Market Synopsis
As per the study by Market Research Future Reports (MRFR), the global automotive gear market is estimated to expand at a CAGR of 6.4% during the assessment tenure. The growing automotive industry is the most significant factor driving the global automotive gear market 2020. The rising concern towards the environment has led to the expansion of the automotive gear market since it provides a low-carbon footprint. Furthermore, increasing disposable incomes has additionally propelled the market. Besides, the inclination towards providing superior quality products is projected to expand the market.
Moreover, the increasing expenses due to increment in disposable income and vehicle ownership has further propelled the market. The lightweight and highly resisting aluminum and composite gears are projected to expand exponentially during the forecast period. On the flip side, the expensive cost of an advanced gear system than the traditional gear system is the major cause of the expansion of the automotive gear market. Moreover, the outbreak of COVID-19 has further obstructed market expansion. We will provide an impact analysis report of COVID-19.
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Market Segmentation
The worldwide automotive gear market can be segregated on the grounds of material, vehicle type, product type, and region.
Based on material, the worldwide automotive gear market can be segregated into plastic and metallic.
Based on vehicle type, the worldwide automotive gear market can be classified into a commercial vehicle and passenger vehicle.
Based on product type, the worldwide automotive gear market can be classified into planetary, helical, bevel, non-metallic, and others.
Based on geography, the worldwide automotive gear market can be classified into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
Regional Analysis
The geographical evaluation of Asia-Pacific, Europe, North America, and the Rest of the World (RoW) has been conducted. As per the research, the Asia-Pacific market is estimated to dominate the worldwide automotive gear market during the forecast tenure. The presence of developing economies like India and China contributes significantly to market expansion. The market in the region is majorly driven by industrialization and economic growth, which plays an important role in augmenting the global automotive gear market. The second rank is obtained by the North American region. The region has a dense customer base, which is the most significant factor driving the regional market. Besides, the high disposable income of the users has additionally propelled the demand for vehicles in the region.
Moreover, the presence of established key players plays another crucial role in expanding the regional market. Also, the presence of the world’s most developed countries like the U.S. and Canada plays a considerable role in growing the regional market. Europe is projected to witness significant growth during the forecast period. The U.K. plays a significant role in expanding the regional market.
However, the market dynamics have changed due to the outbreak of COVID-19. Several regions have been experiencing nationwide lockdown, which has severely affected the revenue generation. The damage caused by the pandemic coronavirus may time some time to witness recovery.
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Key Players
the major competitors of the worldwide automotive gear are Linamar Corporation, Eaton, NSK Ltd, Neapco Inc, Bharat Gears Ltd, Mitsubishi Group, Robert Bosch GmbH, ZF TRW, Dana Holding Corporation, and GKN plc.
Industry News
June 2020
Ford unveils electrified powertrain to top-selling Fiesta; EcoBoost Hybrid 48-volt tech delivers 5 percent efficiency improvement for Fiesta drivers. The 48-volt mild-hybrid technology is introduced alongside including Adaptive Cruise Control with Stop & Go and Speed Sign Recognition, designed to deliver an efficient driving experience on the roads.
