July 21, 2024
Automotive Transmission Gears Market
Ict

Enhancing Vehicle Efficiency and Improving Driving Experience is Driving the Automotive Transmission Gears Market

The automotive transmission gears help vehicles shift smoothly between various gears to deliver optimum power and torque. Transmission gears assist in reducing engine RPM and increasing vehicle speed using gear ratios. The growing demand for enhanced fuel efficiency and improved driving experience is spurring the adoption of advanced automatic and manual transmissions fitted with technologically advanced gears. Automakers are focusing on developing efficient gear systems featuring lightweight materials, optimized designs, and reduced friction losses to augment vehicle performance.

The global Automotive Transmission Gears Market is estimated to be valued at US$ 28567 million in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The automotive transmission gears market is witnessing the growing trend of development of new lightweight and fuel-efficient transmission systems. Key players are investing in R&D to design gears using advanced lightweight materials like aluminum, magnesium, and composites to minimize the overall weight of vehicles. Furthermore, there is a rise in demand for efficient automatic transmissions owing to advantages like enhanced convenience, fuel savings, and improved acceleration. This has prompted manufacturers to develop advanced automatic transmissions with more gears and innovative technologies for smooth gear shifts. Adoption of cutting-edge manufacturing technologies like additive manufacturing is also gaining popularity as they help speed up production and deliver complex gear designs with reduced weight. Ongoing innovations in transmission technology focusing on performance, efficiency, and sustainability will continue shaping the market over the forecast period.

Porter’s Analysis:

  • Threat of new entrants: Low-moderate. High capital requirements and technical expertise pose barriers to entry for new players.
  • Bargaining power of buyers: Moderate. Large auto manufacturers hold bargaining power due to their buying volumes.
  • Bargaining power of suppliers: Low-Moderate. Suppliers have technical know-how and switching costs are significant.
  • Threat of new substitutes: Low. Transmission gears have few alternatives for automotive drivetrains.
  • Competitive rivalry: High. Market dominated by few players. Focus on innovation, quality and capacity additions.

Key Takeaways:

The Global Automotive Transmission Gears Market Size is expected to witness high growth. The global Automotive Transmission Gears Market is estimated to be valued at US$ 28567 million in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030.

North America region currently dominates the market. In Asia Pacific region, China and India are the fastest growing markets for automotive transmission gears. North America holds the largest share currently led by the US and Canada. Presence of major auto manufacturers and high vehicle ownership favors growth. Asia Pacific is expected to witness fastest gains led by increasing automobile production in China and India coupled with growing demand for premium cars.

Key players: Key players operating in the automotive transmission gears market are American Axle & Manufacturing Holdings Inc., AmTech International, Bharat Gears Ltd, Dynamatic Technologies Limited, Franz Morat Holding GmbH & Co. KG, Gleason Corporation, IMS Gear SE & Co. KGaA, Robert Bosch GmbH, RSB Group, Showa Corporation, UAG LLP, and ZF Friedrichshafen AG. They focus on expanding capacities and investing in new plants to cater to rising demand.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2.  We have leveraged AI tools to mine information and compile it