Automotive Gear Market Consumption Sales by Type, Product Specifications, Market Research Methodology, Market Forecast to 2023
Global 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.
Pune, India – March 22, 2019 /MarketersMedia/ —
The global automotive gear market is forecasted to grow at a CAGR of 6.4% by 2023 as gears have established themselves as a significant component in automotive systems. Raining demands of automotive gears has led by sudden growth in the automotive industry. Some of the latest trends that the market is witnessing hence include, increasing the desire for a smoother riding experience, improved fuel efficiency and durability for sure.
In an explicit version, an automotive gear helps an automotive in giving a smooth start and allows the outer wheel to replace faster than the inner wheels for safer turns. Such smooth gear shifting hence enhances the driving experience with fewer fuel emissions at the same time.
The Market Research Future analyzes reports over the market estimates and forecasts on all the segments on global as well as regional level presented in the research scope.
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Top Factors Impacting Growth of Automotive Gear Market
New demands such as auto-transmission systems and smoother gear shift ration systems are expected to propel the automotive gear market towards a higher CAGR BY 2023. Since the past years, there have been many changes seen in the automotive industry, such as increased production of automobiles, increased the expenditure of households owning the vehicle along with raising the demand of customer comfort for smoother ride experience. These are some of the major factors driving the automotive market with positive pull.
Automotive gears are of various types, such as spur gear, bevel gear, planetary gear, helical gear, rack and pinion, and many others. With all these types, the market has captured a strong position as the market is poised by the safety concerns of a driver. This has led the growing entry of youngsters with interest in riding sports car and racing cars have fueled the market of the automotive market at a rapid pace.
Going forward, witnessing an increasing demand of automobile due to the rising rate of nuclear families, changing lifestyle, and accelerating rate of fuel-efficient cars in the market is also expected to drive the demand for different gears over the forecast period.
With the rise of the electronic vehicle market predicted by the year 2020, The automotive gear market is anticipated to be impacted negatively owing to not covering components, such as the transmission system or the differential system or the engine itself.
Automotive Gear Market Segmentation
The global automotive gear market research report provides market segmentation by material, product line, vehicle and, regions.
By material type, the market includes segments such as metallic and plastic.
By product type, the market includes segments such as planetary, bevel, helical, non-metallic and more. Of these, the planetary gears, used in automobiles are expected to account for the largest market during the forecast period, attributed to the aggregate demand for low-carbon-footprint technologies. The planetary gear systems enable a vehicle’s engine to run at an optimum level and reducing engine losses that may result in preventing friction and lubrication.
By vehicle type, the market segment includes passenger vehicle and commercial vehicle.
Regional Analysis
In the reports of MRFR, the market for automotive gear has covered the regions of Asia-Pacific, which is leading owing to the growth in the automotive sector. With the development of automotive manufacturing industries in China and India are equally driving the market for automotive gears. Also, economic growth in these countries and ongoing industrialization is helping in the production of motor vehicles, which is substantially making the market for automotive gear to rise at a higher CAGR in the years to come.
Key Players:
The major players operating in the market of global automotive gear are listed as Eaton, Linamar Corporation, NSK Ltd, Bharat Gears Ltd, Neapco Inc, Mitsubishi Group, Dana Holding Corporation, Robert Bosch GmbH, ZF TRW, and GKN plc.
Industry News
March 2018: The latest Maruti automobile, Suzuki Swift was expected to be equipped with a 6-speed transmission system.
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