Automotive Gears Market by Application (Transmission, Differential, Steering System, and Other), Product Type (Planetary, Bevel, Rack & Pinion, Hypoid, Worm, Helical, and Non-Metallic), and Material (Metallic, and Non-Metallic): Global Opportunity Analysis and Industry Forecast, 2021-2030
Gears are part of a rotating machine, equipped with cutting teeth. Geared devices are capable of changing the torque, speed, and direction of the power source. These systems create a mechanical advantage through the gear ratio by producing an alteration in torque. Two or more meshing gears functioning in a particular sequence are known as a gear transmission. Gears are a significant component in automotive systems. The gears market growth is directly related to vehicle sales. In the automotive market, shifting to more expensive and energy-efficient devices, such as seven-speed and eight-speed automatic transmissions, are also reason for expansion of the market. However, due to the continuous improvement of emission regulations, various factors are inhibiting the growth of the gear market, such as the increasing demand for electric vehicles. The electric vehicles have not much use of gears. Since there are fewer transmission systems, fewer differentials, and almost no gearboxes, the total number of gears used is significantly reduced. In addition, the increasing demand for fuel-efficient vehicles and lightweight auto parts are two factors driving market growth. Moreover, development of the automotive sector in developing countries such as India and Brazil is likely to create opportunities for the automotive gear market in the future. However, due to advancements in technology, vehicles with fully automatic transmission are being developed, which is likely to hinder the market to some extent.
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COVID-19 Impact analysis –
COVID-19 pandemic has shut-down the production of various products in the global automotive gear industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the global automotive gear market significantly. COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout 2021. The major demand for equipment and machinery was previously noticed from giant manufacturing countries including U.S., Germany, Italy, UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery. Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans. Automotive gears manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working.
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Key benefits of the report:
This study presents the analytical depiction of the automotive gear market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive gear market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the automotive gear market growth scenario.
The report provides a detailed automotive gear market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the automotive gear market research report:
Which are the leading market players active in the automotive gear market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the automotive gear market?
What are the projections for the future that would help in taking further strategic steps?
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