Automotive Gears Market analysis covers growth opportunities across regions and segments
The Business Research Company’s Automotive Gear research report expands on key drivers, trends, and opportunities for market growth.
LONDON, June 9, 2022 /PRNewswire/ — The automotive gear market includes sales of automotive gear products by entities (organizations, independent traders, and partnerships), which are used in various automotive systems. An automotive gear is a rotating device with teeth that transmits torque by meshing with another part or toothed gear in the machine due to its ability to change the torque, speed and direction of the power source ; gears are considered a key component in an automotive system.
Global Automotive Gears Market Size is Expected to Grow from $32.44 billion in 2021 for $34.43 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The Global Automotive Gear Market Size is Expected to Reach $44.12 billion in 2026 at a CAGR of 6.4%.
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Automotive Gears Market Regional Outlook
Asia Pacific was the largest region in the automotive gear market in 2021. Asia Pacific is expected to be the fastest growing region in the global automotive gear market over the forecast period. Regions covered in the global Automotive Gearbox market report are Asia Pacific, Western Europe, Eastern Europe, North America, South Americathe Middle Eastand Africa.
Automotive Gears Market Segmentation
Global Automotive Gears Market is segmented by Material Type into Non-Metal Gears, Metal Gears, by Vehicle into Passenger Car, Commercial Vehicles, by Product into Parallel Shaft Gears, Spur Gears, Helical Gears, Rack and Pinion Gears, cross shaft gears, bevel gear, skew shaft gear, hypoid gear, worm gear, planetary gears, and by application in transmission system, steering system, differential system, etc.
Key Trends and Strategies in the Automotive Gear Industry
As the automotive gear market grows, new developing trends in the industry emerge to keep up with the technological advancements surrounding the market. For example, the technology company Swiss Gear in 2021, Humbel’s high-precision gear technology, one of the main innovations in gearboxes and transmissions, designed the prototyping of individual special components such as sprockets internal gears, delivered in the form of flexible, fast and reliable services that are used in things like e-axles and e-gears in E-automotive vehicles.
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SOURCE The Trade Research Society