The global gears market is anticipated to grow at a CAGR of 6.8 % during the forecast period (2022-2028). The most common type of these bonds are nuts, washers, and bolts. Among these, the nuts will be the fastest-growing rope bindings that register significant growth. The nuts used in the car assembly are bolted together and sometimes washed to cover a few parts together. The bonds live and connect by connecting their inner lines. In addition, the growing demand for low-cost vehicles among middle-class families is to provide lucrative opportunities for market players during the forecast period. In addition, as manufacturers also move from standard binding to custom connectors, this new development furthers market demand.
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Highly developed automotive economies such as Western Europe, Japan, and the U.S. is expected to grow slightly andcontinuing to enter new markets is expected to increase revenue. The automotive industry in emerging middle-income countries is expected to grow at a faster rate as consumers with more capital expenditures will stimulate demand for cars. According to information from the United Nations (UN), more than 54% of the world’s population lives in urban areas, creating jobs and increasing personal income levels. As a result of the aforementioned population growth, urbanization, and the standard of living of consumers across the globe, which creates opportunities for the global gears market to grow.
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Some major players in the market include American Axle & Manufacturing Holding Inc., AmTech International, GKN PLC, Robert Bosch GmbH, and Showa Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance,
- In May 2021, American Axle & Manufacturing Inc and REE Automotive announced that companies had jointly agreed to develop a new e-Mobility generating system. The partnership aims to increase the integration capacity of the AAM system and focuses on reducing noise, vibration, and aggression to incorporate lightweight and efficient next-generation AAM driving units, including high-speed motors and fully integrated inverter technology.
- In January 2020, GKN Automotive, along with Delta Electronics Inc., a power supply and heat management solutions, announced their partnership in integrated development that will accelerate next-generation integrated 3-in-1 Drive systems for classes from 80kW to 155kW.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product Type
- By Application
- By Material
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- American Axle & Manufacturing Holding Inc., AmTech International, GKN PLC, Robert Bosch GmbH, and Showa Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Gears Market Report by Segment
By Product Type
- Planetary
- Bevel
- Rack & Pinion
- Hypoid
- Worm
- Helical
- Non-Metallic
By Application
- Transmission
- Differential
- Steering System
- Other
By Material
- Metallic
- Non-Metallic
Global Gears Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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