An automotive gear is a rotating part containing teeth, which forms a mesh with another toothed machine part or gear and transmits torque. The gears can change torque, speed and direction of the power source and are considered to be a critical component in an automotive system for its locomotion. The automotive gears market has evolved from manual gear shift prototypes to automatic gear transmission systems in current set of vehicles. Automatic transmission has gained traction in automotive gears market at present owing to improved product durability and fuel efficiency of the vehicle. Technologically advanced gear system helps in smooth functioning of engine and avoid engine losses that may result from friction and lubrication. This reduces the emission level of vehicle.
The demand of automotive gear system derived from original equipment manufacturers (OEM) as well as aftermarket of which the aftermarket is considered to be the prominent contributor for the growth of automotive gears market.
Automotive Gears Market: Market Dynamics
The growth in passenger as well as production of vehicles has resulted in demand increase of the automotive gears. The automotive gears market is primarily driven by the increasing demand for improved acceleration and low carbon footprint in the automotive vehicles. The limited product shelf life in conventional gear systems also can be attributed to the growth of automotive gears market.
The lightweight and highly durable aluminum and composite gears are estimated to gain popularity with their market registering a significant growth during the forecast period. Parallel shaft gears and skew shaft gears together are expected to account for a large market share in the overall automotive gears market over the forecast period.
Increasing demand for the automatic transmission in vehicles is one of the growing trends witnessed in the automotive industry, which in turn has increased the demand of automotive gears market.
Obsolescence is one of the major restraints for the auto gear manufacturers which affects the auto gear production with the change in technology the parts replacing the existing prototype
Automotive Gears Market: Regional Outlook
The burgeoning production volume for passenger and LCV in the Asia Pacific region is expected to be an attractive market for the global automotive gears market.
North America is expected to be another prominent market during the forecast period owing to the large customer base for vehicles in this region particularly in commercial vehicles thus facilitating the growth of the automotive gears market. The growing North American automotive market thus represents several opportunities for manufacturers of automotive gears and other automotive parts.
Europe followed by North America is estimated to account for a considerable share of the global automotive gears market during the forecast period with France, U.K., Italy, and Germany being the prominent countries.
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Automotive Gears Market: Market Participants
Examples of some of the key market participants identified in the global automotive gear market include Showa Corporation, Bharat Gears Limited, IMS Gear, RSB Transmissions Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, E. I. du Pont de Nemours and Company, GKN plc, Univance Corporation, and American Axle & Manufacturing Holdings, Inc., among others.