Automotive Gears Market By Application (Transmission, Differential, Steering System) , By Type (Spur, Helical, Rack and Pinion, Worm, Others) By Material (Metallic, Non-Metallic) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Automotive Gears Market
The automotive gears market was valued at $5.1 billion in 2023 and is projected to reach $8.0 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
Automotive gear is a metallic device present in the gear box of vehicles to facilitate the transmission of power from engine to wheels. The different functions performed by a gear include changing the speed & direction of rotation and increasing or reducing the torque. In a gear box, different sizes of gears are present in diverse arrangements.
Rapid expansion of the automotive industry is a major driver of the automotive gears market. Both internal combustion engine vehicles and electric vehicles require efficient gear systems, hence rising the need for automotive gears. In addition, automotive gears are witnessing a surge in demand from the aftermarket industry for replacement in old vehicles, thereby augmenting the growth of the market. Shift toward sustainable materials and minimization of wastes is an emerging trend anticipated to dominate the market in the future. Manufacturers now prefer recyclable and bio-based polymers to manufacture gears and contribute toward circular economy. Furthermore, in-house cutting-edge waste management systems are aiding the manufacturers to minimize their waste production.
However, the overall high costs of the R&D and production of advanced gears, particularly for hybrid & electric vehicles, hamper the growth of the automotive gears market. Furthermore, the market has witnessed a notable surge in the number of gear manufacturers, resulting in intense competition and high pricing pressures, reducing the profitability for players. The pricing pressure limits the development of the market. Contrarily, the consistently increasing sales of the automotive industry is anticipated to present growth opportunities for the automotive gears market. As per the statistics of Worldmetrics.org—a data aggregation platform—58 million units of autonomous vehicles are projected to be sold by by 2030. In addition, the platform predicts electric vehicles to hold 47% of share from the pool of new automotive sales. These rising figures are expected to present new avenues for the automotive gears market.
Segment ReviewThe automotive gears market is segmented into application, type, material, and region. On the basis of application, the market is divided into transmission, differential, and steering system. Depending on type, it is classified into spur, helical, rack & pinion, worm, and others. As per material, it is bifurcated into metallic and non-metallic. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsOn the basis of application, the differential segment is expected to be the highest shareholder throughout the forecast period.
Depending on type, the spur segment is projected to account for a high market share during the forecast period.
As per material, the non-metallic segment is predicted to acquire a high stake in the market by 2033.
Region wise, Asia-Pacific is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe leading players operating in the global automotive gears market include BorgWarner Inc., Gleason Corporation, Klingelnberg GmbH, David Brown Santasalo, SEW-EURODRIVE, HÖFLER Maschinenbau GmbH, Bonfiglioli Group, Sumitomo Drive Technologies, RENK AG, and Nord Drivesystems. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ApplicationTransmission
Differential
Steering System
By TypeSpur
Helical
Rack and Pinion
Worm
Others
By MaterialMetallic
Non-Metallic
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
Israel
Africa
Rest of Middle East and Africa
Key Market Players
BorgWarner Inc.
Gleason Corporation
Klingelnberg GmbH
David Brown Santasalo
SEW-EURODRIVE
HÖFLER Maschinenbau GmbH
Bonfiglioli Group
Sumitomo Drive Technologies
RENK AG
Nord Drivesystems