An automotive gear not only helps an automobile to start smoothly, but it also allows the outer wheel to rotate faster than the inner wheel for safer turns. Market Research Future (MRFR) has published a research report about the global automotive gear market that estimates boost for this market at 6.4% CAGR (Compound Annual Growth Rate) during the forecast period between 2016 and 2023.
Observing the market structure, this report evaluates the future growth potential of the market. It inspects the strategies of the key players in the market and reflects the competitive developments like joint ventures, mergers & acquisitions, new product developments, research and developments (R&D) in the market.
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The key factor driving the global automotive gear market growth is the growing demand for low-carbon-footprint technologies. Other factors contributing to the market growth include the changing lifestyle of consumers, focus on high-quality products, rising disposable income in developing countries, and growing vehicle-ownerships in developing countries. However, the cost of an advanced gear system being higher than the conventional gear system can hamper the market growth.
The global automotive gear market has been segmented on the basis of material, product type, vehicle type, and lastly, region. The material-based segmentation segments this market into metallic and plastic. By product type, the market has been segmented into bevel products, helical products, planetary products, non-metallic products, and others. Based on vehicle type, the market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle is used by an individual for traveling and commuting.
The regional segmentation of the global automotive gear market can segment the market into the regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific market is expected to grow due to the growth in the automotive sector. Other factors leading to market growth include economic growth, ongoing industrialization, and lastly, increasing production of motor vehicles & other manufacturing output. Maximum growth is expected in China and India. Japan is another significant country-specific market in this region, followed by the remaining Asia Pacific countries.
North America is referred to as the second largest regional market due to the high disposable income of end users, established automotive industry, large customer base, and the presence of many key market players in this region. Pivotal country-specific markets in this region are the USA and Canada.
Europe is an important regional market is growing due to the high density of population, and the presence of many key market players. The crucial country-specific markets in this region are France, Germany, Spain, and the UK, followed by the remaining countries of Europe.
The key players in the global automotive gear market include Bharat Gears Ltd (India), Dana Holding Corporation (USA), Eaton (Ireland), GKN PLC (UK), Linamar Corporation (Canada), Mitsubishi Group (Japan), Neapco Inc (USA), Nippon Seikō Kabushiki-gaisha (NSK Ltd.) (Japan), Robert Bosch GmbH (Germany), and ZF TRW (Germany).
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