New York, July 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Gears Global Market Report 2022" - https://www.reportlinker.com/p06290015/?utm_source=GNW
, Dupont, Eaton, NSK Ltd, Linamar Corporation, Mitsubishi Group, Dana Holding Corporation, Altra Industrial Motion Corporation, Neapco Inc, Cone Drive, Dynamatic Technologies Limited, Franz Morat Group, Taiwan United Gear Co. Ltd, Universal Auto Gears LLP, Gleason Plastic Gears, AmTech International and AAM.
The global automotive gears market is expected to grow from $32.44 billion in 2021 to $34.43 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The automotive gears market is expected to grow to $44.12 billion in 2026 at a CAGR of 6.4%.
The automotive gears market consists of sales of automotive gears products by entities (organizations, sole traders, and partnerships), that are used in various systems in automobiles. An automotive gear is a spinning device with teeth that transmits torque by meshing with another toothed machine part or gear because of its ability to modify torque, speed, and direction of the power source, gears are regarded as a key component in an automobile system.
The main vehicle types of automotive gears market are passenger cars and commercial vehicles.The commercial car uses automotive gears that are designed to transport more than 15 people.
A passenger car uses gears to transfer power from the crankshaft (the rotating axle that receives power from the engine) to the driveshaft, which then powers the wheels.These can be of various material types such as non-metallic gears and metallic gears.
The automotive gear market consists of various products which are parallel shaft gears, spur gears, helical gears, rack and pinion gear, intersecting shaft gear, bevel gears, skew shaft gear, hypoid gear, worm gear, planetary gears. These products are used in applications such as transmission systems, steering systems, differential systems, and other systems.
The Asia Pacific was the largest region in the automotive gears market in 2021.The Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in ththe automotive gears market is report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The automotive gears market research report is one of a series of new reports that provides automotive gears market statistics, including automotive gears industry global market size, regional shares, competitors with a automotive gears market share, detailed automotive gears market segments, market trends and opportunities, and any further data you may need to thrive in the automotive gears industry. This automotive gears 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.
Increasing vehicle production is expected to propel the growth of the automotive gears market.With the rise in vehicle production, the demand for automotive gears will increase as it provides enhanced product durability and vehicle fuel efficiency.
For instance, according to IBEF (India Brand Equity Foundation), an Indian Government export promotion agency, by 2026, the Indian automobile sector (including component production) is predicted to be worth between $251.4 and $282.8 billion. After recovering from the effects of the COVID-19 pandemic, the Indian auto sector is predicted to rise rapidly in 2021-22. Therefore, an increase in vehicle production drives the growth of automotive gears.
As the automotive gears market expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market. For instance, in 2021 Swiss gear technology company, Humbel’s high-precision gear technology one of the leading innovations in gearboxes and transmissions company has designed prototyping for individual special components like internal (ring gears) delivered in the form of flexible, fast, and reliable services that are used in things like e-axels and e-gears in the E-automotive vehicles.
In February 2022, US based private equity company, MidOcean Partners acquired Cloyes for an undisclosed amount.Through this acquisition, MidOcean accelerates its growth in the auto aftermarket space and brings Cloyes into the portfolio of best-in-class auto aftermarket products and services MidOcean has invested.
Cloyes is a North American designer, developer, manufacturer and distributor of timing drive systems and engine components for original equipment manufacturers and the automotive aftermarket.
The countries covered in the automotive gears market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Read the full report: https://www.reportlinker.com/p06290015/?utm_source=GNW
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