by The global Automotive Transmission Gears Market is estimated to be valued at US$ 24,356.1 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive transmission gears are an essential component of the transmission system in vehicles. They are responsible for transferring torque from the engine to the wheels, enabling smooth power delivery and efficient vehicle movement. These gears play a crucial role in achieving various transmission ratios and providing the desired speed and torque to the wheels. The increasing vehicle production worldwide is driving the demand for automotive transmission gears.
Market key trends:
One key trend in the automotive transmission gears market is the growing demand for automatic transmission systems. Automatic transmissions offer enhanced convenience and ease of driving, as they eliminate the need for manual gear shifting. They provide seamless gear transition and optimize engine performance, resulting in improved fuel efficiency and reduced emissions. With the increasing preference for automatic transmission systems among consumers, the demand for automotive transmission gears is expected to witness a significant boost in the coming years.
Furthermore, technological advancements in transmission gear designs and materials are also contributing to Automotive Transmission Gears Market. Manufacturers are focusing on developing lightweight gears with higher strength and durability to enhance overall vehicle performance. Integration of advanced technologies such as dual-clutch systems and continuously variable transmissions (CVTs) is further fueling the demand for advanced transmission gears.
PEST Analysis:
Political: The political factors impacting the automotive transmission gears market include government regulations and policies on emissions, safety standards, and trade. For instance, stricter regulations on emissions may drive the demand for advanced transmission gears that improve fuel efficiency.
Economic: The economic factors influencing the market involve factors such as GDP growth, disposable income, inflation rates, and currency exchange rates. As economies grow and disposable income increases, there is likely to be higher demand for automobiles, thus driving the automotive transmission gears market.
Social: Social factors refer to the cultural and demographic aspects affecting the market. Changing consumer preferences for more fuel-efficient vehicles and the rising demand for electric vehicles are important social factors driving the market. Additionally, an increasing urban population and rising middle-class population in emerging economies contribute to the growth of the automotive transmission gears market.
Technological: Technological factors play a crucial role in shaping the market. Advancements in transmission gear technology, such as the development of automatic transmission systems, continuously variable transmission (CVT), and dual-clutch transmission (DCT), have a significant impact on the market. Integration of electronic control systems and sensors in transmission gears enhances the overall performance and efficiency of vehicles.
Key Takeaways:
The global automotive transmission gears market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period from 2022 to 2030. The market is driven by several factors, including increasing government regulations on emissions and safety standards, along with the growing demand for fuel-efficient vehicles. Additionally, the rising urban population and middle-class population in emerging economies contribute to market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the automotive transmission gears market. The region is witnessing significant growth due to rising disposable income, rapid urbanization, and increasing automotive production. Countries like China, India, and Japan are the key contributors to the regional market growth.
Key players operating in the automotive transmission gears market include American Axle & Manufacturing Holdings Inc., AmTech International, Bharat Gears Ltd, Cone Drive, Dynamatic Technologies Limited, Franz Morat Holding GmbH & Co. KG, Gleason Corporation, IMS Gear SE & Co. KGaA, Robert Bosch GmbH, RSB Group, Showa Corporation, UAG LLP, and ZF Friedrichshafen AG. These key players contribute to the market through product development, strategic collaborations, and expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
