by Automotive transmission gears are metal components that transfer rotational power from an engine to wheels or axles. They control the rotational speed and torque delivered by the engine enabling smooth transmission of power. Growing automobile production especially in emerging economies is fueling the demand for transmission gears.
The global Automotive Transmission Gears Market is estimated to be valued at US$ 28567 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in automobile production is primarily propelling the automotive transmission gears market. The production of passenger and commercial vehicles is increasing at a rapid pace globally. According to International Organization of Motor Vehicle Manufacturers, the global automobile production grew from around 73 million units in 2010 to over 95 million units in 2020. Growing disposable income and changing lifestyles are augmenting the demand for vehicles. This is positively impacting the production of vehicles and corresponding demand for transmission gears which are a core component used in vehicles. Advancements in technology are also supporting the increased demand as modern vehicles require precise and efficient transmission systems.
SWOT Analysis
Strength: The automotive transmission gears market is driven by rising demand for fuel efficient and high-performance vehicles. Growing automotive production globally further boosts market growth.
Weakness: Require high initial investment for manufacturing plant setup and gear production machinery. Frequent technological changes increase development costs.
Opportunity: Emerging trends like electrification of vehicles and development of self-driving cars will create new opportunities. Growing demand for EVs and hybrid vehicles favor transmission gear adoption.
Threats: Fluctuating raw material prices and supply uncertainties pose major threats. Stiff competition from existing and new market players increases pricing pressures.
Key Takeaways
The Global Automotive Transmission Gears Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position throughout the forecast period. Growing vehicle production in China, India, and Southeast Asian economies drives massive gear demand. North America and Europe are other major regional markets boosted by presence of leading automakers and suppliers.
Key players: 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. The market is consolidated in nature with top players accounting for majority share. Players focus on new product development and partnerships for business expansion.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
