc, Mitsubishi Group, Dana Holding Corporation, Robert Bosch GmbH, ZF TRW and GKN plc|
|Key Market Opportunities||Economic growth and ongoing industrialization, which helps in production of motor vehicles and other manufacturing output|
|Key Market Drivers||Growing demand for low-carbon-footprint technologies|
Frequently Asked Questions (FAQ) :
The surging demand to own vehicles is expected to create favorable market traction.
Robert Bosch GmbH and Mitsubishi Group and Dana Holding Corporation are motivating the global market.
A 6.4% CAGR is estimated to shape the market in the forecast period.
The market is expected to increase its revenues considerably in the coming period.
The region in the Asia Pacific is expected to maintain its lead in the global market in the forecast period.