Automotive Transmission Gears Market Is Estimated To Witness High Growth Owing To Increasing Vehicle Production

 

Automotive Transmission Gears Market

Automotive transmission gears are components that transfer power from the engine to the wheels or axle. They control the speed and torque output of the engine by altering the rotation and torque directly to the wheels or axle. Automotive transmission gears are an integral part of transmissions used in passenger and commercial vehicles to achieve different gear ratios. The increasing production of passenger vehicles such as cars and SUVs as well as commercial vehicles including trucks and buses globally is propelling the demand for automotive transmission gears.

 

The global automotive transmission gears market is estimated to be valued at US$ 28567 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics

Increased production of passenger and commercial vehicles: The increasing disposable income of consumers coupled with rising demand for personal mobility solutions have augmented the global production of passenger vehicles over the past few years. According to International Organization of Motor Vehicle Manufacturers (OICA), global passenger car production increased from around 72.1 million units in 2015 to around 80.3 million units in 2020. Likewise, the demand for commercial vehicles is also growing owing to rapid expansion of logistics, transportation, and construction industries worldwide. The rising vehicle production directly contributes to the increased demand for automotive transmission gears during the forecast period.

 

Advancements in transmissions: Technological advancements are being made in automotive transmissions to improve fuel efficiency, performance, and drivability of vehicles. More gears are being added to automatic transmissions and dual-clutch transmissions (DCT) are gaining popularity over conventional automatic transmissions. The growing adoption of such advanced transmissions requires precise gears for optimal functionality, thus propelling the automotive transmission gears market.

 

SWOT Analysis

Strength: The automotive transmission gears market has experienced steady growth over the past few years due to rising vehicle production globally. Manufacturers have also focused on developing lightweight and durable gears through advanced material engineering which has improved fuel efficiency. Innovation in gear design has allowed for reduced noise and smoother gear shifts.

Weakness: Frequent changes in transmission technology between manual, automatic, CVT, and dual-clutch poses a challenge for gear manufacturers to adjust their production lines quickly. Raw material costs especially of metals have risen sharply impacting profit margins.

Opportunity: Developing markets in Asia and Latin America are expected to boost demand for vehicles which will drive the need for transmission gears. More electric vehicles are being adopted which use different type of transmission systems compared to conventional vehicles providing new opportunities. Manufacturers can focus on niche customized gears for specific models to gain competitive edge.

Threats: Stagnant vehicle sales in major regions can impact overall gear demand. Shift towards electric powertrains poses a long term threat as electric vehicles require smaller and simpler transmission systems. Trade restrictions and supply chain disruptions from geopolitical issues can disrupt gear supply.

 

Key Takeaways

 

The Global Automotive Transmission Gears Market Size is expected to witness high growth over the forecast period supported by increasing vehicle production globally.

Regional analysis: The Asia Pacific region accounts for over 50% share of the global automotive transmission gears market led by China, Japan, and India. China is the largest producer and consumer of vehicles worldwide supported by its huge domestic market and exports. The country is also a major manufacturing hub for global automakers catering to both domestic and international demand. India has witnessed over 7% vehicle sales CAGR over last few years and industry analysts predict this momentum to continue through 2030 benefitting local gear suppliers. Japan has a well-established automotive industry with major domestic players like Toyota and Honda supplying vehicles globally and domestically which translates to strong demand for gears from local vendors.

 

Key players: Key players operating in the automotive transmission gears market are Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage Cell Therapeutics, Inc., and Transgene SA, Cellectis, ImmunityBio, Inc. These players have adopted strategies like new product launches, facility expansion, and mergers and acquisitions to strengthen their market position.  


Get More Insights Here

https://www.newswirestats.com/automotive-transmission-gears-market-size-share-growth-outlook-2023/

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