Automotive Gears Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Automotive Gears Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LONDON, GREATER LONDON, UK, November 16, 2023 /EINPresswire.com/ — The global automotive gears market is experiencing robust growth, with the market size projected to increase from $34.71 billion in 2022 to $37.08 billion in 2023, representing a compound annual growth rate (CAGR) of 6.8%. Despite challenges posed by the Russia-Ukraine conflict and the ongoing ramifications of the COVID-19 pandemic, the market is anticipated to reach a substantial $47.9 billion by 2027, driven by factors such as increasing vehicle production and innovative developments in the automotive industry.
Increasing Vehicle Production Drives Market Growth
One of the primary drivers of the automotive gears market’s growth is the increasing vehicle production worldwide. As the automotive industry continues to expand, the demand for automotive gears rises significantly. These gears play a critical role in enhancing product durability and vehicle fuel efficiency. For example, the Indian automobile sector, including component production, is projected to be valued between $251.4 and $282.8 billion by 2026. The recovery from the COVID-19 pandemic has also accelerated the growth of the Indian auto sector, further boosting the demand for automotive gears.
Explore the global automotive gears market with a detailed sample report:
https://www.thebusinessresearchcompany.com/sample_request?id=6093&type=smp
Key Players and Market Trends
Key players in the automotive gears market include GKN plc, Showa Corporation, ZF TRW, Bharat Gears Limited, IMS Gear, and many more. These companies are continuously innovating to meet the industry’s growing demands. For instance, Swiss gear technology company Humbel introduced high-precision gear technology innovations in 2021, with a focus on flexible, fast, and reliable services for components like internal (ring gears), which are crucial in applications such as e-axels and e-gears in electric vehicles.
In a significant move in February 2022, the US-based private equity company MidOcean Partners acquired Cloyes, a North American designer, developer, manufacturer, and distributor of timing drive systems and engine components. This acquisition reinforces MidOcean’s presence in the auto aftermarket space and expands its portfolio of best-in-class auto aftermarket products and services.
Market Segments:
• Material Type: Non-Metallic Gears, Metallic Gears
• Vehicle: Passenger Car, Commercial Vehicles
• 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
• Application: Transmission System, Steering System, Differential System, Other System
Geographical Insights: Asia-Pacific Leading the Market
In 2022, Asia-Pacific emerged as the largest region in the automotive gears market, and it is expected to maintain its position as the fastest-growing region in the forecast period. The market analysis report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Access the complete report for an in-depth analysis of the global automotive gears market:
https://www.thebusinessresearchcompany.com/report/automotive-gears-global-market-report\
Automotive Gears Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Gears Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive gears market size, automotive gears market drivers and automotive gears market trends, automotive gears market major players, automotive gears market competitors’ revenues, market positioning, and market growth across geographies. The automotive gears market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
Browse Through More Similar Reports By The Business Research Company:
Speed Changer, Industrial High-Speed Drive, And Gear Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/speed-changer-industrial-high-speed-drive-and-gear-manufacturing-global-market-report
Automotive Repair And Maintenance Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-repair-and-maintenance-global-market-report
Automotive Light Emitting Diode Bulbs Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-light-emitting-diode-bulbs-global-market-report
About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
Check out our:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
[email protected]
Visit us on social media:
Facebook
Twitter
LinkedIn
Floating Hotels Market Size, Share, Growth Drivers, Global Report 2023-2032
