The Automotive Gears Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Gears Global Market Report 2024, The automotive gears market size has grown strongly in recent years. It will grow from $37.68 billion in 2023 to $40.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to industrial revolution and machinery demand, automotive industry evolution, innovation in gear design and materials, impact of world wars on automotive industry, rise of mass production techniques.
The automotive gears market size is expected to see strong growth in the next few years. It will grow to $53.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to regulatory shifts and emissions standards, adoption of advanced manufacturing techniques, global economic growth and vehicle production, electric mobility and sustainable transmissions, adoption of lightweight and high-strength materials. Major trends in the forecast period include demand for compact and efficient gears, transition to electrification, advancements in gearbox technology, focus on fuel efficiency and emissions, incorporation of advanced materials.
Increasing vehicle production is expected to propel the growth of the automotive gears market. With the rise in vehicle production, the demand for automotive gears will increase as it provides enhanced product durability and vehicle fuel efficiency. For instance, according to IBEF (India Brand Equity Foundation), an Indian Government export promotion agency, by 2026, the Indian automobile sector (including component production) is predicted to be worth between $251.4 and $282.8 billion. After recovering from the effects of the COVID-19 pandemic, the Indian auto sector is predicted to rise rapidly in 2021-22. Therefore, an increase in vehicle production drives the growth of automotive gears market.
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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
Major companies operating in the automotive gear market are increasing their focus on introducing high-performance transmissions, such as the Jatco CVT-X, to gain a competitive edge in the market. The Jatco CVT-X is a continuously variable transmission system that is designed to improve fuel efficiency, provide smoother performance, and enhance driving dynamics in vehicles. For instance, in June 2021, JATCO Ltd., a Japan-based automobile company, launched the new Jatco CVT-X for medium- to large front-wheel-drive (FWD) vehicles. The CVT-X enhances fuel economy by 8% when compared to the Jatco CVT-8. It has excellent acceleration performance from rest due to the 8.2 ratio coverage, and by combining feed-forward and feedback control, JATCO has reduced both shift response time and shift shock, minimizing the time between accelerator input and vehicle response.
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