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(Publishing-NewsWire.com, May 15, 2019 ) According to the market research report Automotive Gears Market by Application (Transmission, Differential, Steering System, Other), Product Type (Planetary, Bevel, Rack & Pinion, Hypoid, Worm, Helical, Non-Metallic), Material (Metallic, Non-Metallic), & by Vehicle Type - Global Forecasts to 2020. The market has been classified by product type as follows: planetary gears, bevel gears, rack and pinion gears, hypoid gears, worm gears, helical gears, spur gears, and non-metallic gears.
The global automotive gears market is projected to grow at a CAGR of 6.1% from 2015 to 2020. The market is estimated to be USD 28.47 billion in 2015 and is projected to reach 38.27 billion by 2020.
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Planetary gears are estimated to dominate the global automotive gears market, in terms of value, in 2015. Planetary gear systems are used in various automotive applications, including transmission and differential systems. The growth of planetary gears can also be attributed to the growing demand for low-carbon-footprint technologies, as these gear systems enable the vehicle’s engine to run at an optimum level, thereby reducing engine losses that may result from friction and lubrication. The planetary gears segment of the global automotive gears market, in terms of value, is projected to grow at the highest CAGR during the forecast period.
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Asia-Pacific accounted for the largest share of the global automotive gears market in 2015. The region generates high demand for vehicles with advanced features. OEMs are subsequently increasing production capacity and expanding technical centers to meet the demand for these vehicles. The automotive industry in Asia-Pacific has witnessed a year-on-year increase in sales. The region is the leading producer of automobiles in the world.
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North America is estimated to constitute the second-largest automotive gears market, by value, in 2015. The region is dominated by domestic OEMs such as Ford Motors Co. (U.S.), General Motors Co. (U.S.), and Fiat-Chrysler Automotive (U.S.). The U.S. alone has 32 manufacturing facilities dedicated to vehicle production. The large customer base and high disposable income of end-users have fueled the demand for vehicles in the country, which has resulted in increased manufacturing activities by local automotive OEMs. The growing North American automotive market represents several opportunities for manufacturers of automotive gears and other automotive parts.
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Automotive Gears Market Key Players
The report analyzes all major players in the automotive gears market, including Robert Bosch GmbH (Germany), GKN plc (U.K.), Showa Corporation (Japan), Bharat Gears (India), and ZF TRW (U.S.), along with numerous local players.
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