The Global Automotive Transmission Gears Market Growth Accelerated By Shift Towards Automatic Transmissions
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Automotive Transmission Gears Market |
Automotive transmission gears are
mechanical parts that transfer the torque and rotational motion from the engine
to the wheels for propelling the vehicle. Automotive transmission gears are
essential components used in manual, automatic, and continuous variable
transmissions. They help in changing the gear ratio and provide smooth
transmission of power to the wheels. The global automotive transmission gear
market is growing due to the increasing vehicle production across the world.
The global automotive
transmission gears market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Dynamics:
Increasing vehicle production is
one of the key drivers of the automotive transmission gears market. According
to international organization of motor vehicle manufacturers (OICA), global
vehicle production rose from around 78.6 million units in 2016 to around 87.2
million units in 2019 at a CAGR of around 2.8%. This growth in vehicle
production is fueling the demand for automotive transmission gears. In
addition, aging fleet and frequent replacement of old gears are also contributing
to the growth of this market.
The increasing electrification of
vehicle powertrains is expected to provide opportunities for integration of
transmission gears in electric vehicles over the forecast period. Electric
vehicles require fewer gears compared to conventional internal combustion
engine vehicles. However, integration of transmission gears in electric
vehicles is expected to drive innovations and new product development in the
automotive transmission gears market.
SWOT Analysis
Strength: The automotive
transmission gears market is witnessing strong demand from OEMs and aftermarket
players globally. Stable demand from the automotive industry and increasing
adoption of vehicles with automatic transmission are fueling market growth.
Manufacturers are focused on developing innovative gear manufacturing
technologies to improve gear performance and enhance fuel efficiency.
Weakness: Frequent technological
advancements in transmission systems requiring investments in R&D and new
manufacturing equipment increase operational costs for manufacturers.
Fluctuations in raw material prices also affect the profit margins of players.
Opportunity: Rising demand for
electric vehicles provides opportunities for transmission gear manufacturers to
develop efficient and durable gears suitable for electric powertrains. Growth
in commercial vehicle sales in emerging nations boosts demand. Adoption of
lightweight gears using advanced materials to improve fuel efficiency would
open new growth avenues.
Threats: Slowdown in the
automotive industry due to economic uncertainties poses risks to gear demand.
Stringent vehicle emission norms in several countries necessitate efficient
transmissions, raising product compliance costs. Trade wars and political
instability in key markets threaten supply chain and profitability.
Key Takeaways
The Global
Automotive Transmission Gears Market Share is expected to witness high
growth over the forecast period driven by rising vehicle production and sales
globally. The global automotive transmission gears market is estimated to be
valued at US$ 32909.19 Mn in 2023
and is expected to exhibit a CAGR of
6.6% over the forecast period 2024 to 2031.
The Asia Pacific region currently
dominates the market and is expected to maintain its leading position during
the forecast period owing to large automotive manufacturing bases in China,
India, and Japan. Growing demand for vehicles from expanding middle-class
populations and availability of low-cost labor are fueling regional market
growth.
Key players operating in the automotive transmission gears market are
Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage
Cell Therapeutics, Inc., Transgene SA, Cellectis, ImmunityBio, Inc., Sorrento
Therapeutics, bluebird bio, Inc., Arcellx, Sana Biotechnology, Inc., Biodesix,
Inc, and Laurus Labs. Technological advancements to develop advanced
lightweight gears using composite materials and niche application areas like EV
powertrains present new revenue opportunities for these companies. Partnerships
with OEMs help gain a foothold in lucrative regional markets and maintain
leadership. However, trade tensions and fluctuating raw material costs pose
challenges.
Get More Insights Here
https://masstamilan.tv/nasal-sprays-in-the-united-states-an-overview/
https://www.ukwebwire.com/automotive-transmission-gears-market-size-share-growth-outlook-2023/
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