Categories: Market Research

Automotive Spur Gear Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Spur Gear Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Spur Gear Global Market Report 2024, The automotive spur gear market size has grown strongly in recent years. It will grow from $29.51 billion in 2023 to $31.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to vehicle production volumes, fuel efficiency standards, automotive design trends, material advancements, global economic conditions..

The automotive spur gear market size is expected to see strong growth in the next few years. It will grow to $39.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to electric vehicle adoption, emission reduction initiatives, supply chain resilience, increasing vehicle customization, r&d investments.. Major trends in the forecast period include integration of advanced manufacturing technologies, focus on noise reduction technologies, introduction of high-strength and high-performance gears, adoption of advanced surface coatings, emphasis on energy-efficient gear design, development of gear solutions for electric and hybrid vehicles.

Rising sales of electric vehicles (EVs) are expected to propel the growth of the automotive spur gear market going forward. Electric vehicles are automobiles that are powered by electricity stored in rechargeable batteries or generated onboard using hydrogen fuel cells. Automotive spur gears play a crucial role in optimizing power transmission, enhancing efficiency, and ensuring precise control of speed and torque, contributing to the overall success of electric vehicles in the sustainable transportation landscape. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles drives the automotive spur gear market.

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The automotive spur gear market covered in this report is segmented –

1) By Product: External Spur Gear, Internal Spur Gear

2) By Material: Steel, Nylon, Aluminum, Bronze, Phenolic, Cast iron, Bakelite, Plastics

3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles

4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket

Major companies operating in the automotive spur gear market are focusing on developing innovative automatic gear shift variants to provide reliable services to their customers. The automatic gear system is a cutting-edge system invented by Suzuki that allows a manual gearbox to do automated gear changes or shifting without the driver having to step on the clutch pedal or use the gear lever. For instance, in May 2023, Suzuki Motor Corporation, a Japan-based mobility manufacturing company launched a New S-Presso AGS (Automatic Gear Shift). This automatic gear shift variant allows drivers to enjoy a more convenient, stronger performance, and efficient drive from the S-PRESSO AGS, which complements its characteristic design and elegance. Additionally, it features a new 1.0L K10C engine and engine auto stop-start system (EASS), that automatically stops the engine while the vehicle is idle to reduce needless fuel consumption, and thus provide a pleasurable ride while saving money.

The automotive spur gear market report table of contents includes: