World Market Outlook for the Automotive Gears Market to 2025: Growing Demand for Electric Vehicles Hindering the Growth of the Automotive Gears Market
DUBLIN, Sept. 24, 2020 /PRNewswire/ -- The "Automotive Gears Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global automotive gears market is anticipated to register a CAGR of over 5.5%, during the forecast period (2020-2025).
Gears have established themselves as a major component in automotive systems. The gears market growth is directly related to the vehicles sales.
In the automotive market, a shift toward more expensive, energy-efficient units, such as seven and eight-speed automatic transmissions, may contribute to value gains. Additionally, sales of gears used in several relatively small but fast-growing applications, such as wind and solar power, are expected to increase significantly.
However, there are various factors which are restraining the growth of the gear market, such as growing demand electric vehicles, due to rising emission regulations. The electric vehicles have minimal use of gears. The overall number of gears used is significantly less, due to fewer transmission systems, lesser use of differentials, and near elimination of gear boxes.
Asia-Pacific is likely to lead the automotive gears market, as the region is a major vehicle producer, followed by Europe and North America, respectively. Nevertheless, the vehicle production around the world is declining due to the economic crisis, recent US-China trade conflicts, and on-going COVID-19 pandemic. The automotive gears market is expected to witness a decline throughout 2020, and a reduction in Y-o-Y growth rate in 2021.
Key Market Trends
Growing Demand of Electric Vehicle Hindering the Growth of the Automotive Gears Market
The electric vehicle market is rapidly growing across the world. The electric vehicle sales in Europe has significantly increased by 47% in the first quarter of 2018, in comparison to the first quarter of 2017. By 2040, nearly 54% of the new car sales and 33% of the global car fleet are likely to be electric. To meet the electric vehicle sales target, the European government has already started various projects for building charging infrastructure across the region.
The global and regional manufacturers of electric vehicles are innovating with new technologies and are expanding their services across the world. For instance:
- China's BYD has built up a large production network in Europe that has largely gone unnoticed in the passenger car market. Some of the primary reasons for this are the firm's new plant in Hungary, its planned plant in France, and its joint venture operations in the United Kingdom, all of which are manufacturing electric buses.
- Daimler has teamed up with the Chinese government for promoting e-mobility in China. Electric mobility is one of the major pillars of Daimler's future mobility strategy. The company is bringing this strategy forward globally, especially in China, the world's largest NEV market.
The electric vehicles have minimal use of gears. The overall number of gears used is significantly less due to fewer transmission systems, lesser use of differentials, and almost near elimination of gear boxes.
Asia-Pacific is Dominating the Automotive Gears Market
- Asia-Pacific dominated the automotive gears market, with China being a key contributor to the growth of the market studied. Asia-Pacific is the leading market for automotive gear. With the increasing vehicle production in countries, such as India and China, as well as the manufacturers' focus on increasing production capacity, the demand for automotive gear is anticipated to grow significantly in the future. The low penetration of automobiles and infrastructure development in emerging nations have increased the demand for personal transportation and commercial vehicles.
- Additionally, increasing need for fuel-efficient vehicles and lightweight automotive parts are the two factors driving the growth of the market. Europe and North America are mature markets for the automotive gear, with the former holding the second-largest market share, followed by Asia-Pacific.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- American Axle & Manufacturing Holdings Inc.
- AmTech International
- Bharat Gears Ltd
- Cone Drive
- Dynamatic Technologies Limited
- Franz Morat Group
- GKN PLC
- Gleason Plastic Gears
- IMS Gear SE & Co. KGaA
- Robert Bosch GmbH
- RSB Global
- Showa Corporation
- Taiwan United Gear Co. Ltd
- Universal Auto Gears LLP
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/1gnrmr
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