DUBLIN–(BUSINESS WIRE)–The “Gears, Drives and Speed Changers – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Gears, Drives and Speed Changers Market to Reach US$176.6 Billion by the Year 2026
Increasing automotive production due to recovering world economy from the pandemic and faster demand growth and manufacturing output in developing countries constitute the primary factors driving growth for the market for gear technology. Shift towards more energy-efficient units like the seven and eight speed automatic transmissions also drives market growth. Fast growing prominence of solar and wind energy also contribute to increased sales of gears globally.
Increase in demand for finished products also increases manufacturer investments on a range of production machinery, thus driving demand for machinery parts production of which also warrants gears, drives, and speed changers. Manufacturers are increasingly focusing on product innovations and enhancements that can meet technology challenges to deliver better performance, yet at a reasonable cost. Newer techniques such as traction drives, hydraulic systems and electric gears, have made a remarkable foray into the industry.
Amid the COVID-19 crisis, the global market for Gears, Drives and Speed Changers estimated at US$133.1 Billion in the year 2020, is projected to reach a revised size of US$176.6 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Automotive, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$136.6 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Industrial segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 16.8% share of the global Gears, Drives and Speed Changers market. Automotive market is the largest revenue contributor for the combined market of gears, drives and speed changers. Production of automobiles too will grow at a steady pace with excellent increases in developing markets offsetting significant declines in developed markets. Steady increase in automotive production as a result of increase in demand in these developing markets will fuel demand especially for OEM gears and gear drives.
The U.S. Market is Estimated at $26.2 Billion in 2021, While China is Forecast to Reach $36.1 Billion by 2026
The Gears, Drives and Speed Changers market in the U.S. is estimated at US$26.2 Billion in the year 2021. The country currently accounts for a 19.1% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$36.1 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$9.3 Billion by the end of the analysis period.
With many large companies from developed markets such as US and Europe increasingly setting up their manufacturing base in low cost destinations such as China and India and carrying out their production operations from there, or outsourcing their manufacturing operations to regional manufacturers in low cost destinations such as China and India, the sales contribution of Asia-Pacific in the global market has been on the rise. Export demand for low cost gears, drives and speed changers from Asian countries to developed market has also been on the rise thus driving growth in the regional market. Lower per capita vehicle ownership is another major factor driving automobile demand and production in these nations, thus fueling market prospects for these components.
Industrial Segment to Reach $30.1 Billion by 2026
A growing number of industries are adopting automation to circumvent the problem of growing labor costs and also for increasing production efficiencies and reducing costs of production. Labor costs have been rising steadily across the world owing to continuous economic growth. All these factors constitute the key driving forces behind growth for the industrial gearboxes market. In the global Industrial (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$17 Billion in the year 2020 will reach a projected size of US$23.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Billion by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period.
Select Competitors (Total 339 Featured)
- ABB Ltd.
- Bharat Gears Ltd.
- Bonfiglioli Riduttori S.p.A.
- BorgWarner, Inc.
- Bosch Rexroth AG
- Cone Drive
- Curtis Machine Company, Inc.
- Danfoss Group
- David Brown Santasalo
- Eaton Corporation plc
- Emerson Electric Co.
- FLSmidth MAAG Gear
- Horsburgh & Scott
- Hub City, Inc.
- Kanzaki Kokyukoki Manufacturing Co. Ltd.
- Marine Gears, Inc.
- Oerlikon Graziano
- Rexnord Corp.
- Schneider Electric
- SEW Eurodrive
- Siemens AG
- Sumitomo Drive Technologies
- Twin Disc, Inc.
- ZF Friedrichshafen AG
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- Progress on Vaccinations: Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish about an Economic Comeback Despite a Continuing Pandemic
- Industrial Activity Remains Subdued in 2020 with Strong Hopes of Long Term Recovery
- An Introductory Prelude
- Automotive Industry – A Bellwether of Market Prospects
- Developing Countries Continue to be Growth Engines
- Market Outlook
- Improving US Economy Augurs Well for the Market
- Cyclical Upturn Encourages Positive Manufacturing Outlook in Asia-Pacific
- Off-Shoring of Manufacturing Activity Boosts Demand in Developing Countries
- Competitive Scenario
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- An Outlook for Global Gear Technology Market
- Pandemic-Induced Changes in Manufacturing Industries Create New Demand Patterns for Gear Products
- Growth in Automobiles Production to Spur Market Demand
- How the Automotive Industry was Impacted by the Pandemic & What’s the New Normal?
- Gears – Vital Component of Automotive Systems
- Key Trends in Automotive Gearbox Market
- Growing Popularity of Steer-by-Wire Technology Drives Future Demand for Power Steering Gears
- Rising Average Vehicle Life Drive Demand for Aftermarket Gears and Drives
- Industrial Gearboxes Market – An Overview
- Asia-Pacific Leads the Industrial Gearboxes and Gear Motors Market
- Internal Drive Trains in Mountain Bikes and E-Bikes: Advantages and Disadvantages
- Aerospace Sector Augurs Well for Long Term Growth
- Pandemic Causes Panic in the Aerospace Sector
- Anticipated Surge in Air Traffic to Drive Growth in Aircraft Landing Gear Market
- Landing Gears Market for Commercial Aircrafts to Witness Surge Due to Expected increase in Passenger Numbers
- Heavy Industrial Equipment/Machinery Manufacturing Industry Promises Bright Prospects
- Need for High Quality Gears for Uninterrupted Production Process to Drive Gears Demand
- Recovery in Oil and Gas Sector to Support Demand for Gear and Drives
- The Present Scenario
- Steady Growth in Global Power Generation Activity to Spur Demand
- Growing Focus on Exploiting Wind Energy Spurs Growth in Wind Turbine Gear Market
- Gears Used in Nuclear Power Plants to Witness Growth
- Robust Demand for Construction Equipment to Offer Growth Opportunities
- Growing Demand for Mining Equipment Boosts Growth in Gear & Gearbox Market
- Mechanization of Agriculture Spurs Growth
- Growing Impact of Technology
- Powder Metallurgy Makes Headway in Automotive Transmission Parts Production
- CAD Furthers Gear Design
- A Segmental Overview
- Types of Gears
- The Evolution of Industrial Gears
- Plant Automation and Electromechanical Machinery Driving Gears Demand
- Gear Assemblies Find Increasing Demand
- Automatic Transmission Systems Gain Prominence – Drive Demand for Planetary Gears in Automotive Market
- Commercial Aircraft Landing Gears Gain Rapid Acceptance
- CVT: A Long Term Threat to Gear Market?
- Wide Scale Applicability Ensures Secure Future
- Mechanical Drives Continues to Lose Share to Electric and Hydraulic Drives
- Advantages Offered by Electric Drive Technology Propel its Adoption in Hoists, Cranes and Elevators
- Technological Innovations Power Replacement Market for Electric Drives
- Global AC Drives Market Overview
- Direct Torque Control: New Technological Development in AC Drives
- Hydraulic Drives Too Grow in Popularity
- Variable Frequency Drives Continue to Witness Growth
- Speed Changers
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 339
For more information about this report visit https://www.researchandmarkets.com/r/q5wo4u