Surging popularity of electric vehicles is anticipated to prompt automotive manufacturers to invest in advanced gear solutions to ensure smooth functioning of the vehicle.
ROCKVILLE, MD / ACCESSWIRE / January 21, 2021 / The global gear market is forecast to make significant gains, registering an annual growth rate of nearly 6% by 2021-end. Notwithstanding the recessionary impact ushered in by the pandemic crisis, growth projections appear largely optimistic over the next decade, according to a report published by award winning market research company Fact.MR.
The market has made unprecedented strides in the past, attributed to a flourishing automotive sector. Amongst all regions, China has remained a highly promising market for automotives, with projections indicating total production reaching 27 billion units by 2017. Hence, Fact.MR projects gear sales to reach US$ 54 Bn by 2021. Furthermore, opportunities abound across the electric vehicles segment as the world transitions towards more environmentally sustainable transportation alternatives.
Manufacturers have introduced a slew of innovations and technological breakthroughs, leading to a significant revolution in gear technology in recent years. For instance, in 2010, Sandvik Coromant invented the InvoMilling manufacturing technique while Liebherr Gear Technology has introduced a new hobbing machine for work upto 180 mm. Such innovations have taken the gear market by storm and are expected to provide further traction in the future.
'In spite of the COVID-19 pandemic blip, gear manufacturers are optimistic about a positive expansion path, as manufacturing activities gradually rebound, generating new revenue ecosystems,' says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Gear Market Study
- Bevel gears to generate maximum revenue share, comprising over 16% of the market share by 2021-end
- Automotive manufacturers to remain primary end-users, experiencing annual growth exceeding 6% by the end of the current year
- Metallic gears emerged as the highest selling gear type, registering US$ 174 Bn sales in 2020
- U.S to account for more than three-quarters of the North American gear market
- U.K likely to account for nearly 6% Y-o-Y growth through 2021, attributed to increasing bike ownership
- Germany and France to record robust growth, growing annually at approximately 7% each
- Japan, China and South Korean markets soar amid rising electric vehicles adoption
Gear Market- Prominent Drivers
- The global gear market is surging on the back of a robust automotive and associated industries
- Market is being rapidly interspersed with significant technological breakthroughs, including artificial intelligence and automation in industrial manufacturing
Gear Market- Key Restraints
- Constant streamlining and maintenance compel manufacturing units to incur additional costs, leading to limited uptake in upcoming years
Discover more about the global gear market with 108 figures and 146 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/332/gear-demand-market
Prominent players profiled by Fact.MR include Valeo SA, ZF Freidrichshafen AG, Toyota Motor Corporation, American Axle & Manufacturing Company, Fiat Chrysler Automobiles Ltd., Hyundai Motor Company, Magna International Inc., Siemens AG, Sumitomo Heavy Industries Ltd., General Motors Company, XINAPSE Systems Limited, Aisin Seiki Co Ltd., Eaton Corporation Plc., Robert Bosch GmbH and Dana Holding Corporation among others.
In December 2020, Valeo SA reoriented its series of 48V motors to be mounted across electric bikes. The Valeo Smart e-Bike System is the world's first solution to integrate both an electric motor and an adaptive automatic transmission in the pedal assembly. The technology helps gears change automatically with the system's algorithms instantly adapting to the amount of electrical assistance required by the cyclist.
In January 2021, American Axle Manufacturing (AAM) inked a technology development agreement with Inovance Automotive Ltd. for the development of next-generation electric drive technology. The companies will focus on advancing 3-in-1 electric drive systems, leveraging the partners' complimentary expertise in electric-propulsion technology.
More Insights on Fact.MR's Gear Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global gear market. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of product type (worm gear, bevel gear, spur gear, helical gear, screw gear, internal gear, face gear, zerol gear, hypoid gear and other gears), end-user (automotive, process industry, energy, A&D, electrical appliances, construction and mining) and material type (metallic and non-metallic) across six key regions.
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