The global automotive gears market is projected to witness considerable growth during the forecast period, primarily on account of the growing automotive industry. The growth of the automotive industry is a direct result of the increased production volume of passenger cars and commercial vehicles in recent years. In addition, increasing installation of mechanized and automated parts in automobiles, advancements in technology, and demand for improved driving experience in terms of smooth gear shift and enhanced acceleration are driving the growth of the automotive gears industry.
The automotive gears market has been categorized into spur, helical, rack and pinion, and worm gear types. The market demand for spur gears is anticipated to grow at a significant rate in the coming years, as spur gears are easy to manufacture and can be used for a range of applications in the automotive industry.
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Automotive gears find major application in transmission, steering, and differential systems. Owing to the high usage of gears in the differential systems of vehicles, the automotive gears market is expected to witness considerable growth in this category in the coming years.
Automotive gears can be manufactured from a wide range of materials—metallic and non-metallic—including steel, aluminum, brass, cast iron, carbon steel, plastic, and magnetic alloys. Non-metallic (primarily plastic) gears produce less noise, but have lower strength and loading capability as compared to the metallic ones. The material selection for manufacturing any automotive gear is based on factors such as reliability, precision, load capacity, and durability. During the forecast period, the automotive gears market is expected to witness notable growth in the category of non-metallic gears owing to the high precision offered by non-metals, which are easy to machine.
During the forecast period, Asia-Pacific (APAC) is expected to be the largest market for automotive gears, with China and India being the major markets in the region. The automotive gears market in the APAC region is mainly driven by the rising demand for personal transportation vehicles and the improving standard of living.
The automotive industry is growing at a significant rate and is a major growth driver for the automotive gears market. The demand for passenger cars and light commercial vehicles is on the rise, much of which can be attributed to the rise in per capita income and standard of living in fast-growing economies such as China and India. These economies are also the major markets for the automotive industry because of their rapid urbanization and growing consumer base.
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Automotive Gears Market Competitive Landscape
Some of the key players in the global automotive gears market are GKN PLC, Robert Bosch GmbH, SHOWA Corporation, DowDuPont, ZF TRW Automotive Holdings Corporation, IMS Gear SE & Co. KGaA, Univance Corporation, RSB Group, Bharat Gears Ltd., and American Axle and Manufacturing Inc.
