PUBLISHER: The Business Research Company | PRODUCT CODE: 1455176
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455176
Automotive spur gears represent a category of mechanical gears widely employed in vehicles, including cars and trucks, for the purpose of transmitting power and motion between rotating shafts. Distinguished by their cylindrical shape and straight teeth aligned parallel to the gear's axis, these gears play a crucial role in the mechanical systems of vehicles.
The primary product classifications of automotive spur gears encompass external spur gears and internal spur gears. An external spur gear is a mechanical gear featuring a cylindrical disk with teeth positioned along its outer circumference. The materials used in the manufacturing of these gears include steel, nylon, aluminum, bronze, phenolic, cast iron, bakelite, and various plastics. These materials cater to diverse vehicle types, spanning from passenger vehicles to commercial vehicles. The distribution of these gears takes place through various sales channels, including OEM (original equipment manufacturer) and aftermarket.
The automotive spur gear market research report is one of a series of new reports from The Business Research Company that provides automotive spur gear market statistics, including automotive spur gear industry global market size, regional shares, competitors with an automotive spur gear market share, detailed automotive spur gear market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive spur gear industry. This automotive spur gear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive spur gear market size has grown strongly in recent years. It will grow from $29.51 billion in 2023 to $31.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be ascribed to factors such as vehicle production volumes, fuel efficiency standards, trends in automotive design, advancements in materials, and prevailing global economic conditions.
The automotive spur gear market size is expected to see strong growth in the next few years. It will grow to $39.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the adoption of electric vehicles, initiatives aimed at emission reduction, the resilience of supply chains, the rising demand for vehicle customization, and increased research and development investments. Key trends expected in the forecast period include the integration of advanced manufacturing technologies, a focus on noise reduction technologies, the introduction of high-strength and high-performance gears, the adoption of advanced surface coatings, an emphasis on energy-efficient gear design, and the development of gear solutions tailored for electric and hybrid vehicles.
The anticipated surge in electric vehicle (EV) sales is poised to drive the growth of the automotive spur gear market in the foreseeable future. Electric vehicles, powered by electricity from rechargeable batteries or onboard hydrogen fuel cells, rely on automotive spur gears to optimize power transmission, enhance efficiency, and ensure precise control of speed and torque. The International Energy Agency reported a significant increase in EV sales, reaching 6.6 million in 2021, nearly double the figure from 2020, contributing to a total of 16.5 million electric vehicles on the road. Hence, the rising demand for electric vehicles is a key factor propelling the automotive spur gear market.
A growing emphasis on fuel efficiency is expected to be a driving force behind the expansion of the automotive spur gear market. Fuel efficiency, a crucial metric for vehicle performance, is enhanced by automotive spur gears through the reduction of energy losses and promotion of efficient power transmission. Preliminary estimates from the US-based Environmental Protection Agency (EPA) in August 2023 indicated a fuel efficiency of 26.4 mpg for new 2022 models. This increasing demand for fuel efficiency serves as a catalyst for the growth of the automotive spur gear market.
The accessibility of alternative gearing systems poses a significant challenge to the automotive spur gear market during the forecast period. While spur gears have their applications, they face competition from other gear types such as bevel gears, which are better suited for specific purposes such as transmitting force or shaft power between crossing shafts at different angles. In August 2023, Dana Incorporated, a US-based manufacturer of gearboxes, launched Brevini EvoMax helical and bevel-helical gearboxes designed for maritime and offshore applications, showcasing the versatility of alternative gearing systems. This accessibility of alternative systems acts as a restraint on the growth of the automotive spur gear market.
Major players in the automotive spur gear market are focusing on innovation by developing automatic gear shift variants to meet customer demands. The automatic gear system, exemplified by Suzuki Motor Corporation's New S-Presso AGS launched in May 2023, allows manual gearboxes to perform automated gear changes without the need for driver intervention. This enhances convenience, performance, and efficiency, complementing the vehicle's design and elegance. Suzuki's AGS variant features a new 1.0L K10C engine and an engine auto stop-start system (EASS) for fuel efficiency, providing a pleasurable ride while saving money.
In January 2022, Schaeffler Group, a Germany-based precision components and systems manufacturer, acquired Melior Motion GmbH for an undisclosed amount. This acquisition aims to expand Schaeffler Group's industrial business in precision gears and gearboxes, offering clients in various industries a broader selection of planetary gear and high-precision gearboxes. Melior Motion GmbH, a Germany-based technology company specializing in high-precision gearboxes, including automotive spur gears, aligns with Schaeffler's goals for growth and innovation in the sector.
Major companies operating in the automotive spur gear market report are Siemens AG, ZF Friedrichshafen AG, Eaton Corporation PLC, Sumitomo Heavy Industries Ltd., NSK Limited, Bosch Rexroth AG, Linamar Corporation, American Axle & Manufacturing Inc., The Timken Company, MISUMI Corporation, GKN Sinter Metals Engineering GmbH, Tsubakimoto Chain Co., Univance Corporation, Renold PLC, BMT International SA, Bharat Gears Limited, Neugart GmbH, Showa Corporation, Boston Gear Inc., Wittenstein Group, ABA PGT Inc., Cleveland Gear Company, Precision Gears Inc., DESCH Antriebstechnik GmbH & Co. KG, KHK Gears Co Ltd., B&R Motion Gears, Samgong Gear Co. Ltd., DB Gears, Mahindra Gears & Transmissions Pvt Ltd., Oerlikon Graziano SpA
Asia-Pacific was the largest region in the automotive spur gear market in 2023. The regions covered in the automotive spur gear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive spur gear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive spur gear market consists of sales of straight-cut spur gears, starter motor gears, and carbon steel gears. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Spur Gear Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive spur gear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive spur gear ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive spur gear market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.